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NOTICE THE ARKANSAS STATE BOARD OF PUBLIC ACCOUNTANCY MAY REQUIRE THAT A QUALITY REVIEW BE COMPLETED PRIOR TO YOUR AICPA-SCHEDULED PEER REVIEW DUE DATE
Being a member of the AICPA requires your firm to be enrolled in a practice-monitoring program and have a peer review of your accounting and auditing practice every three years under that program. The Arkansas State Board of Public Accountancy also requires your firm to have a quality review every three years for licensure and, thereby, accepts the AICPA’s peer review documents for their quality review program. The two programs differ in that the State Board’s reviews are due every three years, and the AICPA Peer Review Program’s reviews must be completed within three years and six months following the period ending date of the firm’s prior peer review. If both the State Board and the AICPA are requiring your firm to have a quality/peer review completed in the same calendar year, it is your responsibility to coordinate with both entities so that your AICPA peer review is completed early enough to meet the State Board’s deadline. Having one does not cancel out the other. If you have any questions concerning your AICPA peer review due date, please call the ASCPA staff at (501) 664-8739 as soon as possible to avoid any confusion. You might also contact the State Board at (501) 682-1520 for verification of when your firm is required to have a quality review under their requirements. Please do not assume that the State Board’s program takes precedence over the AICPA’s program. Doing that could result in termination of your AICPA membership. If you are a member of the AICPA and are required to have a peer review under the AICPA Peer Review Program, you must have that peer review, even if you have already had the State Board’s quality review. |
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