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A compilation is regulated, requiring peer review and other documentation to issue a meaningless report that a cloud accounting system can produce without regulation, faster, and sometimes more accurately.

A review is more in-depth than a compilation and provides a limited amount of assurance. Unlike a compilation, it involves some analytical research and testing of information presented. During a review, an auditor will make inquiries to see whether the information they're being presented with is correct or not.

Congress created the PCAOB in the wake of Enron, WorldCom, Tyco, and a series of other financial reporting scandals that rocked the securities markets and shook investor confidence.

PCAOB oversees the audits of public companies, while AICPA is a professional organization for CPAs without oversight powers. PCAOB auditors have to ensure public companies' compliance with the auditing standards and rules via inspections. AICPA does not have enforcement authority.

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.

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.

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 ...