Coronavirus Impact on Peer Review
The AICPA Peer Review Board and MSCPA Peer Review Team recognizes the impact of travel restrictions and health concerns due to the coronavirus (COVID-19) pandemic on upcoming peer review due dates. Our top priority during this time is the health, safety and welfare of firm personnel and peer reviewers. As such, the AICPA Peer Review Board has granted automatic six-month extensions for peer reviewers, corrective actions and implementation plans with original due dates between January 1, 2020, and September 30, 2020. Despite the automatic extension, firms are still encouraged to have their reviews performed as soon as they are able. Please contact the MSCPA Peer Review Team, Aury Sanchez, email@example.com or 617-303-2408 to discuss your specific situation.
Peer Review Integrated Management Application (PRIMA)
The Peer Review Integrated Management Application (PRIMA) is the primary tool used by firms, reviewers, and the entities administering peer review to complete the peer review process. PRIMA is accessible to all AICPA and CPA.com customers whose records are linked to a public accounting firm in our records. Please add firstname.lastname@example.org to your contact list or safe sender list to ensure you receive peer review related communications.
In PRIMA you will be able to:
- Update Your Account Profile
- Enrolled Your Firm in Peer Review
Getting Started in PRIMA
The Benefits of Peer Review
The peer review program is designed to be educational and there are a number of benefits for participating in the program – for both your firm and your clients.
Did you know by preparing and learning from the peer review process, a firm can design an internal quality control system that will enable the firm to develop and refine the technical skills of their employees to deliver high quality professional services and products and prepare members of the firm to meet the challenges of practice in the future?
The Benefit for Small Firms
Participation in the peer review program:
- Provides the opportunity to learn new or improved ways to provide accounting and auditing services to clients
- Keeps the firm’s accounting and auditing personnel current on the latest standards and trends in accounting and auditing
- Helps create a more level playing field for firms making it easier for small firms to compete with larger firms
Clients Benefit From Your Firm’s Peer Review
One of the benefits many firms have found from completing the peer review process is that it has provided them with the opportunity to learn new or improved ways to run their firms and improve client services. Their clients have benefited because the services are more pertinent to their needs and responsive to a changing business environment. The successful completion of a peer review also demonstrates to clients that your firm has measured up to the profession’s highest standards of peers and professionalism.
The Massachusetts Board of Public Accountancy stated at their January 17, 2019 meeting that:
- Preparation is not a service by itself that subjects a firm to peer review;
- You can find the minutes at https://www.mass.gov/service-details/board-of-public-accountancy-2019-meetings; and
- If you wish to resign from the peer review program because you fall into this category, please either go to PRIMA at AICPA.org and resign your firm or put in writing (email is fine) to Aury Sanchez (email@example.com) that you wish to resign because you only prepare preparation statements.