Peer Review

The Partners at Rink & Robinson, PLLC are pleased to announce the successful completion of each of our independent peer reviews of our accounting and auditing practice. After a thorough study of our procedures and work practices, the reviewers concluded our firm complies with the stringent Quality Control standards established by the American Institute of Certified Public Accountants.  Our firm commits to a peer review and routinely receives the highest rating of opinion.  We are proud to be part of an elite group of CPAs performing above the standards set forth by the AICPA.  A Peer Review is conducted every three years and Rink & Robinson, PLLC must meet the Peer Review guidelines upon every rotation.

Our most recent opinion:

In order to be admitted or to retain a membership in the American Institute of Certified Public Accountants (AICPA),  members of the AICPA who are engaged in the practice of public accounting in the United States or its territories are required to be practicing as partners or employees of firms enrolled in an Institute approved practice-monitoring program.  A firm/member can meet the requirement by being enrolled in the AICPA Peer Review Program (PRP).

A Brief History

In 1988, the members of the American Institute of Certified Public Accountants (AICPA) overwhelmingly approved a proposal that requires AICPA members in public practice to participate in a practice-monitoring program. With the adoption of this proposal, the AICPA implemented a peer review program of unprecedented scope in the CPA profession or any other. Peer review helps assure users of CPA services that their CPA firm measures up to the profession’s high standards of professionalism and is committed to improving the quality of its practice.

What is Peer Review?

Carried out in conjunction with participating state CPA societies and overseen by the AICPA, the AICPA Peer Review Program requires CPAs to have a rigorous, outside review of their accounting and auditing practices once every three years. These reviews determine whether a firm has suitable quality control policies and procedures and is complying with them. Specifically, the reviews focus on the following:

  • How the firm implements independence requirements
  • How personnel are assigned
  • Provisions for consultation when technical assistance is required
  • How accounting and auditing engagements are performed and supervised
  • Hiring practices
  • Continuing professional education programs
  • Promotion of personnel
  • Obtaining and retaining clients
  • Internal inspection of the firm’s work

The reviewers are licensed CPAs who are selected from among the members of the AICPA and who have demonstrated they possess current knowledge of applicable professional standards. During a review, an outside team independently selects a sample of a firm’s engagements and assesses its work on those engagements. The team then reports back to the firm on its findings, making suggestions where improvements may be necessary, and provides the outcome of the review to the state CPA society administering the firm’s review. If a review uncovers deficiencies, the state CPA society prescribes various corrective actions a firm must take or monitoring procedures to ensure a firm adheres to the profession’s standards. In this way, the AICPA consistently receives updates on the quality of its members’ work and the performance of CPA firms. Firms with AICPA members who issue engagements under the Statements on Auditing Standards or examinations of prospective financial statements under the Statements on Standards for Attestation Engagements must have a system review.

How Clients Benefit

Participation in the AICPA Peer Review Program provides CPAs with the opportunity to learn new or improved ways to run their firms and improve client services. This may be as simple as identifying possible inefficiencies, or as broad as determining opportunities to better serve clients. Whatever the case, clients benefit because CPA services become more appropriate for their needs and responsive to the changing business environment. What’s more, clients can be sure their CPA firm measures up to the profession’s high standards of quality and professionalism.

Peer review also keeps CPAs current on the latest standards and trends in accounting and auditing. This translates into more knowledgeable advice for those who rely on CPA services. Peer review offers the assurance your certified public accounting firm is committed to performing at the very highest level.