From Neikirk, Mahoney & Smith, according to the Journal of Accountancy the AICPA has proposed changes to the peer review standards "to help audit firms increase their focus on the proper design and operating effectiveness of their systems of quality control."
The AICPA peer review program monitors the quality of reviewed firms’ accounting and auditing engagements and evaluates the systems under which those engagements are performed. Participation in the peer review program is mandatory for AICPA membership, and peer review is required for licensure in nearly every state.
For more details on the specific changes that have been proposed to the peer review standards, check out the full article at The Journal of Accountancy
You can also contact Neikirk, Mahoney & Smith PLLC at 502-896-2999, or through our website contact form.