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.

How Peer Review Strengthened Our Firm

Our firm, Gentile Pismeny & Brengel, LLP, headquartered in Great Neck, N.Y., has undergone eight peer reviews since 1991. These reviews have consistently proven to be highly beneficial, providing us with new insights into how we can strengthen our firm, and in turn, the profession. In fact, we see such value in the process that we’ve recently decided to expand our array of services to include peer review.

Wondering what peer review can do for your firm?  Read on to discover why we feel so strongly about it.