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TAS Tax Tip: Use Caution When Using Tax Advice or Tax Return Preparers Found on Social Media

May 31, 2023 – Reducing your tax liability may be tempting; however, many social media schemes are illegal and can […] The post TAS Tax Tip: Use Caution When Using Tax Advice or Tax Return Preparer...

Tax Pros: Join National Taxpayer Advocate Erin M. Collins at the 2023 IRS Nationwide Tax Forum

May 31, 2023 – Earn CPE credits, and join us in-person at this year’s Tax Forum. Join National Taxpayer Advocate […] The post Tax Pros: Join National Taxpayer Advocate Erin M. Collins at the 2023 I...

TAS Success Story: Persistence Pays Off in Audit Dispute

Mary 31, 2023  – A taxpayer contacted TAS for assistance when their tax return was selected for audit and they […] The post TAS Success Story: Persistence Pays Off in Audit Dispute appeared first o...

NTA Blog: Refund Statutes and the Lookback Rule Make Taxpayer and Tax Professionals’ Eyes Glaze Over

May 4, 2023 – As I recently stated in my February 27, 2023, blog (NTA Blog: Lookback Rule: The IRS […] The post NTA Blog: Refund Statutes and the Lookback Rule Make Taxpayer and Tax Professionals’ ...

NTA Blog: Foreign Information Penalties: Part Three: Keeping a Watchful Eye on the FBAR Guard Dog

May 1, 2023 -This is part 3 of my blog series addressing international reporting requirements. Part 1 addressed the U.S. […] The post NTA Blog: Foreign Information Penalties: Part Three: Keeping a ...

TAS officially closes the San Jose, CA office effective April 30

May 1, 2023 – Taxpayers and congressional offices in the San Jose geographic area now serviced out of the Oakland, […] The post TAS officially closes the San Jose, CA office effective April 30 appe...

NTA Blog: Chapter 61 Foreign Information Penalties: Part Two: Taxpayers and Tax Administration Need Finality, Which Requires Legislation

April 20, 2023 – Due process requires that matters be resolved according to established rules and principles and that taxpayers […] The post NTA Blog: Chapter 61 Foreign Information Penalties: Part...

TAS provides one-stop phone service for taxpayers living abroad

April 18, 2023 – International TAS taxpayers can now call one phone number regardless of their location. If you live […] The post TAS provides one-stop phone service for taxpayers living abroad app...

NTA Blog: Chapter 61 Foreign Information Penalties: Part One: Taxpayers and Tax Administration Need a Legislation Fix

April 17, 2023 – Since 2020, I have repeatedly recommended a legislative change under which Congress would make foreign information […] The post NTA Blog: Chapter 61 Foreign Information Penalties: ...

Listen Now: National Taxpayer Advocate Provides Update on IRS’s Backlog, New Strategic Operating Plan, and the State of Tax Administration

April 14, 2023 – National Taxpayer Advocate Erin M. Collins joins the American Institute of Certified Public Accountants Town Hall […] The post Listen Now: National Taxpayer Advocate Provides Updat...

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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