November 1998 Issue


Partnering for CPA Practice Success, the renamed PCPS Division for Firms of the AICPA, recently announced an advertising campaign to promote the value of the CPA firm and peer review to bankers and lending officers. The idea of promoting the value of peer review and CPA firms is right in line with the purpose of the division. A problem surfaces, however, when the ads stress the availability of a firm's peer review in a public file--only PCPS firms have their peer review reports in a public file. Henry Krostich, chair of the New York State Society Peer Review Board, questions the message being presented in the ads. "Does this suggest that a peer review with a public file is superior to peer reviews for which the reports are not publicly available? The standards and review procedures for all non-SEC peer reviews are identical. How can one be better than the other?" Krostich also noted that the peer review reports of non-PCPS firms are available upon request directly from the firms themselves. *

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