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PROC presses staff on tracking firms that leave peer review and on oversight of alternative practice structures
Summary
The PROC debated whether the CBA can identify firms that resign from peer review but later perform attest work, discussed AICPA’s temporary centralization of alternative practice-structure reviews with the NPRC, and recommended staff pursue data-sharing options with administering entities.
The California Board of Accountancy’s Peer Review Oversight Committee (PROC) spent substantial time on Dec. 12 reviewing a draft annual report section that recommends improving oversight of firms that leave — and later rejoin — the peer review program and on how to identify firms operating in alternative practice structures (APS).
Committee members and staff raised a recurring concern: a firm that resigns from the peer review program and later conducts attest (A&A) engagements may evade timely oversight if the board cannot identify unenrolled firms. Chair Fausto Hinojosa said that a firm performing attest work while unenrolled “would be in violation of board of the council's rules.” CalCPA’s peer review director (Rich) said administrators remind…
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