Certain peer review information will be automatically posted to the FSBA site by the Illinois CPA Society, as is required of all peer review administrators:
- Peer review report
- Letter of response, if applicable
- Letter(s) signed by the firm or sole practitioner indicating the peer review documents have been accepted by Committee with the understanding that the firm or sole practitioner agrees to take certain corrective actions (i.e., the “acceptance letter”)
- Letter notifying the firm or sole practitioner that its review and required corrective actions, if any, have been completed (i.e., the “completion letter)
If your firm is a member of the AICPA Center for Audit Quality (CAQ), Governmental Audit Quality Center (GAQC), Employee Benefit Plan Audit Quality Center (EBPAQC) and/or Private Companies Practice Section (PCPS), the aforementioned documents are in the AICPA Public File and by extension will be available to BOAs through FSBA.
If however your firm is not a member of the one of the aforementioned quality centers, you have the following choices:
- Do nothing – this means the peer review information posted will be accessible to the Illinois Department of Financial and Professional Regulation (IDFPR) or Iowa Accountancy Examining Board (IAEB) as permitted by Illinois or Iowa law, respectively.
- Opt out – this means IDFPR or IAEB, as applicable, will not have access to the peer review completion letter through FSBA; you would have to provide a copy of the completion letter to them directly if requested.
- Opt in – this means you identify certain other state BOAs that can have access to the peer review information in FSBA as allowed by that particular state’s law. The Illinois CPA Society would then give those states access through FSBA. If you do not “opt in” and give other states access through FSBA, you will have to provide a copy of the documents to each state’s BOA individually as required by that state’s law.
- You can change your choices at any time by notifying the Illinois CPA Society in writing.
FSBA maintains the confidentiality of your peer review results, is accessible only by authorized state board representatives and streamlines the license renewal process. We strongly encourage you to let the process work for you and NOT “OPT OUT” for Illinois or Iowa, and DO “OPT IN” for any other participating state in which you perform licensed services.