CPA firms periodically undergo their own version of an “audit.” This AICPA program is called the “Peer Review” and is designed to provide assurance that public accounting firms establish and enforce the appropriate quality control system for their accounting and auditing practice, and do so in accordance with the standards and procedures formulated by the AICPA. Typically, a peer review is performed every three years.
Legacy Professionals LLP once again successfully passed its peer review. The peer review team of an outside CPA firm made an independent assessment of Legacy’s quality control system and inspected the working papers and reports on a sample of engagements. They also inspected the administrative files and records and interviewed professional personnel to determine the extent of qualifications, supervision, and training.
We are very pleased to report that the team issued a pass rating with no Letter of Comment to our Firm. This is the best result a firm can receive since the Letter of Comment usually includes suggestions for improvement. Click here to view a copy of the report.
