Now is the perfect time to become a peer reviewer

Demand for your skills as a peer reviewer has never been higher. The pool of qualified peer reviewers is shrinking and the need for peer reviewers is increasing in Maryland.

Maryland’s Board of Public Accountancy and state legislators recognize the value and importance of peer review. In 2005, a law was passed making peer review mandatory for all CPAs in Maryland who perform compilations, review audits or other attest services. CPAs who perform these services will be required to provide evidence of completion of their peer reviews with the renewal of their license or firm permit on or after Oct. 1, 2008. Firms are acting now to have their peer reviews completed in time to meet the deadline.

This provides the opportunity for new peer reviewers, and becoming a peer reviewer will open doors to further opportunities. Peer review services will enhance your knowledge of professional standards. In addition, your work as a peer reviewer will enable you to provide better service to your own clients by offering you a venue to observe and understand the best techniques of other accounting firms.

When you become a peer reviewer, you:

are seen as an expert in your field and gain increased respect from your colleagues and clients;
help firms achieve their A&A practice goals and enhance the quality of their A&A practices;
identify best practices of other firms, which can be applied to other peer review clients and to your own firm;
gain broader practice knowledge through the peer review process, which will help sharpen your skills and reinforce your strengths;
create an opportunity to expand on your current services;
often receive referrals for additional consulting services as a result of performing peer reviews; and
enhance the efficacy of the profession’s self-regulatory efforts and contribute to the quality of our profession.

To qualify as a peer reviewer, you must:

be licensed as a CPA with at least five years of recent experience in public accounting in the A&A function;
be a member of the AICPA in good standing in a firm that is enrolled in the Peer Review Program and that has received an unmodified report on its most recent peer review;
be currently active in public practice at a supervisory level in the accounting or auditing function;
have current knowledge of applicable professional standards; and
meet minimum training and education requirements.

In addition, if you are a partner in your firm, you may qualify to be a team captain.

To become a peer reviewer

Here’s what you can do to become a peer reviewer:

Meet all the reviewer requirements. A full list of requirements can be downloaded at www.aicpa.org/download/members/div/practmon/Reviewer_Qualifications.pdf.
Complete the AICPA’s two-day introductory reviewer training course, “How to Conduct a Review Under the AICPA Practice-Monitoring Program.” This course will be offered by MACPA on June 12-13. Get details at www.macpa.org/peer/. For additional information about the course, contact Mary Beth Halpern at Marybeth@macpa.org. Please note that 16 hours of CPE credit can be obtained by taking this course.
Peer reviewers must complete a peer review resume form. The form can be completed online at peerreview.aicpaservices.org. Once you enter your resume, you will automatically be listed in the online serchable database. Please note: You will need your AICPA login to access the form.
Undertake the business development activities suggested in a “Peer Review Welcome” package sent after you attend the how-to course.

For more information on the AICPA Peer Review Program administered by MACPA, contact Mary Beth Halpern at (443) 632-2330 or Marybeth@macpa.org, or visit www.aicpa.org.

When you become a peer reviewer, you’ll gain valuable knowledge, expertise and exposure and quickly earn the respect of your peers. Ensure the quality of accounting and auditing services and uphold the integrity of our profession — apply now to take on this highly respected role.

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