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AICPA publicizes new peer review standards.(Brief article)

Accounting Today

| June 02, 2008 | COPYRIGHT 2009 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

New York -- The American Institute of CPAs has begun publicizing the revised set of peer review standards that it quietly issued earlier this year.

The new standards are designed to be more principles-based and less of a checklist-based process than older peer review standards. A key difference is the elimination of letters of comment and the old three-tier system of unmodified, modified and adverse grades given to firms by reviewers. The new standards require a simple grade of pass, pass with deficiencies or fail.

The new reports are designed to be more user-friendly by clarifying whether a firm has satisfactorily designed a quality control system and is …

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Source: HighBeam Research, AICPA publicizes new peer review standards.(Brief article)

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