Withum’s Peer Review Services team offers expertise and diversified experience to help firms through the peer review process. Our approach is timely and initiative-taking: we assess your firm’s capabilities, then provide practical suggestions for practice enhancements that you can put to work in the next engagement cycle.
AICPA member firms are required to undergo a mandatory peer review every three years. As a result, peer reviews are central to continually maintaining and enhancing a firm’s system of quality management and audit quality. It is imperative to choose a qualified peer review firm that adds value to your practice by understanding the importance of the process and providing insight into what the AICPA looks for in an accounting and audit practice.
The benefits of a peer review include:
Withum’s team of qualified peer review accounting and auditing professionals routinely conducts reviews on both large and small accounting practices. Our team brings a wide range of industry and specialized experience, including employee benefit plan audits, Government Auditing Standards (Yellow Book) engagements including Single Audits, System and Organization Controls (SOC) engagements and diversified industry experience.
Specialized engagements are where reviews most often go wrong, so we staff them with reviewers who perform that work themselves. Employee benefit plans, Yellow Book and Single Audits, and SOC engagements are reviewed by professionals who understand both the technical standards and the practical realities of executing them.
The report is the requirement, but we bring added value beyond that. Our team takes an initiative-taking approach to assessing a firm’s capabilities and provides suggestions for practice enhancements, drawing on what we see working at comparable firms and on pronouncements coming over the horizon.
As one of the first firms subjecting itself to the peer review process, we fully understand its importance. We are actively involved in national and regional centers of influence and are:
For more information or to discuss your business needs, please connect with a member of our team.