Peering into the Review Process

• In Event: Developing Research in Financial Accounting and Auditing

Abstract

As part of its overall strategy to strengthen audit quality, in 2014 the AICPA issued Enhancing Audit Quality: Plans and Perspectives for the U.S. CPA Profession that provides a path to affirm its commitment to audit quality. A key pillar of that plan is to modify and update the 35-year old peer review process. An initial step in the strategy is an updated Standard, which intends to improve the competence and due care of individual CPAs serving as peer reviewers. The purpose of this article is to summarize the key provisions of the updated Standard and its impact on CPAs who participate on both sides of the peer review process.

Authors

• Alan Reinstein, Wayne State University

• Barbara Apostolou, West Virginia University