Fee Structure

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Administrative Fees

Administrative fees have been established to cover costs of administering the Peer Review Program in Florida. These fees are in addition to reviewer fees and cover administrative procedures, such as:

  • Mailing and processing review forms
  • Information, customer service
  • Data entry of review information
  • Selection and approval of reviewers
  • Sending materials to the team captain to perform the review
  • Receiving the review reports and work papers
  • Completing the technical review to ensure the review was performed according to AICPA standards
  • Preparing the review for the Peer Review Committee
  • Finalizing the Committee actions
  • Conducting required oversights

All firms enrolled in the program that perform audits, reviews, compilations and/or attest service engagements are assessed an annual administrative fee to cover the costs of administering the program. The amount of the annual fee is based on the specific number of professionals currently employed by your firm. Each firm is invoiced for the annual fee upon enrollment in the program. Subsequent years' fees are assessed each summer. The base fee of $150 includes one professional. There is a $35 charge for each additional professional, up to a maximum of 30 additional professionals (or $1050 maximum for additional professionals/$1200 maximum total).

The term "professional" was recently replaced in the AICPA Peer Review Standards and Interpretations with the word “personnel”. The two terms are defined exactly the same. Professional/personnel refers to all personnel who perform professional services for which the firm is responsible whether or not they are CPAs (SQCS No. 8). This reference includes leased and per diem staff who devote at least 25% of their time in performing audits, reviews, compilations, or other attest engagements, or leased and per diem staff who have partner/manager level responsibility for the overall supervision or review of such engagements. Firms are encouraged to bear this distinctive definition in mind when completing their scheduling information as it becomes the basis for the billing of the annual administrative fee.

In addition to the above, a re-entry / re-enrollment fee is charged to those firms whose enrollment in the program is discontinued and then subsequently resumed. The re-entry / re-enrollment fee is $100 plus the annual fee for each year missed in the three-year peer review cycle.

Also in addition to the above, a non-member fee of $100 is charged to firms which are not members of the FICPA or the AICPA.

In addition to any of the standard administrative charges mentioned above, all Committee Appointed Review Team (CART) reviews will be assessed a $100 surcharge. As of Jan. 1, 2005 System CART reviews are no longer available.

Reviewer Fees

Reviewer fees vary. Reviewer/review team selection may be accomplished in one of three ways.

Reviewers (and review teams) for all review types may be established by the reviewed firm themselves. These types of arrangements are known as "Firm-on-Firm" reviews. System and Engagement Firm-on-Firm reviewer fees are negotiated between the firm and the reviewer.

Firms belonging to associations may arrange for their AICPA-authorized association to establish their reviewer (and review team); these are known as "Association" arranged reviews and the rates are negotiated between the firm and the association.

"CART" (Committee Appointed Review Team) reviews are only available for engagement reviews. The cost of a CART review is based on how many engagements must be chosen for review. The number selected is based on the level of service offered and the number of partners responsible for issuing reports. The base fee for a CART review is $550. Each engagement reviewed is $150. Out-of-pocket expenses, such as postage and telephone, are the responsibility of the reviewed firm. As stated above, there is also a $100 administrative surcharge for CART reviews.

Helpful Budget Guidelines for firms having System Reviews

The budget for a system review and the number of reviewers selected for service on a system review team will vary based on the number of accounting and auditing hours of the reviewed firm and the nature of a firm's practice. In determining your accounting and auditing hours, time for bookkeeping services, tax preparation and non-accounting services should be eliminated. For compilation engagements, especially engagements omitting disclosures, it is common for firms to estimate the actual time spent applying professional standards. On average, firm time ranges from one to five hours per engagement. By estimating, a firm can save a considerable amount of time evaluating its accounting and auditing hours.

The chart below lists the approximate time needed to complete a review based on the number of Accounting and Auditing hours a firm has.

Estimated Number of  A&A Hours of the Reviewed Firm

Estimated Hours to Complete Review*
Number of Reviewers to be Selected

1 - 1,000

12 - 20

1

1,001 - 2,000

15 - 27

1

2,001 - 4,000

20 - 35

1

4,001 - 6,000

25 - 40

1

6,001 - 8,000

30 - 45

1

8,001 - 10,000

35 - 50

1

10,001 - 12,000

40 - 60

2

12,001 - 14,000

45 - 70

2

14,001 - 16,000

55 - 80

2

16,001 - 18,000

65 - 95

2

18,001 - 20,000

75 - 105

2

20,001 - 30,000

85 - 125

3

30,001 - 40,000

95 - 135

3


* This estimate includes the time spent by the review team (a) planning the review; (b) performing the field work on the review; and (c) finalizing the report, LOC and working papers on the review.