Since its inception in 1988, the Peer Review program has continued to evolve to keep up with changes in the business and regulatory environments. The AICPA FSBA process is the next step in this evolution.

After carefully evaluating the various options, stakeholders determined that the best way to address the user demands for greater peer review transparency, while considering member and state CPA society concerns, was to use the existing peer review process to facilitate the voluntary disclosure of peer review results to state boards of accountancy. FSBA uses an opt-out process that allows peer review results to be made available to select boards of accountancy on a voluntary firm basis, using a secure, board access-only website.

The intent of this new process is to create a nationally uniform system through which CPA firms can satisfy state board peer review information submission requirements, increase transparency and retain control over their peer review results. The AICPA and CPA state societies are working together to allow this process to become the primary means by which all boards of accountancy obtain peer review results.

Over time, this new process is expected to help to make submission of a firm’s peer review information easier.

Michigan’s tentative plan to begin participating in the FSBA process this fall will help to ensure a smooth transition and national implementation of this process, which is expected to occur in May 2009.

As more details become available, watch for additional articles from the MACPA as well as direct communications sent to firms.



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