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For more information on the AICPA Peer Review Program in Arkansas, Contact Marsha Moffitt, Peer Review Manager at mmoffitt@arcpa.org Definition of an A&A PracticeThe
following engagements are included within the definition of an accounting and
auditing practice for purposes of the AICPA Peer Review Program effective for
peer reviews commencing on or after January 1, 2001: Standards*
Report* Information* Statements
on Auditing Standards (SASs)**
Government Auditing Standards
(GAGAS)
Statements on Standards for Accounting and Review
Services (SSARS)
Statements on Standards for Attestation Engagements (SSAEs)
1. A firm that performs and reports on these types of engagements must have a system review. 2. A firm, or in certain circumstances, individuals, that perform and report on these types of engagements must have an engagement review (but may elect to have a system review.) 3. A firm, or in certain circumstances, individuals, that perform and report on these types of engagements must have a report review (but may elect to have an engagement or system review). *
The firm, or in certain circumstances, individuals, are responsible for
determining what type of engagements they perform. If the firm or individual is uncertain of how to classify an
engagement, they should consult its peer reviewer if selected, another CPA firm
with similar engagements, or the AICPA Technical Hotline at 1-888-777-7077. ** An exposure draft, approved by the Auditing Standards Board, was recently issued entitled Omnibus Statement on Auditing Standards-2000, which proposes the withdrawal of SAS No. 75 and to incorporate it in the Statements on Standards for Attestation Engagements No. 4. The AICPA Peer Review Board will be monitoring this and will provide applicable peer review guidance in the future. |
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