Grossman St. Amour CPAs has AICPA trained peer reviewers who provide Peer Reviews to CPA firms and sole practitioners. We are members of the AICPA Employee Benefit Plan Center, AICPA Governmental Audit Center and AICPA Center for Audit Quality.
When we perform Peer Review services, our goal is to guide your firm through the process in a professional, educational and positive manner. We provide our peer review clients with an efficient and cost-effective Peer Review that enhances your firm’s quality control and overall audit practice success. We will observe your firm from a managerial standpoint and provide assistance with not only your accounting and auditing practice, but with your overall practice management concerns.
Peer reviews conducted by Grossman St. Amour CPAs PLLC provide firms with assistance in staying in compliance with AICPA Professional Standards in Auditing and Reporting, as well as documenting a quality performance in accordance with the firms Quality Control Document.
The selection of your Peer Reviewer is critical to receiving the full benefit of your peer review. Ideally, you want to match your Peer Reviewer’s experience to your firm’s experience for maximum efficiency and insight. At Grossman St. Amour CPAs, we have a diverse client base, which means we can select a team with a depth of experience to match your specific practice areas, particularly in must select peer review industries. Our industry experience includes:
- Government and Municipalities
- Public School Districts*
Single Audits under OMB Circular A-133*
Employee Benefit Plans*
Construction and Real Estate
Manufacturing and Retail Distribution
Medical Practices and Healthcare
Professional Service Areas
New York State Mandate
As of January 1, 2012, New York State’s Accounting Reform law made quality reviews of the attest services of accounting firms mandatory for firms with three or more accounting professionals. Firms with two or fewer professionals are exempt from the mandatory quality review requirement. However, small firms that perform engagements under Government Auditing Standards are not exempt. The accountancy reform law requires that every CPA firm that provides attest services in New York State, except firms with two or fewer accounting professionals, obtain a quality review every three years and submit copies of the report and acceptance letter from the sponsoring organization to SED. The requirement to be registered and undergo a quality review also applies to any firm, regardless of the number of accounting professionals, that performs attest services for any New York State governmental agency, performs a governmental or proprietary function for the state or any of its municipalities, or performs services specifically required to be performed pursuant to New York State law.
Sole proprietorship and firms with two or fewer professionals may also voluntarily undergo a quality review. A firm that is headquartered outside New York State, but performs attest services within the state is also subject to the mandatory quality review law and regulations.
The New York State Education Department mandatory quality review regulations permit organizations that administer quality reviews in New York State to use standards for performing and reporting on peer reviews that have been promulgated by a recognized national accountancy organization, such as the AICPA. As a result, firms already enrolled in and having completed a peer review under the AICPA program may use their most recent peer review report and acceptance letter to meet the quality review filing requirements when the firm re-registers if the review was accepted within three years of the date the firm registers or re-registers with New York State Education Department.
For more information about our Peer Review services, contact: