Reviewer Alert

RevAlert

This communication is designed to focus your attention on current issues to assist you in more effectively performing your peer reviews and enhancing the quality of the work performed by your peer review clients. The information contained herein has not been approved by the AICPA Peer Review Board and thus does not constitute "other guidance" as defined in the AICPA Standards for Performing and Reporting on Peer Reviews.

Please check the most recent edition of the Reviewer Alert for updated training dates.

Combined editions (February 2021 – January 2024)

Note: To locate a specific edition in the combined PDF, click the bookmark icon in Adobe or press Ctrl + F to search for a key term.

2024

February

  • February Peer Review Board Meeting Update
  • Governmental articles
    • 2024 Yellow Book Released!
    • Engagements under Government Auditing Standards FAQs
      • Performance Audits
      • Single Audits
      • 2018 Yellow Book
    • GAQC resources and tools for Reviewers and Auditors 
    • AICPA and NASACT Survey 
  • Save the dates for A&A Focus
  • Quick Hits

January

  • Department of Labor Audit Quality Study Issued
  • Save the Dates for 2024 Reviewer Forums and PRB Open Session Meetings
  • Reminders for 2023 Customer Satisfaction Survey and Clarified Standards Exposure Draft

2023

November

  • November Peer Review Board Meeting Update
  • What’s new in the Peer Review Program Manual (PRPM) – October 2023 update
  • Update on the December 2022 Assessing Non-Compliance – Critical Elements: Reviewer Alert
  • Update Your Reviewer Resume!
  • Can an auditor perform an ERISA section 103(a)(3)(C) audit if the Plan does not have an audit requirement?
  • SOC 2® Examination Engagements
  • Digital Assets: Reviewing engagements involving use of service organizations
  • REMINDER: Peer Review wants to hear from you!
  • Quick Hits

September

  • September Peer Review Board Meeting Update
  • Next Update of the Peer Review Program Manual (PRPM) Expected in Late October
  • Change to Technical Hotline
  • GAQC Yellow Book Independence Practice Aid – Available now!
  • Quick Hits

June (Special Edition)

  • Help firms with resources to set up their new quality management system
  • Reminder: Register for the 2023 Peer Review Conference!
  • 2024-2025 AICPA Peer Review Board application window

May

  • May Peer Review Board Meeting Update
  • What’s New in the Peer Review Program Manual (PRPM)
  • Get Ready for Your Upcoming Peer Reviews
  • 2018 Yellow Book Q&A for Peer Reviewers
  • SOC 2 Peer Review Checklist Updated
  • Quick Hits

March (Special Edition)

  • Upcoming aicpa.org website maintenance
  • Peer Review Conference Planning Survey – We want to hear from you!

February

  • February Peer Review Board Meeting Update
  • Next Update of the Peer Review Program Manual (PRPM) Expected in May
  • Tips for Utilizing Extensions
  • Governmental articles:
    • Spotlight on engagements subject to Government Auditing Standards
    • Program-specific audits FAQs
    • Single Audit- Low-risk auditee reminder
    • New! Proposed updates to Yellow Book
    • Engagement risks to consider when selecting Yellow Book engagements
    • Additional resources and tools for Reviewers and Auditors
  • Quick Hits

February (Special Edition)

  • Register and save the dates for our 2023 Reviewer Forums!
  • Peer Reviewer Training Courses are now available

2022

December

  • November Peer Review Board Meeting Update – Exposure Draft Issued
  • Don’t forget to respond to the Assurance Services Executive Committee’s QCM Exposure Draft
  • Assessing Non-Compliance – Critical Elements – Engagement Reviews
  • Unique Risks to Consider When Selecting Certain Must-Select Engagements
  • REMINDER - Peer Review wants to hear from you!
  • Carefully Consider Crypto!
  • Quick Hits

November

  • ASEC Issues Exposure Draft of Criteria for QCM Content
  • What’s new in the PRPM – October 2022
  • Register for the Upcoming Peer Reviewer Forum

September

  • Next PRPM Update Expected in October
  • Acceptance of manual vs. electronic signatures in Peer Review
  • Root Cause Analysis Tool with Fishbone Diagram
  • Noncompliance with Materiality Requirement in a Review Engagement
  • Quick Hits

May

  • May Peer Review Board meeting update
  • How to evaluate Quality Control Materials (QCM) in Peer Reviews under the Clarified Peer Review Standards
  • Evaluating Peer Review Implications of SAS No. 136, as amended
  • Governmental articles
    • Are your Peer Review clients performing new Yellow Book services?
    • Yellow Book engagements subject to selection
    • Peer Review extension FAQs
    • HUD matters
    • Additional resources and tools for Reviewers and Auditors
  • Reviewer resume verification process changes
  • Capturing statistics in PRIMA when multiple engagements are involved
  • Quick hits

May (SPECIAL EDITION)

  • Peer Review Conference survey
  • May 2022 Peer Reviewer Forum
  • April 2022 Peer Review Program Manual update

April (SPECIAL EDITION)

  • How should noncompliance with risk assessment standards be evaluated?
  • Additional Firm Training to be Required by RABs

February

  • February Peer Review Board meeting update
  • Next update of the Peer Review Program Manual (PRPM) expected in April
  • Requirements for Reviewers of must-select engagements
  • Consideration for Engagement Reviews related to engagements outside the Peer Review year
  • Impact on reviews of firms that perform SEC registered Broker-Dealer audits
  • Need more Team Captains at your firm?
  • Quick hits

February (SPECIAL EDITION)

  • Peer Review Board Approves the Clarified AICPA Standards for Performing and Reporting on Peer Reviews!

2021

October

  • October Peer Review Board meeting update
  • Reminder - Clarified AICPA Standards for Performing and Reporting on Peer Reviews Exposure Draft!
  • AICPA.org: Fresh features. Expanded resources. Endless possibilities.
  • What’s New in the Peer Review Program Manual (PRPM) – October 2021 Update
  • Evaluating Peer Review Implications of SAS Nos. 134-140 and SSARS No. 25 Implementation Issues
  • Quick Hits

September

  • September Peer Review Board meeting update
  • Are your firm’s employee benefit plan and single audits on point?
  • Impact of coronavirus delays on a Reviewer’s independence and performing Corrective Actions and Implementation Plans
  • Quick Hits

August (SPECIAL EDITION)

  • Join a Peer Reviewer Exclusive Roundtable on the Proposed Statements on Quality Management Standards (SQMS)

May

  • May Peer Review Board meeting update
  • SEC Registered Broker-Dealers removed from the scope of Peer Review
  • What’s new in the Peer Review Program Manual (PRPM) – June 2021 update
  • FREE WEBCAST: Single audits and new QM (QC) standards – Get ready and prepare for change!
  • Are your peer review clients performing new single audit services?
  • Six-month single audit submission extension
  • Peer Review implications for surprise examinations for investment advisors             
  • What to consider when reviewing engagements with digital assets
  • Resources from the Enhancing Audit Quality initiative (EAQ)
  • Quick hits

February

  • February Peer Review Board Meeting Update
  • Firm Remediation of Non-Conforming Engagements
  • Quick Hits

2020

November

  • November Peer Review Board Meeting Update
  • What’s New in the Peer Review Program Manual (PRPM) – October 2020 Update
  • Evaluating Peer Review Implications of ASC 606 Implementation Issues
  • Coronavirus Impact on Review Periods and Monitoring 
  • Quick Hits

September (revised October 2020)

  • September Peer Review Board Meeting Update
  • Call for Feedback on Quality Control Materials (QCM) Examination Project
  • New Enhancing Audit Quality Resources!
  • Quick Hits (revised October 2020)

August

  • Extension of Remote System Reviews

June

  • May Peer Review Board Meeting Update
  • Updates on Peer Review Educational Offerings
  • Quick Hits

May

  • Extensions
  • 2020 Peer Review Conference

April

  • What’s New in the PRPM – April 2020 Update
  • Upcoming Webcasts

March

  • Coronavirus Impact on Peer Review
  • Offsite System Reviews
  • Extension Requests
  • Reviewer Training

February

  • Annual PRI Requirement Delayed
  • REVISED: Fall 2019 PR Prompts Newsletter
  • January Peer Review Board Meeting Update
  • Do You Have Reviewer Performance Feedback?
  • Quick Hits

2019

October

  • What’s New in the Peer Review Program Manual (PRPM) – October 2019 Update
  • Printing Errors with Excel Version of April 2019 SRM 
  • Single Audits - OMB Issues Corrected 2019 Compliance Supplement
  • Quality Control Materials (QCM) Reviews and QCM Examinations Used in Peer Reviews
  • Pre-Issuance Reviews and Their Impact to a Reviewer’s Independence
  • PRIMA Enhancements in Late 2019
  • Quick Hits

July

  • What’s New in the PRPM
  • Analytical Procedures in a Review Engagement
  • Is Your Firm a Member of an Association of Firms?
  • Engagements Subject to SEC Independence Rules
  • Tips for Completing Your MFCs
  • Reminder – Firm training required by RABs
  • Aug. 8 webcast: Methodology providers address risk assessment
  • Quick Hits

April

  • What’s New in the Peer Review Program Manual (PRPM) – April 2019 Update
  • Enhancements to the Reviewer Search and Reviewer Resume
  • Avoid Overdue Notices with some Helpful Tips!
  • Guidance for Findings Related to Monitoring
  • New Yellow Book/GAS Quality Control Checklist!
  • Quick Hits
  • Risk Assessment for Peer Reviewers FAQ

March

  • Upcoming IAASB Quality Management Webcasts

January

  • Yellow Book Independence – Peer Review Perspective
  • Nonconforming Engagement Representation in a Firm’s Representation Letter
  • Update on Quality Control Materials (QCM) Reports Used in Peer Reviews
  • Peer Review Technical Staff Update 

2018

December

  • PRIMA Reviewer Ineligibility Checks
  • 2018 OMB Compliance Supplement: GAQC Resources Available
  • Risk Assessment resources for your Peer Review clients
  • Online Peer Reviewer Training Courses Are Available
  • Save the Date – 2019 Peer Review Conference and How To course

November

  • Say so long to risky risk assessments
  • 2018 Peer Review Conference FAQs now available
  • Save the Date – 2019 Peer Review Conference and How To Course
  • Employee Benefit Plans Accounting, Auditing and Regulatory Update

October

  • Revisions Made to September Reviewer Alert Article New Guidance on the Evaluation of Non-compliance with the Risk Assessment Standards and its Impact to the Peer Review
  • Enhanced Oversight Risk Assessment Documentation Focus
  • Do your peer review clients use PPC checklists?

September – Supplemental Edition

  • What’s New in the Peer Review Program Manual (PRPM) – September 2018 Update
  • What’s New in PRP Section 20,700 Employee Benefit Plan Audit Engagement Checklist
  • Reminders on How to Access the PRPM, including Team/Review Captain Packages
  • Register for the Risk Assessment for Peer Reviewers Webinar Rebroadcast
  • Register for the 2018 RAB Member Training
  • TIPS for Using the PRPM in OPL

September

  • New Guidance on the Evaluation of Non-compliance with the Risk Assessment Standard and its Peer Review Impact
  • 2018 Yellow Book Released!  
  • New Functionality Added to PRIMA 
  • Effective Date of Data Hosting Services Interpretation Delayed   
  • Begin your path to distinction with an Employee Benefit Plans Audit Certificate
  • Our advantage is your success. Single Audit Certificates that help you excel.
  • Save the Date for 2018 RAB Member Training

July

  • Nonattest Services
  • Restructured PRP Section 21,300 SEC-Registered Broker-Dealer Audit and Attest Engagement Checklist
  • Enhancing Audit Quality Mid-Year Report: See the profession’s progress
  • Infographic: The four most common risk assessment violations

June

  • What’s new in the Peer Review Program Manual (PRPM) – June 2018 update
  • Engagements Subject to Government Auditing Standards and Single Audit Requirements
  • Data hosting as a nonattest service
  • June 2018 PRIMA enhancements
  • Save the date for the 2018 Peer Review conference and how to course

June Governmental

  • Consideration of Yellow Book Independence in Peer Review
  • Compliance Audits Below the Single Audit Threshold
  • Single Audit Documentation
  • Identifying High-Risk Type B Programs
  • Addition of a New Program to an Other Cluster
  • 2018 Compliance Supplement Now Available!
  • Defined Benefit Pension Peer Reviewer Considerations
  • Additional Resources and Tools for Reviewers and Auditors

May

  • What’s new in the Peer Review Program Manual (PRPM) – May 2018 update
  • Professional Ethics Executive Committee (PEEC) – Proposed revised interpretation
  • New guide to Audit Data Analytics (ADA) and free mapping tool
  • Save the date – Peer Review conference and how to course

January

  • Reviewer Resumes
  • Summary of Engagement Code Revisions

 
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