2 posts categorized "James Brackens, CPA, CGMA" Feed

The Value of Self-Regulation and the Tools that Help Drive It

Peer-Review-25-YearsSuccessful organizations know the importance of learning from the past while, at the same time, looking forward. For the past 25 years, the AICPA Peer Review Program has helped firms do just that by evaluating firms’ accounting and auditing practices and providing them with opportunities for improvement through combined educational and remedial aspects. 

The core value of the Peer Review Program is self-regulation.  Aside from allowing CPAs to learn effective practice techniques from one another, self-regulation comes with many other benefits that positively affect firms, clients, the profession and the public, including:

  • Monitoring adherence to the highest professional standards;
  • Uncovering and helping to correct firm service deficiencies and inefficiencies; and
  • Educating reviewed firms in professional standards and sharing best practices.

Continue reading "The Value of Self-Regulation and the Tools that Help Drive It" »

What We’ve Uncovered… About the Risk Assessment Standards

When performing peer reviews, reviewers document the areas in which firms struggle to comply with professional standards. The AICPA Peer Review Team compiles and periodically communicates these common areas of noncompliance so that other firms won’t make the same mistakes. This is just one of the many ways in which peer review benefits the profession.

Over the past few months, peer reviewers have reported that firms failed to properly assess risk and properly document IT risk assessments. Some of the most common areas of noncompliance with the risk assessment standards are listed below, along with some advice to help your firm prevent the same mistakes.

Continue reading "What We’ve Uncovered… About the Risk Assessment Standards" »

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