Reform Needed in Peer Review
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Source: Accounting Today The New York State Society of CPAs created the Quality Enhancement Policy Committee to develop a peer review system attuned to the current environment. NYSSCPA Executive Director Lou Grumet says reforms must be made “before the government makes reforms for us.” Major problems in the current system are selection, training, and experience of reviewers. Under the current system, firms are able to select peer reviewers likely to be more approving. In some firms, quality control is informally provided by peer reviewers, who may later review results of their own recommendations. Training and experience requirements for peer reviewers are not very specific, and reviewers are often trained only by firms that perform such reviews. Currently there is a shortage of qualified review personnel due in large part to other more lucrative opportunities available. One suggested remedy to these problems is to use teams headed by qualified leaders. Peer reviewed firms would be required to provide personnel. This would increase the number of qualified review personnel and ensure that all practice areas are reviewed. From: Accounting Today, September 26 - |
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