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What Peer Review Information is Available Today: Limitations and Challenges

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Presentation Slides

1) What Peer Review Information is Available Today: Limitations and Challenges Janice L. Gray, CPA Susan S. Coffey, CPA, CGMA

2) M I S S I O N D R I V E N – M E M B E R F O C U S E D Peer Review Information: State Board Access and Usability Janice L. Gray Susan S. Coffey

3) M I S S I O N D R I V E N – M E M B E R F O C U S E D What peer review information is publicly available? • Basic information in the AICPA public file – Firm name and address – Firm enrollment in the Peer Review Program – Date of acceptance and period covered by firm most recently accepted peer review – Whether a firm enrollment has been dropped or terminated • Plus – Audit Quality Center and PCPS firms have peer review results posted – Many other firms choose to disclose results 3

4) M I S S I O N D R I V E N – M E M B E R F O C U S E D What more information about a firm can state boards access? • Firms that have not “opted out” or are specifically required to share their results – Peer review report – Letter of response, if applicable – Acceptance letter or corrective action letter, if applicable – Completed action letter, if applicable • Includes AICPA and non-AICPA firms 4

5) M I S S I O N D R I V E N – M E M B E R F O C U S E D What’s the vehicle for state boards to access the information? • Facilitated State Board Access (FSBA) secure website, accessible by authorized state board representatives • Firms volunteer to disclose their peer review results by not “opting out” • Process tailored differently for: – State boards that require FSBA for license renewal (9) – State boards that require peer review for license renewal and are not prohibited from accessing results (36) – All other states (10) 5

6) M I S S I O N D R I V E N – M E M B E R F O C U S E D How does FSBA work? 1. If the state board requires FSBA, participation is mandatory 2. If the firm’s main office is in a state where the board requires peer review and is not prohibited from accessing results: – Firms are notified of the intent to post their peer review results – A firm must proactively “opt out” – Firms may expand access to other states 3. If the board does not require peer review or can’t access results, firms may still expand access to other states 6

7) M I S S I O N D R I V E N – M E M B E R F O C U S E D What reports are available to help state boards use FSBA? • Pre-programmed reports via drop-down menu – Firms whose main offices are in your state and are enrolled in the Program – Firms from other states that have expanded access to your state – Firms with accepted reviews – Firms by report grade (pass, pass with deficiency, fail) – Firms with only pass with deficiency and fail report grades – Dropped and terminated firms • Ability to export information to Excel for additional sorting or filtering 7

8) FSBA Video 8

9) M I S S I O N D R I V E N – M E M B E R F O C U S E D How can state boards use FSBA? • Streamline renewal process • Verify licensees are enrolled • Focus on firms with first or consecutive Pass With Deficiencies or Fail reports • Monitor firms’ compliance with required remediation • Take appropriate enforcement actions • If not already done, incorporate into your processes when you’re notified of peer review report recalls • To access or download information from FSBA – check with your AG 9

10) M I S S I O N D R I V E N – M E M B E R F O C U S E D Peer Review Oversight Committees (PROCs) • PROCs have access to all information corresponding to the Report Acceptance Body (RAB) meetings they attend 10

11) M I S S I O N D R I V E N – M E M B E R F O C U S E D How FSBA facilitates firm mobility • States without fully functioning PROCs • States prohibited from accessing peer review results • States that do not require peer review 11

12) M I S S I O N D R I V E N – M E M B E R F O C U S E D Next Steps • Work with states that do not require peer review • Work with states that are prohibited from accessing peer review results • Work with states that have open records laws, yet require confidentiality of peer review information, access without breaking confidentiality • Work with states to allow FSBA to meet document submission requirements • Video on State Board Resources page • See a demonstration by Donna Roethel Freundlich 12

13) M I S S I O N D R I V E N – M E M B E R F O C U S E D Thank You!