In its summary of the peer review program, the American Institute of Certified Public Accountants (AICPA) notes the following:
The peer review helps to monitor a CPA firm’s accounting and auditing practice (practice monitoring). The goal of the practice monitoring, and the program itself, is to promote quality in the accounting and auditing services provided by the AICPA members and their CPA firms. This goal serves the public interest and enhances the significance of AICPA membership.
The results of the peer review therefore provide the best evidence of a CPA firm’s quality of work. Participating in the peer review program every three years is required for continuing membership in the AICPA. The peer review, conducted by an independent public accounting firm, involves rigorous study of quality control policies and procedures in place at Selden Fox. Areas examined during a peer review include:
- Leadership responsibilities for quality within the firm
- Relevant ethical requirements, including independence
- Acceptance and continuance of client relationships and engagements
- Human resources
- Engagement performance
Having completed our fourteenth peer review conducted through the National Peer Review Committee of the AICPA, we are proud to report that we received the highest ranking possible—an opinion that we meet all of the quality control and professional standards established by the AICPA. It is a true testament to the quality of work we consistently deliver to our clients. This is a rare accomplishment, even among national firms.
We are also members of the
- AICPA’s Employee Benefit Plan Audit Quality Center (EBPAQC),
- Center for Audit Quality (CAQ), Governmental Audit Quality Center (GAQC),
- Private Companies Practice Section (PCPS), and
- Public Company Accounting Oversight Board (PCAOB).