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          Peer Review General Information

          The South Carolina Board of Accountancy (SC BOA) now requires firms that perform audits, reviews, compilations and/or attest service engagements to be enrolled in a peer review Program. The SC BOA has adopted the model used by The American Institute of Certified Public Accountants (AICPA) and is administered by the South Carolina Association of CPAs (SCACPA). Firms that perform attest services are required to undergo a peer review every three years. A peer review is a periodic external review of a firm’s quality control system in accounting and auditing and is also known as the AICPA’s practice monitoring program.  AICPA members and SC firms engaged in the practice of public accounting are required to practice in a firm that is enrolled in an approved practice-monitoring program such as the Peer Review Program.

          The SCACPA administers the AICPA Peer Review Program for both AICPA members firms and non-AICPA member firms. The program is designed to be educational for firms in public accounting to further enhance the quality in their performance of accounting and auditing work.  The program also allows for firms to communicate with their fellow peers on the objectives of the Accounting profession.

          Enrollment Requirements

          As stated above, enrollment in the Peer Review Program is a requirement for firm licensure. The only exception to this requirement would be for firms who do not perform audits, reviews, compilations and/or attest service engagements and only perform tax work or compilations for internal use only (SARS 8).

          Additional Information

          Additional Information is available within the AICPA’s Peer Review Q’s & A’s (updated 2009).

          How to Reach Us

          Our goal is to help the reviewed firm and the reviewers have the smoothest possible progression through the peer review process.  If at any time you have questions or concerns please contact Glenna Minor, Peer Review & Member Services Coordinator gminor@scacpa.org, 803-791-4181 ext. 107 or in SC only toll free 888-557.4814.  We will do our best to answer your questions in the quickest most informative way possible.  You may also contact the  AICPA (American Institute of CPAs) www.aicpa.org or 888-777-7070 or the SC Board of Accountancy www.llr.state.sc.us/POL/Accountancy or 803-896-4770.