Peer Review
The American Institute of Certified Public Accountants (AICPA) requires that CPA firms with an accounting or audit practice must undergo peer review. In general, an accounting firm peer review is required every three years, the purpose of which is to provide an independent review of a firm’s system of quality control over its accounting and auditing practice.
Flaherty Salmin CPAs has been providing peer review services to accounting firms throughout the country for over 25 years. We are members of the AICPA Employee Benefit Plan Audit Quality Center and the AICPA Governmental Audit Quality Center.
Paul Salmin and Tom Nolan lead our peer review practice, both of whom are members of the Pennsylvania Institute of Public Accounting’s Peer Review Committee, the administering entity for New York and Pennsylvania peer reviews. In addition, Paul is the past Chairman of the New York State Peer Review Committee.
We’re the firm other firms hire.
Services offered
- System reviews for accounting firms that provide audits under generally accepted audit standards, Government Auditing Standards, examinations under the Attest Standards, in addition to reviews, compilations and agreed-upon procedures.
- Engagement reviews for firms that do not perform audits under generally accepted audit standards, Government Auditing Standards, and examinations under the Attest Standards.
- Corrective actions and implementation plans. We assist firms in complying with corrective actions or implementation plans assigned as a result of their peer review.
- Internal inspections and monitoring.
- Peer review consulting including pre-issuance and post-issuance reviews of engagements.
Our goal is to guide your firm through the peer review process in a professional, educational, and positive manner. We provide our peer review clients with an efficient and cost-effective Peer Review that enhances your firm’s quality control and overall audit practice success.