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CTCPA Peer Review Committee Seeks New Members: Discover the value for you and your firm

The CTCPA Peer Review Committee is seeking new members to join our team of skilled practitioners supporting the integrity and credibility of the profession.

As a committee member, you’ll have the opportunity to hone your analytical and evaluative skills, be at the forefront of changing standards, forge valuable relationships, and serve as a leader in the field.

What does the CTCPA Peer Review Committee do?

Committee members are integral to the peer review process. They serve on Report Acceptance Bodies (RABs), which have the final responsibility for determining whether a peer review conforms to standards.

Why should I consider Peer Review Committee membership?

Serving as a peer reviewer is a rewarding way to contribute to the integrity of our professional community and support its continuous improvement.

Because the peer review program is national, committee members are exposed to national trends and the latest on the AICPA’s expectations for the application of standards. Members are positioned to gain valuable insight and knowledge as they implement quality management standards efficiently and effectively in their own firms.

What is required to be a Peer Review Committee Member?

  • The member’s firm must have a “pass” peer review report.
  • Be a member in good standing of the AICPA and licensed to practice as a CPA.
  • Be currently involved in public practice as a partner, manager, or equivalent, or carrying out a quality control (soon to be management) function in their firm.
  • Have spent the last five years in public accounting in an accounting or auditing function.
  • Complete the required training.

Peer Review Committee/RAB training consists of the AICPA Peer Review Team or Reviewer Captain initial training (12 CPE hours), AICPA Peer Review Team or Reviewer Captain: Case Study Application (10 CPE hours), and Report Acceptance Body training.

The CTCPA supports its committee members by paying for these courses. Committee members must also take an annual update course that the CTCPA holds in the spring.

What is the Peer Review process?

  • The firm uses the AICPA Peer Review Integrated Management Application (PRIMA) software to schedule their review.
  • A peer reviewer performs the review.
  • The review goes through the technical review process.
  • The review is considered by a RAB, which meets to decide whether to accept the review. A RAB must have at least three members.
  • Once the review is accepted by the RAB, staff prepares and sends committee acceptance letters and, when required, corrective actions to the firm.
     

What preparation/work is required in advance of a RAB meeting?

RAB members prepare for RAB meetings through the following steps:

  • Read the reviews in their entirety.
  • Notify staff if independence concerns are noted.
  • Meet via Zoom to consider the results of peer reviews.
     

What is the time commitment to serve on the Peer Review Committee?

We estimate that the time commitment is about 30-40 hours annually, not including the initial required professional development time.

There are four committee meetings per year (each about 60- 90 minutes) plus approximately 10 RAB meetings per year. No committee member attends every RAB meeting – participation varies from meeting to meeting.

Volunteering for Peer Review Committee membership is a time commitment; however, the knowledge gained may save your firm time and expense in complying with standards.

How can I learn more or volunteer?

Appointment to the Peer Review Committee is at the discretion of the CTCPA Chair. To learn more or submit your name for consideration, please reach out to Peer Review CPA on Staff Julie McNeal at juliem@ctcpas.org.