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A PCAOB audit is more thorough and scrutinizing than an AICPA audit, which is considered to be a softer and easier type of audit. In reality, the Public Corporate Accounting Oversight Board, established in 2002 as a component of Sarbanes-Oxley, speaks volumes just by its name and origin.

Today, the PCAOB is releasing a new proposed auditing standard, AS 1000, General Responsibilities in Conducting an Audit and Proposed Amendments to the PCAOB Standards, which replaces five AICPA standards that the PCAOB adopted on an interim basis in 2003.

Peer review is built around accountability. Firms and individuals that do not perform well go through a remediation process to improve quality, and in the most serious cases, the state board can revoke their CPA license.

Perhaps the most significant difference in the two audit standards is the requirement of the PCAOB to perform a test of detail to address a significant risk and/or fraud risk, regardless of controls reliance, while the AICPA only requires a test of detail if there is no controls reliance.

Peer Review Mandate is a process of evaluating the quality of services provided by practicing Chartered Accountants in India. It is mandatory for all practicing Chartered Accountants to undergo this review process, which is conducted by other members of the ICAI who are designated as Peer Reviewers.

Peer Review Training Obtain at least 40% of the AICPA required CPE in subjects relating to accounting, auditing, and quality control. Peer reviewers should obtain at least 8 hours in any 1 year and 48 hours every 3 years.

In general, the PCAOB inspects each firm either annually or triennially (i.e., once every three years). If a firm provides audit opinions for more than 100 issuers, the PCAOB inspects them annually. If a firm provides audit opinions for 100 or fewer issuers, the PCAOB, in general, inspects them at least triennially.

If a firm receives a report with a peer review rating of pass with deficiencies, this means that except for the deficiencies described, the system of quality control for the accounting and auditing practice of the reviewed firm in effect for the year ended has been suitably designed and complied with to provide the ...

Only a CPA can prepare an audited financial statement and a reviewed financial statement. However, both CPAs and non-certified accountants, including bookkeepers, can prepare compiled financial statements.

Yes. All firms and CPA/PAs operating as sole proprietors will be required to report to the CBA by submitting a Peer Review Reporting Form (PR-1) at the time of license renewal.