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AICPA Proposes Peer Review Changes

Change Ahead Road Sign proposed changes single audits The  “Required Selections and Considerations” (must - select)  paragraph in the system
peer review reports should be modified to specify, when appropriate, the selection and review of a Single Audit in the scope of the review.
* The representation letter provided by the firm should be modified for consistency to address all must-select engagements, including single audits, when performed by the firm and selected by the peer reviewer.

"Proposed changes to the firm representation letters for system peer reviews provide enhanced accountability by requiring the firm to specify the types of must-select engagements performed by the firm and selected by the peer reviewer for review," said the AICPA.  

Comments are due Sept. 30. If passed, the new rules will be effective starting January 2017.