Peer Review Enrollment - FAQs

• Who has to enroll in a practice-monitoring program?

  Firms (including sole practitioners) need to participate in a practice-monitoring program if -

  • At least one partner wishes to retain his/her AICPA membership
  • The firm wishes to hire or retain staff who are AICPA members
  • The firm performs engagements under Government Auditing Standards (i.e., “Yellow Book”) issued by the U.S. Government Accountability Office (GAO)
  • The firm is not a member of the AICPA but performs services requiring a license in Illinois or Iowa

• What is the AICPA practice-monitoring requirement?

  AICPA members active in the practice of public accounting must be associated with a firm that participates in an AICPA practice-monitoring program if the firm performs services within the scope of the peer review standards (essentially audits, reviews, compilations and/or attestation engagements) and issues reports purporting to be in accordance with AICPA professional standards.
  
  A member can meet the requirement if his or her firm is enrolled in the AICPA Peer Review Program (hereinafter referred to as the "Program"), the objective of which is to help CPAs improve the services provided to clients and raise the quality and prestige of the CPA profession.

• Does my firm need to enroll in a practice-monitoring program if we do not have an accounting or auditing practice?

  No. Your firm is not required to enroll if you do not have an accounting or auditing practice.  However, if your firm is engaged to perform an audit, review, compilation or attestation engagement, you should notify the AICPA Peer Review Division or the Illinois CPA Society Peer Review Department as soon as you accept such an engagement in order to schedule a peer review.

• Is enrollment in a practice-monitoring program an Illinois CPA Society or Iowa Society of CPAs membership requirement?

  No. Enrollment in an approved practice-monitoring program is not required for Society membership. However, if you are a member of the Illinois CPA Society or Iowa Society of CPAs but not the AICPA, you may voluntarily join the peer review program through the Illinois CPA Society.

• Is enrollment in a practice-monitoring program an Illinois or Iowa licensing requirement?

  Yes. Firms and sole practitioners who provide services requiring an Illinois license (i.e., audits, reviews or examinations of prospecitve financial statements) and who do not already participate in a voluntary peer review program will need to enroll in an approved program and satisfactorily complete a peer review in order to renew their 2015 Illinois license. The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted theAICPA Standards for Performing and Reporting on Peer Reviews as its minimum standards.
  
  Similarly, firms who provide services requiring an Iowa license and who do not already participate in a voluntary peer review program will need to enroll in an approved program in order to renew their annual permit to practice.

• How does my firm enroll?

  Both firms enrolling in the AICPA Peer Review program and the Illinois CPA Society program will use the AICPA's PRIMA system to enroll. Please visit the AICPA PRIMA information site for further instruction.