We performs peer reviews for other firms. Peer reviews are an integral part of the accounting industry in that they ensure that CPA's are following professional standards. There are three types of peer reviews: System Reviews, Engagement Reviews, and Report Reviews.
Callero & Callero LLP performs the following types of peer reviews:
A system review is a study by a peer reviewer of a CPA firm's system of quality control to perform accounting and auditing work. The quality control system represents the policies and procedures that the CPA firm has designed, and is expected to follow, when performing it's work. Firms that perform engagements under Statements on Auditing Standards (SASs), Government Auditing Standards (Yellow Book) or examinations of prospective financial statements under Statements of Standards for Attestation Engagements (SSAEs) are required to have a system review.
This type of review is for firms not required to have a system review and are not eligible for a report review. An engagement review does not evaluate a firm's systemd of quality control. An engagement review evaluates the firm's financial statements and documentation with regard to conformance to AICPA professional standards. Firms required to have an engagement review may also elect to have a system review. Firms that perform reviews and compilations, but not audits, are generally required to have an engagement review.
A report review enables the reviewed firm to enhance the overall quality of its compilation engagements that submit substantially all disclosures. Firms that only perform compilation engagements under Statements on Standards for Accounting and Review Services (SSARS) that omit substantially all disclosures are subject to report reviews. Firms required to have a report review may also elect to have a system or engagement review.
Quality Control System Services
In addition to performing peer reviews, for those firms that are developing their system of quality control or need consulting on monitoring or improving their system, Callero & Callero LLP can help with the design, implementation, and monitoring of your system of quality control.
Callero & Callero LLP's Peer Review practice leader is Chris Murschel, CPA, MST. He would be happy to discuss our peer review services and quality control system services with you.