Attention, firms: You might have already heard, but just in case …
The American Institute of CPAs has issued revised standards for performing and reporting on peer reviews. “The new standards are intended to produce simpler, more readable reports that will provide greater transparency to state boards of accountancy, federal agencies such as the Government Accountability Office, and the private sector,” the AICPA reports.
The new standards are effective for peer reviews that start on or after Jan. 1, 2009.