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Board weighs peer-review waiver requests as staff and CTCPA explain AICPA program limits
Summary
Board members heard extended testimony from CTCPA staff and discussed regulatory misalignment with the AICPA peer-review program, the shortage of reviewers, and the timing rules that govern peer review. Members agreed to pursue regulatory clarification and requested more documentation before deciding on specific waiver requests.
Board members on a virtual Consumer Protection Department licensing meeting spent substantial time on peer review waiver requests and the state’s requirement that firms undergo peer review. Staff and Connecticut Society of CPAs representatives described how national AICPA peer-review standards and timing rules create gray areas when firms claim they no longer perform attest or audit work.
Why it matters: State peer review and waiver decisions determine whether firms can lawfully offer audit/attestation services and whether a firm must undergo a quality review; ambiguity in rules can leave firms without clear paths to compliance and can affect firm mobility…
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