At Rotz & Stonesifer, P.C. we believe in full transparency, offering two types of peer reviews – System Reviews and Engagement Reviews – to better facilitate open communication with our clients and their companies. Also, our AICPA Peer Review Program can help you enhance your firm’s quality control policies and procedures, to give you an overview of how your firm measures up to other firms enabling you to learn from competitive best practices.
Peer Review results often serve as a marketing tool to emphasize your commitment to quality.
Our Peer Review captain has extensive experience providing audit, review and compilation services to numerous regional and local not-for-profit organizations, governmental entities, closely-held corporations, partnerships, and employee benefit plans.
Our audit staff delivers a cost-effective Peer Review that delivers the following benefits, enhancing:
- Strengthened quality control
- Improved processes
- A better understanding of recent professional pronouncements and an awareness of those under consideration
- A reduction in recurring issues
- Awareness of deficiencies needing correction
A System Review is a study and appraisal of a CPA firm’s system of quality control as it pertains to accounting and auditing work. Our objective is to determine a) whether the quality control system fully represents the policies and procedures that the CPA firm has designed and is expected to follow when performing its work and b) whether the quality control system is designed to ensure compliance with professional standards and ultimately if the firm is following the system appropriately.
Firms that perform engagements under Statements on Auditing Standards (SASs), Government Auditing Standards (Yellow Book) or examinations of prospective financial statements under the Statement on Standards for Attestation Engagements (SSAEs) are subject to System Reviews.
Engagement Reviews are for firms that are not required to have a System Review.
Unlike System Reviews, where a firm’s system for quality control policies and procedures are evaluated, an Engagement Review evaluates the firm’s financial statements and documentation concerning conformance to AICPA professional standards.
Engagement Review provides your firm with a more streamlined process.
Including an evaluation as to whether the reviewed firm’s documentation conforms to the requirements of professional standards.
Firms electing to have a System Review may also include those that perform compilations and reviews under Statements on Standards for Accounting and Review Services (SSARS) and/or services under SSAEs not included in the System Reviews.