Peer Review

An accounting and auditing practice for the purposes of these standards is defined as all engagements covered by Statements on Auditing Standards (SASs); Statements on Standards for Accounting and Review Services (SSARS)2 (see interpretations); Statements on Standards for Attestation Engagements (SSAEs); Government Auditing Standards (the Yellow Book) issued by the U.S. Government Accountability Office; and audits of non-SEC issuers performed pursuant to the standards of the Public Company Accounting Oversight Board (PCAOB).

To begin the enrollment process, please first complete a Public Accounting Firm Creation Form and submit it to our team at peerreview@orcpa.org. Once processed we will contact you with next steps.

All peer review information and documents are managed within the Peer Review Integrated Management Application (PRIMA), a web-based system for administering and tracking peer reviews.

PRIMA sends notices via email. Please add prima@aicpa.org to your safe senders and respond timely to requested actions.

Search the AICPA database to find a qualified Peer Reviewer to fit your firm's needs. Click here for instructions on how to use the Reviewer Search.

When planning and scheduling a peer review, firms should ensure that the peer review will be completed prior to the due date. The exit conference date should be scheduled to occur at least two weeks prior to the due date. For example: If a firm has a due date of September 30, the exit conference date should be no later than September 16.

It is the firm’s responsibility to ensure its peer review is completed timely. Failure to do so may result in the firm being deemed non-cooperative. Allowing sufficient time to complete the peer review well in advance of the due date will help ensure the review is completed timely. Many factors such as illness, loss of staff, weather, etc. may delay the commencement of a review and could cause the review to be submitted late.

If a firm realizes that it will be unable to complete its peer review or corrective action by the due date assigned, an extension can be requested. All requests must be submitted in PRIMA prior to the current due date.

Extensions will be considered on a case-by-case basis.

Acceptable reasons for requesting an extension:

1. The firm is a new firm because of a merger or dissolution, or a dissolution is imminent.
2. The firm needs more time to complete a major engagement that is within the scope of the peer review.
3. The firm is unable to have the review because of the absence, loss or turnover of personnel significant to the conduct of the review.
4. The firm’s records or offices have been severely damaged or destroyed because of a natural catastrophe.
5. The firm needs more time because it has selected a reviewer that has a scheduling conflict and is unavailable to perform the review by the firm’s due date but is available to perform the review within one or two months.
6. There is an incomplete engagement, which is an initial engagement, and there is no comparable engagement (PRC-210 .A22.b).
7. Other circumstances that, in the Peer Review Committee’s judgment, warrant an extension.
    

Unacceptable reasons for requesting an extension:

1. The firm indicates it needs more time to prepare for the review or to implement new quality control policies and procedures.
2. The firm is developing a quality control document.
3. The firm is not ready for the review.
4. The firm has added a new partner.
5. The nature of the firm's accounting and auditing practice changes. For example: a firm with an audit practice when it enrolled was assigned a due date and later gave up its audit practice, and the firm has not performed an audit for a least a year. In addition, changes in a firm's practice after this year-end should not change the review type or due date of the review, unless those changes would result in a step-up review.

Oregon Firms must submit a copy of an approved extension request to the Oregon Board of Accountancy within 21 days of receiving an extension per OAR-801-050-0020(4)(g)

Hawaii Firms must notify the Hawaii Board of Public Accountancy within 20 days of approval of an extension request per HRS Section 466-34(f)
 

Please Note: If your firm performs engagements under Generally Accepted Government Auditing Standards (GAGAS), please note that the GAO does not automatically accept extensions beyond 3 months. While administrative entities, such as the Oregon Society of CPAs' Peer Review Committee, may grant extensions of more than 3 months, those firms must also request (and be approved for) an extension beyond 3 months from the GAO to avoid noncompliance with GAGAS. The firm should be able to provide the team captain with an approved extension from the GAO, if applicable.

To request an extension, please contact:

Government Auditing Standards
U.S. General Accounting Office
(202) 512-9535

If a firm is unable to complete its peer review by the assigned due date and has not been granted an extension, any Yellow Book audit engagements completed or issued during the period between a firm’s peer review due date and the date the peer review is completed (the date of the report) will be automatically considered to be substandard.

If an extension is approved by the GAO, the firm should notify the Peer Review staff in writing.

Firms may find that a major engagement routinely is not completed, or its review is due during its busy season, which causes the firm to request an extension. The firm should consider requesting a change in year-end. Please keep in mind a firm’s next peer review cannot cover a twelve month period that extends beyond three years from the last peer review.

Firms are encouraged to discuss a possible change in year-end with their peer reviewer and OSCPA Peer Review staff. Year end change requests must be submitted in PRIMA.

Annual Enrollment Fees
As of April 2024

* "Must select" engagements include those performed under Government Auditing Standards; audits of employee benefit plans under ERISA; audits performed under FDICIA of depository institutions with assets of $500 million or greater; and examinations of service organizations (SOC 1® and SOC 2® engagements). 

There is a $25 annual enrollment fee for any firm that is enrolled in the peer review program but is not required to have a peer review (No A&A).

Additional Fees

• Reinstatement fee if firm was dropped from program is $500

Reviewer Fees and Expenses

Your reviewing firm will bill your firm directly for any review fees and expenses based on a contract or engagement letter.

Download the 2023 report