NASBA’s Involvement in Peer Review
| Source: Accounting Today
State Boards of Accountancy don’t have open access to peer review reports, nor do they have much input into the system that governs the issuance of peer reviews. The Boards are inhibited by the 1988 commitment of the AICPA to the confidentiality of peer reviews. The AICPA has recently been trying to educate members on the need for transparency in peer review. The National Association of State Boards of Accountancy (NASBA) has expressed its pleasure with the AICPA initiative. NASBA believes the current system can be modified to provide assurance to state boards that the peer review system will serve to protect the public by virtue of assurance review reports and a monitoring procedure. A Compliance Assurance Review Board (CARB) is proposed to be created by NASBA. Upon request by a state board, the CARB will provide it assurance that peer reviews are being performed by qualified reviewers using appropriate standards, and are performed in accordance with state statutes. NASBA also proposes open access to peer review reports to the state boards. From Accounting Today, December 19, 2005. For the complete article, click on the following link: http://www.webcpa.com/article.cfm?articleid=16561&;pg=acctoday. |