Peer review is back in the spotlight.

For the uninitiated, the AICPA requires members who do audits, reviews or compilations to undergo a peer review every three years. In Maryland, it’s state law, and the time has arrived for firms to comply.

Maryland CPA firms must report the final acceptance date of their most recent peer review with the first license renewal on or after Oct. 1, 2008. The final acceptance of the most recent peer review cannot be older than three years from the date of license renewal.

Looking for further details? You’ll find them in the MACPA’s peer review resource center.

Meanwhile, the AICPA has released a white paper that examines recent revisions to its peer review standards and explains how those changes might affect enrolled firms, peer reviewers, those who administer peer reviews and those (like regulators) who use them. Download the white paper here.