In order to meet Michigan’s peer review disclosure requirements, firms and sole proprietors can take advantage of a new online system through the MACPA in getting information submitted electronically. Michigan is one of nine early adopters of AICPA Peer Review Facilitated State Board Access (FSBA). Over time, this new process is expected to help to make submission of a firm’s peer review information easier.

State law requires peer review as a condition of licensure for firms and sole proprietors that perform attestation services relied upon by third parties. Previously, licensees were responsible for submitting proof of peer review directly to state regulators. In place now, FSBA uses an opt-out process that allows peer review results to be made available automatically to select boards of accountancy (BOA), using a secure, AICPA web site. The FSBA site allows only BOA access to peer review documents.

As the AICPA’s administering entity for Michigan CPAs, the MACPA will post peer review information to the secure FSBA site. Firms will receive advance notification, and will have an opportunity to opt out if they wish to submit their proof of peer review directly.

For more information, visit the peer review page on the MACPA website.

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