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Success Story: TAS Advocates to Resolve Large Liability

November 20, 2023  – The taxpayers filed an amended return showing that they actually lost money on the real estate sale […] The post Success Story: TAS Advocates to Resolve Large Liabi...

TAS TAX TIP: IRS Resumes Sending Some Collection Notices

The post TAS TAX TIP: IRS Resumes Sending Some Collection Notices appeared first on Taxpayer Advocate Service. ...

National Taxpayer Advocate Erin M. Collins Receives Prestigious Award for Lifetime Achievement in Tax

November 9, 2023 – National Taxpayer Advocate Erin M. Collins Receives Prestigious Award for Lifetime Achievement in Tax   National […] The post National Taxpayer Advocate Erin M. ...

Important Tax Information for People Experiencing Homelessness

November 9, 2023 – The Taxpayer Advocate Service asks that you to help spread the message about resources available to […] The post Important Tax Information for People Experiencing Hom...

TAS Success Story: TAS Untangles Complex Refund Issue

November 3, 2023  – A taxpayer came to TAS after her bank returned her refund to the IRS via a […] The post TAS Success Story: TAS Untangles Complex Refund Issue appeared first on Taxpa...

TAS Tax Tip: Resolving an Improper ERC Claim

November 1, 2023 – If you have determined you do not quality for an Employee Retention Credit (ERC) you claimed, the […] The post TAS Tax Tip: Resolving an Improper ERC Claim appeared f...

NTA Blog: Recognizing the 2023 National Celebration of Pro Bono

October 23, 2023 – This week, from October 23-27, is the 2023 National Celebration of Pro Bono. The American Bar […] The post NTA Blog: Recognizing the 2023 National Celebration of Pro ...

TAS Tax Tip: When Can You Deduct Digital Asset Investment Losses

October 19, 2023 – In the current digital asset climate of plummeting values, frozen accounts, and bankruptcy filings, if you […] The post TAS Tax Tip: When Can You Deduct Digital Asset...

NTA Blog: Nationwide Tax Forum FAQs – Part Two

October 17, 2023 – NTA Blog: Nationwide Tax Forum FAQs – Part Two Top Questions From the NTA Town Hall […] The post NTA Blog: Nationwide Tax Forum FAQs – Part Two appeared first on Taxp...

NTA Blog: Filing and Payment Relief for Taxpayers Affected by the Terroristic Action in the State of Israel

October 13, 2023 – As the National Taxpayer Advocate, I advocate for all taxpayers, regardless of whether they reside in […] The post NTA Blog: Filing and Payment Relief for Taxpayers A...

Peer Review

What is the value of Peer Review to my firm?

When your firm participates in the AICPA Peer Review Program, you should derive a number of benefits including:

 - Strengthened quality control

 - Improved processes

 - A better understanding of recent professional pronouncement and an awareness of those under consideration

 - Having demonstrable evidence of your firm’s quality 

 - A reduction in recurring issues

 - The awareness of any deficiencies needing correction

 - The potential of using your clean report as a marketing tool to demonstrate your firm’s commitment to quality

 - Learning best practices from your reviewer’s experience working with other firms

 - Benchmark information to compare your firm against similar firms

What criteria should I use when selecting our firm’s peer reviewer?

When selecting your firm’s peer reviewer, you will want to consider the level of audit experience and expertise of the peer reviewer or review team based on their:

 - Years of auditing

 - Number and type of audit engagements they’ve managed

 - The industries they’ve audited

 - The types of audits they’ve conducted

 - Years as a peer reviewer

 - Number and type of firm’s they’ve peer reviewed

 - The types of engagements and industries served by their peer review clients

 - The types of teaching, speaking or article writing they may do related to auditing or peer review

 - Their ability to supply references

You also want to evaluate your peer reviewer based on their cultural fit with you and your firm.  You want to be able to like and trust your reviewer and believe that you can build a long-term relationship with them.  

It is important to note that most peer reviewers will not score “perfectly” in all of the above-mentioned categories, however, you’ll need to evaluate each peer reviewer based on those criteria that are most important and will supply the best match for your firm

Why should we pay your standard rate for these services?  

Given the depth of expertise required to conduct an efficient, productive and above all – quality enhancing peer review, we are unable to discount our rates for our peer reviewers, who are also our best auditors.  Understanding the market shortage for talented auditors, our firm has made the decision to dedicate resources to deliver peer review services, but our business model dictates that we charge our standard rates to have these, our best people, working with your firm.

 

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