PEER REVIEW FEES
Annual Administrative Fees
Each year, participating firms and sole practitioners will be billed an annual administrative fee to cover expenses such as office supplies, postage, miscellaneous program expenses and Peer Review staff salaries. This fee is calculated at $100.00 for one professional in the firm and $70.00 per each additional professional in the firm, to a maximum of 15 professionals or $1,080.00. Non MACPA firms will be billed $200.00 for one professional in the firm and $140.00 for each additional professional in the firm, to a maxiumum of 15 professionals or $2160.00.
Report and/or Engagement Review Fees
In the year of a firm and sole practitioner's review, when the review is scheduled, a bill will be generated to cover reviewer costs. This fee is calculated on the basis of the type of review and the number of engagements reviewed.
For Report Reviews:
One engagement is $285.00 members/ $712.50 non members
Two engagements is $400.00 members/ $1000.00 non members
For Engagement Reviews:
One engagement is $345.00 members/ $862.50 non members
Two engagements is $480.00 members/ $1200.00 non members
Three engagements is $615.00 members/ 1537.50 non members
Four engagements is $745.00 members/ $1862.50 non members
Program standards require that each type of engagement performed (compilation with disclosures, compilation without disclosures, and reviews) be reviewed with a minimum of two being selected. Firms and sole practitioners with more than one partner will need to have each partner reviewed as well as each type of engagement. For example, a two partner firm performing all three types of engagements might be billed $615.00 (one review engagement from partner #1 + plus one compilation with disclosures and one compilation without disclosures from partner #2). Firms and sole practitionerswith more than four partners would need to provide engagements for each partner resulting in additional fees depending on the types of engagements performed. Firms and sole practitioners required to have a report or engagement review have the option of having a firm-on-firm (FOF) review. Fees for a Report FOF or Engagement FOF review are similar to those for a System Review and are determined between the reviewed firm and the reviewing firm.
System Review Fees
In the year of a firm and sole practitioner's review, those firms performing audits are required to have a System review. The reviewed firm must hire a qualified firm to perform the review. Fees are negotiated exclusively between the two firms and will vary between $1,800 to $3,500 or more depending on the size and nature of the firm’s accounting and auditing practice. For example, a firm whose practice is 70% accounting and auditing and 30% tax may pay more than a firm with the opposite mix. Moreover, a firm with audits in various specialized industries may pay more than a firm with the same number of audits that are all in one industry or in non-specialized areas. Fees for System reviews are not determined or shared by MACPA as the administering entity.
