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PROC discusses peer-review administration: fewer RABs, APS identification and tracking firms that resign
Summary
CalCPA told the committee it has reduced RAB frequency due to lower review volume and expects about four RAB meetings per month; the PROC debated gaps in tracking firms that resign from peer review and recommended staff discuss data-sharing with CalCPA and AICPA, and flagged alternative practice structures for consistent identification.
CalCPA’s peer review director, Rich Smithy, told the California Board of Accountancy Peer Review Oversight Committee that the administering entity has canceled several report-acceptance-body (RAB) meetings because the number of reviews has declined. "As we're looking out over the next 6 months and candidly over the next year, we expect the number of RAB meetings per month to be at about four meetings," Smithy said, adding the figure was down from five or six previously.
Committee members used the reports and the draft PROC annual…
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