Peer Review Resources
The Peer Review Program is an educational and remedial program designed to improve the quality of accounting and auditing practices. TSCPA administers the peer review program in Tennessee according to the Clarified AICPA Standards for Performing and Reporting on Peer Reviews. In this function, TSCPA serves as a resource by assisting your firm in scheduling a review and finalizing your firm's report through the committee acceptance process.
Tennessee firms performing attest functions and issuing reports in accordance with AICPA professional standards are required to be enrolled in an approved peer review program and have a peer review completed every three years. The following services are considered attestation and are subject to Peer Review:
Engagements performed under the Statements on Auditing Standards (SASs); Statements on Standards for Accounting and Review Services (SSARS); Statements on Standards for Attestation Engagements (SSAEs); and the Government Auditing Standards (the Yellow Book) issued by the U.S. Government Accountability Office (GAO) and engagements under PCAOB standards.
The Tennessee State Board of Accountancy has approved the AICPA Peer Review Program as an acceptable practice monitoring program.
Contact Information
For questions or concerns, please contact us at peerreview@tscpa.com or 615-377-3825.
PRIMA Assistance
Phone: 919.402.4502
Email: PRSupport@aicpa.org
Administrative Fees
Administrative fees have been established to cover the costs of administering the Peer Review Program in Tennessee. These fees are in addition to reviewer fees and are invoiced annually. Firms who are dropped or terminated from the program are also subject to a $250 reinstatement fee.
To support the cost of administering more complex reviews, an additional $125 fee will be charged annually to firms that perform system review engagements in must-select areas.
| TSCPA MEMBER FIRMS | |
|---|---|
| Engagement Reviews | $455 |
| System Review - 1 Professional | $455 |
| System Review - 2-9 Professionals | $595 |
| System Review - 10+ Professionals | $725 |
| NON-TSCPA MEMBER FIRMS | |
|---|---|
| Engagement Review | $875 |
| System Review - 1 Professional | $875 |
| System Review - 2-9 Professionals | $1,055 |
| System Review - 10+ Professionals | $1,290 |
Peer Review Information for Firms
Peer Review Process
All enrolled firms will utilize PRIMA, a web-based platform created by the AICPA, to complete various steps within the peer review process. The use of PRIMA is required for both AICPA member and non-member firms enrolled in the program. This includes firm enrollment, review scheduling, responding to matters and findings identified during the peer review, and completion of corrective actions. For more information on PRIMA, including training videos specific to enrolled firms, please visit the AICPA's PRIMA web page.
Enrollment
All firms who wish to undergo a peer review must first enroll in a peer review program using PRIMA. To have your firm set up in PRIMA, complete the Firm Creation Form and send it to peerreview@tscpa.com. Once your firm is set up, you can log into PRIMA at https://prima.aicpa.org to complete the online enrollment form.
After a firm's enrollment form has been received, a due date for the firm's initial review is assigned. Generally, the due date for the firm's first review is 18 months from the date of enrollment or the date they should have enrolled.
Scheduling
Approximately 6-9 months before a firm's review due date, the firm will receive a notification via email with instructions on submitting the information required for scheduling reviews using the online PRIMA system. This information must be completed by the firm in PRIMA in order to schedule a review. It is the firm's responsibility to choose its own reviewer. A list of qualified reviewers is available here.
After the Review
Once the review has been completed, the review captain will issue a report to the firm. The review captain is responsible for submitting the peer review documentation and report to the Administering Entity within 30 days of the exit conference date or by the firm’s peer review due date, whichever is earlier.
Administrative and Technical Reviews
The administrative review ensures that all the required documents from the reviewer and the firm are received and completed. The technical reviewer determines whether the review has been conducted in accordance with governing standards and whether the firm has responded appropriately to any matters or deficiencies.
Committee Process
Once all of the review documents have been through the administrative and technical review process, they are presented to the Peer Review Committee for consideration of acceptance. After the committee meets and accepts a review, firms should receive the review acceptance letter in PRIMA within 10 days. However, some firms may be required to perform certain follow-up actions before the review can be closed. Generally, the firm's next review due date is set three years later.
Change in Firm Structure
If your firm has gone through or is currently experiencing a dissolution, merger, purchase, sale or name change, please complete the applicable pages of the Peer Review Firm Structure Change Form. This form may also be used to update AICPA/TSCPA records if an AICPA member has changed employers. Please send the completed form to peerreview@tscpa.com.