Peer Review Program
The peer review program, conducted by the American Institute of Certified Public Accountants (AICPA), is a periodic outside review, performed by another accounting firm, of a firm's quality control system in accounting and auditing. The program was instituted to promote these effective systems for certified public accounting firms.
A peer review of a CPA firm can be used by an audit committee as a tool to assess whether the CPA firm it hires or is considering hiring:
• Has a system of quality control for its accounting and auditing practice that has been designed to meet the requirements of the AICPA's Statements on Quality Control Standards (SQCSs).
• Is complying with that system of quality control during the peer review year to provide the firm with reasonable assurance of complying with professional standards. Devereux & Company participates in the review practice monitoring program and is evaluated every three years.