For CPA’s and CPA Firms that provide 3rd party assurance services, (audits, reviews and compilations) an engagement or systems review, by a trained/qualified peer reviewer, of the processes used to plan and perform the assurance services is required.
Quality processes and procedures are paramount to the continuing trust our customers place in our professional services. As a profession, we are required to submit our assurance practice to a peer review every three years. As part of our quality assurance, we voluntarily submit our assurance practice to both an internal and an external evaluation every year. The external review is performed by a qualified peer reviewer and is as, or more, stringent than the requirements under our professional peer review requirements. The peer reviewers that we contract with are qualified in New Mexico, Arizona and California. We strive to stay in the top 5% of firms based on feedback received from the peer reviewers and to date, we have.
We advocate that users don’t just rely on the Peer Review process, but evaluate the performance of the independent auditor (see white paper on auditor rotation). There are a variety of tools available for use in the evaluation process. Contact any member of the Pulakos Team and we can assist you in obtaining the evaluation tool that best fits your needs and objectives.