Peer Review Information

Member Services Coordinator
Shannon Cockerham

Technical Consultant
Roger Johnson

The Peer Review Process | Back To Top

Enrollment - After a firm's enrollment form has been received, a due date for the firm's initial review is assigned.  Generally, the due date for the firm's first review is 18 months from the date of enrollment.

Scheduling - Approximately 6-9 months before a firm's review due date, the TSCPA will send the firm a scheduling packet that must be completed and returned to TSCPA in order for the review to be scheduled.  It is the firm's responsibility to choose its own reviewer. A list of qualified reviewers is available via the AICPA web site at http://peerreview.aicpaservices.org/resume/default.asp.  The review should not commence until the firm has received notification from TSCPA that the reviewer has been approved to perform the review.

After the Review - Once the review has been completed, the reviewer will issue a report to the firm. If the firm receives a rating of pass on its peer review, the firm does not need to submit the report to the administering entity. Reports with a rating of pass with deficiencies or fail should be submitted along with the firm's letter of response within 30 days of receiving the report or by the firm's review due date, whichever is earlier.

Administrative and Technical Reviews - The administrative review ensures that all the required documents from the reviewer and the firm are received and complete.  The technical reviewer determines whether the review has been conducted in accordance with governing standards, and whether the firm has responded to any matters or deficiencies in an appropriate manner.

Committee Process - Once all of the review documents have been through the administrative and technical review process, they are presented to the Peer Review Committee for consideration of acceptance.  After the Committee meets and accepts a review, firms should receive the review acceptance letter from TSCPA within 10 days.  However, some firms may be required to perform certain follow-up actions before the review can be closed.  Generally, the firm's next review due date is set three years later.

In a system review, the reviewer will study and evaluate a CPA firm's quality control policies and procedures that were in effect during the peer review year. This includes interviewing firm personnel and examining administrative files. To evaluate the effectiveness of the system and the degree of compliance with the system, the reviewer will test a reasonable cross-section of the firm's engagements with a focus on high-risk engagements in addition to significant risk areas where the possibility exists of engagements being performed and/or reported on that are not in accordance with professional standards in all material respects. The majority of the procedures in a System Review should be performed at the reviewed firm's office.

Engagement Review - This type of review is for firms that are not required to have a system review and only perform services under SSARS or services under the SSAEs not included in System Reviews.

The objective of an Engagement Review is to evaluate whether engagements submitted for review are performed and reported on in conformity with applicable professional standards in all material respects. An Engagement Review consists of reading the financial statements or information submitted by the reviewed firm and the accountant's report thereon, together with certain background information and representations and, except for compilation engagements performed under SSARS, the applicable documentation required by professional standards.

Administrative fees have been established to cover the costs of administering the Peer Review Program in Tennessee.  These fees are in addition to reviewer fees and are invoiced annually. Firms who are dropped or terminated from the program are also subject to a $250 reinstatement fee.

Peer reviewers are active AICPA members in good standing, licensed to practice as certified public accountants, who have met certain knowledge, experience and training requirements.  Peer reviewers conduct system and engagement reviews for firms when engaged to do so.  There are two types of peer reviewers - team captains and review captains:

• Team captains are those who are qualified to perform all types of peer reviews.
• Review captains are those who are qualified to perform engagement reviews and may also assist team captains in various aspects of a system review.

• Are seen as an expert in your field and gain increased respect from your colleagues and clients
• Help firms achieve their A&A practice goals and enhance the quality of their A&A practices
• Identify best practices of other firms, which can be applied to other peer review clients and to your own firm
• Gain broader practice knowledge through the peer review process, which will help sharpen your skills and reinforce your strengths
• Create an opportunity to expand on your current services
• Often receive referrals for additional consulting services as a result of performing peer reviews
• Enhance the efficacy of the profession's self-regulatory efforts and contribute to the quality of our profession 

What are the Qualifications Necessary to Become a Reviewer?
To qualify as a peer reviewer, you must:

• Be a member of the AICPA in good standing
• Be active in public practice at a supervisory level in the accounting or auditing function
• Have five years of public accounting experience

In addition, if you are a partner in your firm, you are qualified to be a team captain.  For more information, visit the AICPA Web site or e-mail the AICPA Peer Review Team.

How do I Become a Peer Reviewer?
To become a peer reviewer:

• Meet all the reviewer requirements. A full list of requirements can be downloaded here.
• Complete the AICPA two-day introductory reviewer training course, “How to Conduct a Review Under the AICPA Practice-Monitoring Program” (“How-to”). Check the AICPA course listings here or contact TSCPA to obtain information about the introductory course. Please note that 16 hours of CPE credit is obtained by taking this course
• Peer reviewers must complete a peer review resume form. The form can be completed online here. Once you enter your resume you will automatically be listed in the online searchable database. Please note: you will need your AICPA login to access the form
• Undertake the business development activities suggested in a Peer Review Welcome package sent after you attend the how to course

How Do I Learn More About Peer Review?
For more information on the AICPA Peer Review Program, contact Wendy Garvin, TSCPA's member services manager, at 1-800/762-0272.

TSCPA is transitioning to the Peer Review Information System Manager (PRISM), a new Web-based system for administering and tracking peer reviews. As we make this conversion, you will notice a number of improvements that allow for more efficient and effective peer review administration while maintaining the high level of customer service you expect from TSCPA. Significant Changes

●	Peer review letters and correspondence will now be sent by e-mail.
●	Scheduling and review team information will be submitted online via a web form. The Information Required for Scheduling Reviews packet will not be mailed.
●	More changes are coming, so check back for updates.

Transition Information

●	TSCPA is taking all possible steps to avoid major service interruptions during the transition. However, there will be occasional periods where TSCPA is unable to schedule peer reviews or process acceptance letters. Thank you in advance for your patience and understanding.
●	If your firm has special circumstances that require immediate attention during the transition, please contact the peer review team (peerreview@tscpa.com)

Peer Review Emails

Make sure you continue to receive peer review letters and notices from TSCPA:

● Update the e-mail address for your firm’s managing partner and peer review contact person by calling or e-mailing the Peer Review Team (please include your firm name and AICPA firm number in e-mails). ● Add 'TN@prcpa.org' and 'peerreview@tscpa.com' to your e-mail safe senders list to ensure you continue to receive peer review information. ● Keep in mind that confidential peer review information may be sent to the e-mail addresses you provide. ● Prefer not to receive e-mails? You can continue to receive hard-copy correspondence by having a blank e-mail address on file. Note that hard-copy correspondence may delay the processing of your peer review information.