Peer Review News: New Fee Structure Begins April 1

In response to concerns of external regulators, the AICPA has implemented the “Evolution of the Peer Review Program.” Implementation requires extensive changes to the administration of the peer review program. The CTCPA has opted to invest in the program rather than leave it as some organizations have chosen to do.

What do the increased peer review fees pay for?

  • Additional Staff. In 2018, the AICPA began requiring administering entities to meet certain prescribed benchmarks for timely and accurate administration and to have a full-time CPA on staff, responsible for managing the program.
  • More Dollars for Technical Review. The CPAs who perform the required technical review function have been paid a below- market rate since 2012. The amount the CTCPA budgets for technical review is rising on two fronts; the reviewers will be paid at a higher rate and the time necessary to perform technical review, like all aspects of peer review, has increased.
  • Education. The CTCPA Peer Review Committee is made up of dedicated volunteers who are required to invest time annually to maintain their knowledge of the program. In the past, these volunteers also paid for their education. Beginning in 2019, the CTCPA is budgeting dollars to provide the required education to committee members.
  • Technology is one of the fastest growing line items at the CTCPA. The security and confidentiality of peer review documents is imperative.

Thank you to the Peer Review Committee!

The CTCPA’s peer review program protects CPA licensure at the state level. We could not fulfill this vital role without the many members who volunteer their time on the Peer Review Committee. As the AICPA program evolves, committee members have persisted through a sometimes difficult process. They are truly members in action; their dedication to the profession is greatly appreciated. 


CTCPA Peer Review Fee Structure (Effective April 1, 2019) 

The peer review program is divided into two fees. 

Annual Fee

  • Billed yearly in June.
  • Based on the size of your firm and whether you are a CTCPA member. 
Firm Size  Member  Non-Member  
1 Professional  $200  $550  
2-5 Professionals  $375  $725 
6-10 Professionals  $425  $775 
11-19 Professionals $700  $1,050 
20+ Professionals  $800  $1,150 

 

Service and Evaluation Fee

  • Billed when your peer review is scheduled (once every three years).
  • Based on your firm’s review type. 
Firm Size  System Review  Engagement Review 
Sole Practitioner  $450  $400 
2+ Professionals  $450  $425 

   
  

A first-time enrollee whose peer review is due in the current year will be billed the Service and Evaluation Fee and current year’s Annual Fee. New firms whose review falls after the current year will be billed for the current annual fee only.

Firms that resign or are dropped from the program between reviews due to non-payment will be required to pay a reinstatement fee, which is the Annual Fee for the interim years.