Peer Review Time Line
Following is a generic view of the Peer Review process. Additional steps may be needed to address specific firm needs. Time frames may also vary due to delays in providing documentation to the MACPA, reviewer availability, Task Force schedules and tax season work loads.
All Firms
- Request for Information Required for Scheduling Reviews (Background Form) by MACPA (sent four to six months prior to due date)
- Receipt of Background Form from firm and entry of firm profile information by MACPA (within thirty days of request) into AICPA’s database.
Firms Requiring a System Review
- Firm to arrange with reviewing firm to perform review and to provide Review Team information to MACPA Peer Review Department
(within thirty days of receipt of Background Form request) - Receipt of System Review Work Papers from Review Team Captain by MACPA (within thirty days of review exit conference)
- Receipt of Letter of Response from firm (if applicable) by MACPA (within thirty days of reciept of Report/Letter of Comments)
- Entry of review findings (within seven days of receipt)
Firms Eligible for a Report or Engagement Review
- Request by MACPA for copies of financial statements (selected from Background Form), signed Engagement Letter, signed Representation Letter and payment of Report/Engagement Review fee (within seven days of receipt of Background Form)
- Receipt, by MACPA, of copies of financial statements, Engagement Letter, Representation Letter and payment from firm (within thirty days of request)
- Assignment of reviewer by MACPA (within seven days of receipt of financial statements)
- Receipt of financial statements and reviewer checklists from reviewer by MACPA (within thirty days of assignment)
- Request for Letter of Response from firm (if applicable) by MACPA (within seven days of receipt of review work papers)
- Receipt of Letter of Response from firm (if applicable) by MACPA (within thirty days of request)
All Firms
- Technical Review performed by Technical Reviewer (within thirty days of receipt of all reviewer work papers, report, Letters of Comment and Letters of Response if applicable)
- Review by Peer Review Task Force (within 60 days)
- Final acceptance or Request for Follow-Up action letter sent to firm (within seven days of Task Force meeting)
- Submission of Follow-Up action requested, if applicable, to MACPA (within two to six months depending on the type of action required)
- Final Acceptance Letter sent to firms completing Follow-Up Action
(seven to sixty days from receipt of Follow-Up Action depending on whether
or not the review has to be revisited by the Task Force)
