Peer review sets CPAs apart from other professions and shows their dedication to upholding the standards of the profession.
The South Carolina Board of Accountancy (SC BOA) 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). 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 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.