Peer review sets certified public accountants apart from other professions and tells the public that CPAs are dedicated to upholding the standards of our profession. Find out more about peer review below.
The AICPA requires members who do audits, reviews, compilations or other attest services to have a peer review every three years. In addition, the South Carolina Board of Accountancy requires licensed accountants to have peer reviews and they must submit copies of their firm's peer review letters of acceptance or comment with their bi-annual renewal forms. The letter from the most recent peer review cannot be older than three years from the date of license renewal. Click here for details.
new 2014 Peer review billing
In 2013, SCACPA changed its fiscal year-end to July 1. Beginning in 2014, all firms enrolled in the peer review program will pay one annual fee that will include both the annual administrative fee and a prorated scheduling fee (which was heretofore paid once every three years). Your firm will receive one annual invoice for enrollment in the program. Invoices will mail the week of Aug. 11.Learn more.Ready to pay your fee?Click here.
Annual report on oversight
The South Carolina Association of CPAs Peer Review Committee has instituted a regular oversight program of team captains, reviewers and firms in order to ensure the consistency and quality of reviewer’s work in South Carolina. All reviewers and firms enrolled in the AICPA or SCACPA Peer Review Program are subject to oversight under this program.