Appendix G
AICPA Peer Review Program
Press Release Kit for System Reviews
The following sample peer review press release materials were developed as a result of several
requests the AICPA received from firms having peer reviews. Under the Standards for Performing
and Reporting on Peer Reviews, a firm may not publicize the results of its review until it has been
accepted by the state CPA society administering the review.
The attached press kit should be provided only upon request to firms that have system reviews. A
press kit is not provided to firms having engagement or report reviews because an engagement or
report review is limited to the specific engagements reviewed and does not extend to the accounting
practice of a firm as a whole.
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To Firms Requesting Materials to Communicate the Results of Their Most Recent Peer Review
Communicating Completion of Your System Review
Congratulations on receiving an unmodified report on your most recent system review. Here is a
special communications kit we hope will be helpful.
This kit contains a sample news release to announce your review in local newspapers and a sample
letter to clients, potential clients and other interested parties. If this press release or the sample letter
to clients is used, you should make the report available to those who request it. Here's how to make
the best use of these materials.
News Release
While the text should be changed to fit your firm's particular circumstances, we suggest you follow
the format of the sample release. It's important to include "FOR IMMEDIATE RELEASE" and the
name and phone number of the person to contact for more information or for an interview. The
headline should mention the name of your firm and that your firm has successfully completed a peer
review. Be sure to double space the news release to facilitate editing.
If you decide to edit the release, we encourage you to provide a general description of procedures
performed on system reviews rather than the exact scope of your review, the particular working
papers prepared, or the specific types of engagements selected.
Send your release to newspapers circulating in the areas in which your firm maintains offices or has
clients. For daily papers, address the release to the business editor. For weeklies or semiweeklies,
address it to the editor.
Letter to Clients
This letter lets your clients know your firm has completed an independent peer review, which assures
them your firm provides quality accounting and auditing services. If your firm publishes a client
newsletter, you also might reproduce the letter there.
If you have any questions about using these materials, please feel free to call me at
.
Sincerely,
<Name>
<Title>
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SAMPLE NEWS RELEASE FOR SYSTEM REVIEWS
Below is a sample news release which may be used to announce the results of your system review in
local newspapers. If this press release or the sample letter to clients is used, you should make the
report available to those who request it.
*************
(FIRM LETTERHEAD)
FOR IMMEDIATE RELEASE
CONTACT: J. Doe
(123) 456-7890
(CPA FIRM NAME) HAS SUCCESSFUL REVIEW BY PEERS
City, State, Date
announced today that it successfully has completed a rigorous
peer review of its accounting and auditing practice. The reviewer(s) concluded the firm complies
with the stringent quality control standards set by the American Institute of Certified Public
Accountants (AICPA), the national professional organization of CPAs.
participates in the AICPA Peer Review Program, one of the AICPA-approved
practice-monitoring programs. A firm participating in any of these programs must have an
independent review of its accounting and auditing practice every three years. The review was
conducted under the auspices of the
(name of state CPA society) following standards
issued by the AICPA.
The peer review of
was performed by [a licensed, independent CPA] [a team
of licensed, independent CPAs] [another independent CPA firm] who qualified under the program's
requirements for service as a reviewer. The objective of the peer review is to determine whether a
CPA firm has suitable quality control policies and procedures and is complying with them.
Its’ unmodified report indicates
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measures up to the accounting profession's high
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standards of quality and professionalism. If requested, the firm will provide a copy of the report on
the results of the review to all interested parties although not required to do so.
serves [identify types of clients, such as businesses, individuals, and
nonprofit organizations] throughout the
area. The firm provides a full range of [audit,
accounting, tax, consulting] services and specializes in
.
The AICPA is the national professional organization of CPAs with more than 330,000
members in public practice, industry, government and education. AICPA members are committed to
the highest standards of quality, independence and ethics in their practice. In its continuing efforts to
serve the public interest, the organization sets audit standards, upholds the profession's code of
conduct, provides continuing professional education, administers peer review programs, and prepares
and grades the Uniform CPA Examination.
SYSTEM REVIEW FACT SHEET
FOR STATE SOCIETY PRESS KIT USE
A Brief History
In 1988, the members of the American Institute of Certified Public Accountants (AICPA)
overwhelmingly approved a proposal that requires AICPA members in public practice to participate
in a practice-monitoring program. With the adoption of this proposal, the AICPA implemented a
peer review program of unprecedented scope in the CPA profession or any other. Peer review helps
assure users of CPA services that their CPA firm measures up to the profession's high standards of
professionalism and is committed to improving the quality of its practice.
What is Peer Review?
Carried out in conjunction with participating state CPA societies and overseen by the AICPA, the
AICPA Peer Review Program requires CPAs to have a rigorous, outside review of their accounting
and auditing practices once every three years. These reviews determine whether a firm has suitable
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quality control policies and procedures and is complying with them. Specifically, the reviews focus
on the following:
 How the firm implements independence requirements

How personnel are assigned

Provisions for consultation when technical assistance is required

How accounting and auditing engagements are performed and supervised

Hiring practices

Continuing professional education programs

Promotion of personnel

Obtaining and retaining clients

Internal inspection of the firm's work
The reviewers are licensed CPAs who are selected from among the members of the AICPA and who
have demonstrated they possess current knowledge of applicable professional standards. During a
review, an outside team independently selects a sample of a firm's engagements and assesses its work
on those engagements. The team then reports back to the firm on its findings, making suggestions
where improvements may be necessary, and provides the outcome of the review to the state CPA
society administering the firm's review. If a review uncovers deficiencies, the state CPA society
prescribes various corrective actions a firm must take or monitoring procedures to ensure a firm
adheres to the profession's standards. In this way, the AICPA consistently receives updates on the
quality of its members' work and the performance of CPA firms.
Firms with AICPA members who issue engagements under the Statements on Auditing Standards or
examinations of prospective financial statements under the Statements on Standards for Attestation
Engagements must have an system review.
How Clients Benefit
Participation in the AICPA Peer Review Program provides CPAs with the opportunity to learn new
or improved ways to run their firms and improve client services. This may be as simple as
identifying possible inefficiencies, or as broad as determining opportunities to better serve clients.
Whatever the case, clients benefit because CPA services become more appropriate for their needs
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and responsive to the changing business environment. What's more, clients can be sure their CPA
firm measures up to the profession's high standards of quality and professionalism.
Peer review also keeps CPAs current on the latest standards and trends in accounting and auditing.
This translates into more knowledgeable advice for those who rely on CPA services. Peer review
offers the assurance your certified public accounting firm is committed to performing at the very
highest level.
About the AICPA
With over 330,000 members, the American Institute of Certified Public Accountants is the national
professional organization of CPAs in public practice, business, industry, government, and education.
AICPA members are committed to the highest standards of quality, independence and ethics in their
practice. In its continuing effort to serve the public interest, the organization sets audit standards,
upholds the profession's code of ethics, provides continuing professional education, administers peer
review programs, and prepares and grades the Uniform CPA Examination. The AICPA is the first
national professional organization to be ISO9001-certified, in recognition of its quality management
and assurance practices.
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SAMPLE LETTER TO CLIENTS, POTENTIAL CLIENTS,
AND OTHER INTERESTED PARTIES
(Firm Letterhead)
<Date>
<Name>
<Company>
<Address>
<City>
Dear
:
The [(partner(s)/owner(s)/shareholder(s) and staff] of
are pleased to announce the
successful completion of an independent peer review of our accounting and auditing practice. This
review was undertaken as a condition of membership in the American Institute of Certified Public
Accountants (AICPA), the national organization of CPAs in public practice, industry, government,
and education.
In 1988, the members of the AICPA overwhelmingly approved a proposal to require members in
public practice to participate in a practice-monitoring program. With the adoption of this proposal,
the AICPA implemented a peer review program of unprecedented scope in the CPA profession or
any other. Our participation in peer review demonstrates our firm's desire to measure up to the
profession's high standards of professionalism and our commitment to maintaining and improving
the quality of our practice.
Our peer review was conducted by [(a team appointed by the
CPA Society) or (ABC &
Co., a CPA firm based in
.)] The reviewers first determined that we have an adequate
quality control system, and then checked to see that professional standards were followed in a
representative sample of our accounting and auditing engagements.
After thorough study of our policies and procedures, the reviewer(s) concluded our firm complies
with the stringent quality control standards established by the AICPA. Our firm is committed to
periodic peer reviews to foster quality performance. If requested, the firm will provide a copy of the
report on the results of the review to all interested parties although it is not required to do so.
Bankers, bonding agents, investors, suppliers, legal advisors and others use the financial statements
our firm audits, reviews, or compiles. We think those people, our clients, and our own staff deserve
independent quality assurance that our firm provides quality services. We are proud of our peer
review results and would be happy to answer any questions you might have.
Sincerely,
Managing Partner or Shareholder or Sole Owner
XYZ & Company
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