AICPA offers tips for choosing a peer reviewer
- Search the AICPA database of reviewers. The directory lists whether the reviewer is enrolled in the AICPA Peer Review Program and other information, but it is the firm’s responsibility to make sure the reviewer is qualified. Firms can also ask other CPAs with similar practices for recommendations as well.
- For firm-on-firm reviews, find a reviewer whose practice is similar to your own and who has experience in the key practice areas of your own firm. (The AIPCA adds, however, “Slightly larger firms may have a different insight and solutions to offer regarding practice problems, since they may have already solved these issues within their own firm.”)
- Send out requests for proposals six to ninth months prior to the review to provide time to evaluate the proposals.
- Ask for a copy of the peer review report of the reviewer’s firm.
- Consider costs, but price should not be the only criteria. Some reviewers can offer “value-added” services, which are separate from the peer review, but can analyze hiring practices, technology, billing or other matters.