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NTA Blog: 2021 Filing Season Bumps in the Road: Part I

The post NTA Blog: 2021 Filing Season Bumps in the Road: Part I appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: Early information about Advanced Child Tax Credit payments under the American Rescue Plan Act

The post TAS Tax Tips: Early information about Advanced Child Tax Credit payments under the American Rescue Plan Act appeared first on Taxpayer Advocate Service. ...

NTA Blog: Taxpayers may file a 2020 superseding return changing their joint filing election to receive the third economic impact payment

The post NTA Blog: Taxpayers may file a 2020 superseding return changing their joint filing election to receive the third economic impact payment appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: Recovery Rebate Credit and Economic Impact Payment information you might need to know

The post TAS Tax Tips: Recovery Rebate Credit and Economic Impact Payment information you might need to know appeared first on Taxpayer Advocate Service. ...

NTA Blog: Most Taxpayers Needing a New ITIN Are Prohibited From Filing Electronically, Causing Unnecessary Refund Delays

The post NTA Blog: Most Taxpayers Needing a New ITIN Are Prohibited From Filing Electronically, Causing Unnecessary Refund Delays appeared first on Taxpayer Advocate Service. ...

Blog de la NTA: La mayoría de los contribuyentes que necesitan un nuevo ITIN están prohibidos de presentar electrónicamente las declaraciones, lo que causa demoras innecesarias en el reembolso

The post Blog de la NTA: La mayoría de los contribuyentes que necesitan un nuevo ITIN están prohibidos de presentar electrónicamente las declaraciones, lo que causa demoras innecesarias en el reemb...

TAS Tax Tips: Don’t miss out on any 2017 unclaimed refunds – file before May 17

The post TAS Tax Tips: Don’t miss out on any 2017 unclaimed refunds – file before May 17 appeared first on Taxpayer Advocate Service. ...

TAS Tax Tips: Certain noncorporate taxpayers may qualify for estimated tax penalty relief for tax year 2019

The post TAS Tax Tips: Certain noncorporate taxpayers may qualify for estimated tax penalty relief for tax year 2019 appeared first on Taxpayer Advocate Service. ...

NTA Blog: Taxpayers, Bankruptcy, and the Statutory Notice of Deficiency

The post NTA Blog: Taxpayers, Bankruptcy, and the Statutory Notice of Deficiency appeared first on Taxpayer Advocate Service. ...

Blog de la NTA: Los contribuyentes, la bancarrota y el Aviso estatutario de deficiencia

The post Blog de la NTA: Los contribuyentes, la bancarrota y el Aviso estatutario de deficiencia appeared first on Taxpayer Advocate Service. ...

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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