ISCPA SIG: Peer Review


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Peer Review

Recognizing the public's interest in reliable financial statements, the American Institute of CPAs (AICPA) instituted a practice-monitoring program for its members in 1988. Effective January 1, 1994, as a condition of license renewal for a CPA or a CPA firm that provides attest services or issues compilation reports, the Iowa Accountancy Examining Board requires completion of a peer review pursuant to Chapter 11 of the Administrative Rules.

Forms

Members of the AICPA, should use AICPA forms. If you are not a member of the AICPA, please use the forms so indicated. The Information Required for Scheduling Reviews form is the same form for everyone.

Information Required for Scheduling Reviews - This form provides the administering entity (Iowa Society of CPAs) with background information about the firm and types of engagements issued. Notification will be sent to firms approximately 9-12 months prior to their peer review. The notification will include the firm's peer review due date and a request that the form be completed and submitted to the Iowa Society of CPAs within 30 days. There are three options available for firms to access and complete the form:

You may request the printed form from the Iowa Society of CPAs;

You may print the blank form (pdf file), complete, and mail to the Iowa Society of CPAs;

You may complete the online form (electronic pdf form) and submit it electronically. NOTE: You MUST print a copy of the form for your records and for the reviewer BEFORE clicking the "submit" button. The completed form cannot be saved. The reset button clears all data from the form fields.

Change in Firm Structure - This form must be completed if your firm is currently enrolled in the peer review program and has gone through a name change, dissolution, or merger.
– Change in firm structure - AICPA firm (pdf file)
– Change in firm structure - Non-AICPA firm (pdf file)
Enrollment Forms - Complete this form and mail to the Iowa Society of CPAs to enroll your firm in the peer review program.
– AICPA Enrollment Form (pdf file)
– Non-AICPA Enrollment Form (pdf file)

Resources

Iowa Accountancy Examining Board Peer Review Requirements
– Iowa Code
– Administrative Rules (pdf file)
AICPA Peer Review Web site
AICPA Oversight Report
Peer Review Transparency Initiative
Questions and answers about the AICPA Peer Review Program
Definition of an Accounting and Auditing Practice (pdf file)
ISCPA Peer Review Policies and Fees
Importance of Peer Review and Reviewers (pdf file)
List of Reviewers (pdf file) - Need a reviewer? View a list of qualified reviewers who are ISCPA members.
Of Interest to Reviewers - Reviewers may access checklists, etc., needed to perform peer reviews; the Peer Reviewer's Alert; the Reviewer's Resume, and additional information to assist them with the peer review process.
Of Interest to Firms in the AICPA Peer Review Program - Firms may access forms; tips for selecting your peer reviewer; the Statement on Quality Control Standards No. 2 and No. 3; and additional information to assist them with the peer review process.

Please e-mail questions or comments you would like the Peer Review Committee to address to iacpa@iacpa.org.

The Iowa Society of Certified Public Accountants represents more than 4,300 CPAs employed in public accounting, business, industry, government, not-for-profit organizations, and education.

Terms and Conditions of Use

Iowa Society of Certified Public Accountants
950 Office Park Rd., Suite 300
West Des Moines, IA 50265-2548
Phone: 515-223-8161
Toll-free in Iowa: 800-659-6375
Fax: 515-223-7347

Email: iacpa@iacpa.org

Some documents listed on this page are pdf files. To view, print, or download these documents, get the free Adobe Acrobat Reader from Adobe Systems (see link above).

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