Process

Steps in the process

After your firm has filed an enrollment form with the WICPA or AICPA Peer Review Coordinator:

1. You receive a letter stating the due date for your initial review.
2. A background form is sent to you in advance of your review.
3. You return the background form to the WICPA within 30 days.
4. AICPA Professional Standards, Definition of an Accounting and Auditing Practice
5. The Team Captain form is sent to you for proper match of reviewer.
6. Review commences on date agreed upon by you and your firm's reviewer (at least two months prior to the due date). Any change in date must be submitted to WICPA.
7. When review is completed, the reviewer submits paperwork to WICPA.
8. You submit copies of proper forms to the WICPA (i.e., Report, Letter of Response if applicable).
9. Review goes through Administrative Review.
10.  Review goes through Technical Review.
11.  Review goes to Peer Review Report Acceptance Body (RAB).
12.  Acceptance letter stating next review due date is sent to you (if not, letter detailing follow up action is sent to you).
13.  See Peer Review Flow Chart (in Adobe PDF format).

Submitting review documents

The team captain or reviewer is responsible for submitting the peer review working papers to the WICPA and for issuing the report to you within 30 days of the exit conference date, or completion date for Engagement and Report reviews, or by your firm's peer review due date, whichever is earlier. You are responsible for sending a copy of the report along with your letter of response (LOR) to the matters discussed in the letter of comments, to the WICPA within 30 days of the date you received the report and letter of comments or by the due date, whichever is earlier. Although reviewers and firms have their own guidelines for document submission, it is your firm's peer review, and therefore you are ultimately responsible for ensuring that all submissions are made on time.

Final results

The results of your review are final when the WICPA Peer Review Committee accepts the report and, if applicable, the letter of response (LOR). This step ensures that a panel of your peers agrees with your review team's conclusions. You should not publicize the results of the review or distribute copies of the report until the committee has advised you that they have accepted the report.