CPA Perceptions of the Peer Review Process

• In Event: Auditing II

Abstract

American Institute of CPAs (AICPA) members and many State Boards of Accountancy require CPA firms who perform audits, reviews, or compilations relied upon by third parties to undergo peer reviews at least once every three years. Despite AICPA and state CPA societies’ efforts, many practitioners do not use such peer reviews and often avoid peer reviews by no longer performing attestation or compilation services. We surveyed 152 practitioners and examined their views on the peer review process and their perceptions of the AICPA and state peer review processes. We then provide recommendations on how the profession can improve its members’ peer review perceptions.

Authors

• Alan Reinstein, Wayne State University

• Timothy J Fogarty, Case Western Reserve University

• Natalie T Churyk, Northern Illinois University