Types of Peer Review

MACPA
Peer Review Department

AICPA
Peer Review Division

There are three types of peer review: system, engagement and report.

Firms and sole practitioners performing only compilations that omit substantially all disclosures qualify for a Report Review.
The administering entity will request completion of a short questionnaire and copies of financial statements for engagements selected based on information provided by the firm at scheduling.

Firms and sole practitioners performing reviews and/or compilations with disclosures qualify for an Engagement Review.
The administering entity will request completion of a questionnaire and copies of financial statements for engagements selected based on information provided by the firm at scheduling.

Firms and sole practitioners performing engagements under the Statements on Auditing Standards (SASs) and/or examinations of prospective financial information under the Statements on Standards for Attestation Engagements (SSAEs) are required to have a System Review.
The firm under review will engage another firm to perform the review.
The engaged firm will review a representative sampling of engagements and evaluate the reviewed firms control policies and procedures. This is done at the reviewed firm’s site at a time agreed upon by both firms.