A peer review is a periodic external review of a firm's quality control system in accounting and auditing and is also known as the AICPA's practice monitoring program.
The Peer Review Program is designed to be educational for firms in public accounting to further enhance the quality in their performance of accounting and auditing work. It also allows for firms to communicate with their fellow peers on the objectives of the accounting profession.
AICPA members and Wisconsin firms engaged in the practice of public accounting are required to practice in an approved practice-monitoring program such as the Peer Review Program. The Wisconsin Accounting Examining Board has also adopted the model used by the AICPA and requires firms that perform attest services to undergo a peer review every three years.
Effective May 1, 2017, the Peer Review Program for Wisconsin firms will be administered by the Illinois CPA Society. For questions and more information about the peer review program, please visit the Illinois CPA Society's Peer Review webpage.