Checklists for accounting firm peer review
Peer review is a procedure in which a qualified CPA firm reviews the operational processes of another firm. The peer review process helps to ensure that accounting firms are providing services to clients that meet high standards of quality as well as maintaining the integrity of the accounting profession.
Accounting firm peer reviews are required of all firms that have membership in the American Institute of CPAs (AICPA). Most CPA firms undergo a peer review of accounting and auditing practices at least once every three years. The AICPA provides peer review checklists for team and review captains which are generally updated each year.
The peer review process can help firms to:
- Develop more effective accounting audits
- Identify areas in which the firm has not been adhering to best practices or to generally accepted accounting principles (GAAP)
- Identify any issues that could deem a financial report materially misleading
- Increase client confidence in firm practices and procedures
- Better understand quality control standards
- Add value to quality control policies and procedures
How big is you firm?
Whether yours is small firm employing 5-20 people with a small number of clients or a medium sized accounting firm whose number of employees ranges for 20-80 people, GYL provides system and engagement peer review services as well as a full range of supporting services that includes:
- Quality control document design
- Peer review consulting and preparation
- Assistance to Team Captains of their firms
At GYL, we are client-focused and proactive. Our focus on small and medium-sized firms is reflected in the quality of the services that we provide to our clients. Each member of the GYL team brings years of accounting and business, expertise and experience to the table to achieve our goals of helping you to improve your accounting and audit practice in terms of quality and efficiency.
Peer review service
GYL, a California CPA and Business Consultant firm, offers peer review services for accounting firms. We provide our clients with checklists for peer review which serve as a way to document your firm’s system of quality control. Our team of professionals can help your firm to prepare for your first peer review or get you moving in the right direction after a less than perfect review.
Call one of our offices located in Southern California to schedule a free consultation.