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Peer Review

Starting July 1, 2017, the requirement to enroll in a practice-monitoring program is no longer tied directly to firm licensure for Virginia CPA firms pursuant to § 54.1-4412.1, D.6., of the Code of Virginia.

Instead, whether or a not a Virginia CPA firm is required to enroll in a practice monitoring program will be aligned to the enrollment requirement outlined in the American Institute of CPAs Peer Review Program Standards.

Firms gaining licensure after July 1, 2017, who provide attest and compilation services must first enroll in peer review. If a firm does not perform services that include issuing reports purporting to be in accordance with AICPA professional standards, it is not required to enroll in a peer review.

Pursuant to Board Regulation 18VAC5-22-150 and § 54.1-4412.1 of the Code of Virginia, a firm must comply with all components of the monitoring program in which it is enrolled, except that, depending on the facts and circumstances, the VBOA may waive the requirement for a peer review or grant additional time for complying with the requirement.

Licensed Virginia CPA firms will be selected for a compliance review of their peer review as a component of any open investigation (enforcement case), or in situations where the VBOA believes that a peer review compliance review is warranted.

View the Peer Review Oversight Committee report for calendar year 2018.