The 2009 reviewer / team captain packages have been posted on the AICPA website.

Use of the Revised Standards for Performing and Reporting on Peer Reviews is required for reviews commencing on or after January 1, 2009.

If you do not currently have a subscription to the manual, you can order it at cpa2biz.com.

FICPA Reviewer Updates

• Reviewer Update 09/09
• Reviewer Update 03/09

Reviewer Resources

• AICPA Reviewer Alert
• Government Accountability Office (GAO)
• Risk Assessment
• Practioners Toolkit
• Sample Follow Up Reports and Letters

Revised Working Paper Retention Policies

Paragraphs 2100.29 through 2100.34 of the AICPA Peer Review Program Manual

.29 All working papers, reports, letters and other materials prepared during system, engagement, and report reviews, with the exception of those described in paragraphs .31 and .32 below, should be retained by the entity or the firm that formed the review team until ninety days after the date of the letter notifying the reviewed firm that the review has been completed, as defined in Standards - Interpretation No. 8, “Defining the Acceptance and Completion Dates on a Peer Review” (PRP Section 3200.72 or 3200.73). However, working papers and other related materials should be retained for a longer period of time if requested by the peer review committee, such as in those cases where the peer review has been selected for oversight.

.30 If a firm has not been enrolled in a practice monitoring program for the last three years and six months, the entire firm file may be destroyed. If a firm has been enrolled in a practice monitoring program at any time in the last three years and six months, but has not had a peer review because the firm did not have an auditing or accounting practice in that time frame, the peer review documents in paragraph .31 below may be destroyed.

.31 The following peer review documents should be retained from system, engagement, and report reviews until the subsequent review required of the firm or until the time for such review has elapsed:

• The peer review report
• The letter of comments and the firm's response thereto, if applicable
• The letter accepting the peer review report and, if applicable, the letter of comment and the firm's response
• The letter documenting compliance with any remedial or corrective actions to which a reviewed firm agrees

.32 Also, the state CPA society administering the review may wish to consider retaining the following additional materials related to the arrangement of the review rather than the peer review itself:

• Engagement letters
• Scheduling information forms
• Team appointment acceptance letters
• Extension requests

.33 All working papers will be subject to oversight or review by the state CPA society administering the review, the AICPA Peer Review Board, or other bodies that the Board may designate, including their staff.

.34 All working papers, notes, or other documentation prepared by a participating state CPA society in connection with the scheduling, performance, or acceptance of reviews are also subject to oversight.