Peer Review for CPA Firms

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Honkamp’s knowledgeable and forward-thinking team of industry and quality control experts take a consultative and personal approach to assisting you with your peer review that goes beyond technical compliance and provides educational feedback. 

Peer reviews are performed as either a system review or an engagement review.

System reviews:

  • Required for firms that perform engagements in accordance with the Statement on Auditing Standards (SAS), the Government Auditing Standards (Yellow Book), examinations under the Statement on Standards for Attestation Engagements (SSAE) or engagements under PCAOB standards. 
  • Focuses on the firm’s system of quality control.
  • Includes determining whether the firm’s system of quality control for its accounting and auditing practice is designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including Statements on Quality Control Standards (SQCS) No. 8, A Firm’s System of Quality Control, in all material respects.

Engagement reviews:

  • Required for firms that only perform services under Statement on Standards for Accounting and Review (SSARS) or services under the SSAE that do not require a system review. Firms that only perform preparation engagements under SSARS are exempt.
  • An engagement review focuses on work performed on selected engagements.

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