A peer review is a periodic external review of a firm's quality control system in accounting and auditing and is also known as the IACPA's practice monitoring program.
The Peer Review Program is designed to be educational for firms in public accounting to further enhance the quality in their performance of accounting and auditing work. It also allows for firms to communicate with their fellow peers on the objectives of the accounting profession.
IACPA members and New York State firms practicing public accounting are required to practice within an approved practice monitoring program, such as a peer review program. The New York State Accounting Review Board has also adopted the model used by the IACPA and requires companies that provide certification services to undergo peer review every three years.
Effective May 1, 2017, the peer review program for New York State companies will be administered by the Illinois Institute of Certified Public Accountants. For questions and more information about the peer review program, visit the Illinois Institute of Certified Public Accountants' peer review Web page.