Peer Review Enrollment Information
Public accounting firms that perform attest work, (compilations, reviews, audit, financial statements, Agreed-Upon Procedures, etc.), are subject to the peer review requirement. Per Title 288 Rules and Regulation Chapter 13 section 004.01 click here.
The Nevada Society of CPAs administers the AICPA Peer Review Program for Nebraska CPA firms.
- If you are a firm that has never been enrolled in Peer Review, please complete the Public Accounting Firm Creation Form. Click here for form. This form can then be returned to firstname.lastname@example.org for processing. Or mail the form to:
Nevada Society of CPA's
6490 S McCarran Blvd. D1-28
Reno, NV 89509
- For all firms that have their firm registered with the AICPA, please log into PRIMA and enroll by clicking on Manage My Firm. For questions about PRIMA click here.
- You have the option to enroll with a different Administering Entity. Go to Administering Entity for further information.
The Peer Review Process
Peer Review Information & Scheduling
After a firm's enrollment form has been received, a due date for the firm's initial review is assigned. Generally, the due date for the firm's first review is 18 months from the date of enrollment or from when the firm should have enrolled.
Approximately 6 months prior to a firm's review due date, PRIMA will generate a notification for the managing partner and/or peer review contact to update their PRI (Peer Review Information). Once completed, the PRI will be submitted to the NVCPA for approval. The next step, SCH (Scheduling) will generate and the firm will enter in their commencement date, exit conference date and reviewer information. It is the firm's responsibility to select a reviewer. To find a reviewer, please click here. The SCH will be submitted to the NVCPA for approval. If education & industry matches, the NVCPA will approve the SCH and the review may commence. The review cannot commence until approval from the NVCPA has been received.
The firm will work with their approved reviewer and work towards completion by the stated due date. It is recommended that the firm have their exit conference at least 3 weeks prior to the due date to account for any unseen complications.
A firm may request a due date extension prior to the original due date. Extension requests are performed within PRIMA.
After the Review
Once the review has been completed, the reviewer will upload all necessary documents through PRIMA and submit to the NVCPA. The NVCPA will perform an administrative review and forward to technical review.
Administrative & Technical Review
Administrative review of the completed peer review documents allows for an initial review to ensure all proper procedures were followed. The NVCPA will contact the reviewer for any initial changes that need to be made. The technical review is done by an experienced reviewer contracted with the NVCPA.
The review can take anywhere from 2 - 3 weeks depending on necessary communication with the reviewer.
Peer Review Committee (RAB - Review Acceptance Body)
Once the review has gone through the administrative and technical review process, all documents are submitted back to the NVCPA for inclusion on the next available RAB agenda. The RAB meets approximately 6 times per year. The meeting dates for 2017-18 are as follows and are subject to change:
- December 11, 2018
- January 30, 2019
- February 27, 2019
- March 27, 2019
- April 24, 2019
- May 29, 2019
- June 26, 2019
- July 31, 2019
- August 26, 2019
- September 25, 2019
- October 30, 2019
- November 20, 2019
- December 18, 2019
The RAB will perform an additional review of the reviews and will consider them for acceptance. Firms can expect to receive their acceptance letter within 14 days of each RAB. In some cases, firms will be required to perform follow-up actions before the review can be closed. Those letters will also be issued within 14 days of the RAB.
If you have further questions, contact:
Ms. Heather Myers, Peer Review Coordinator
Nebraska Board of Public Accountancy
PO Box 94725
Lincoln, NE 68509
Peer Review FAQ
My firm received the acceptance letter. What do I need to send to the State Board?
Pass reports - A copy of the final letter of acceptance from the sponsoring organization
Pass With Deficiencies reports - copy of the signed agreement to the conditional letter of acceptance and the final letter of acceptance from the sponsoring organization.
Fail reports - copy of the peer review report, the signed agreement to the conditional letter of acceptance and the final letter of acceptance from the sponsoring organization.
Send the required documents to:
Nebraska Board of Public Accountancy
PO Box 94725
Lincoln, NE 68509
Peer Review Deadlines
Firms must enroll in the peer review program of a NBPA approved sponsoring organization within twelve months of the performance of its first audit, review or agreed upon procedure engagement.
Firms must provide the NBPA with proof of enrollment and peer review due date as determined by the sponsoring organization within thirty days of its assignment.
Firms must have a peer review within eighteen months of the year end of the engagement performed.
Firms must submit a copy of the peer review report to NBPA by May 31st.
Firms must schedule and begin an additional peer review within three years of the previous peer review due date, or earlier as may be required by the sponsoring organization.
Who needs to be enrolled in the peer review program?
All firms in public accounting who perform attest work engagements and/or performs compilations need to be enrolled in the peer review program. This is a requirement by the Nebraska Board of Public Accountancy as a condition for obtaining a firm permit for firms that perform attest and/or compilation engagements.
Do I need to be enrolled in the peer review program if my firm doesn't perform any audit or accounting engagements?
Firms that do not perform any reviewable engagements (audits, reviews, compilations with or without disclosures or other attest engagements) do not need to be enrolled in the program.
How do I enroll?
A firm needs to complete and return the peer review enrollment form to the NVCPA.
For all firms that have their firm registered with the AICPA, please log into PRIMA and enroll by clicking on Manage My Firm. For questions about PRIMA click here.
If your firm does not have any owners/partners who are AICPA members, please complete the NVCPA Enrollment Form
Mail the completed form to Nevada Society of CPA’s
6490 S. McCarran Blvd. D1-28
Reno, NV 89509
When is my firm's initial peer review?
A firm's initial peer review is due 18 months after the year-end of the firm's first reviewable engagement. A peer review covers a 12-month period, and the firm is given six months to complete the peer review. For example, if a firm's initial engagement has a year-end of December 31, 2013, the firm's peer review would be due June 30, 2015.
What are the two types of peer reviews and what type does my firm need?
There are two types of peer reviews: System reviews and Engagement reviews. The type of services performed by your firm will determine what type of peer review your firm is required to have.
My peer review due date is coming up this year. What do I need to do?
Approximately six to nine months prior to a firm's due date, the NVCPA will send out a scheduling form that needs to be completed and returned. The firm will also need to complete the reviewing firm information, such as the name of the peer reviewer, and the commencement and exit conference date of the peer review.
The firm needs to make arrangements with the peer reviewer directly. Find a Peer Reviewer
How does my firm select a peer reviewer?
Many firms select as a peer reviewer a firm that is similar in size and practice. The firm needs to make certain that the peer reviewer is qualified to review any specialized area of its practice, such as governmental audits. CPA colleagues can also be a good referral source for selecting a peer reviewer. In addition, the AICPA has an article on tips for selecting a peer reviewer.
My peer reviewer has completed his or her work. What do I do next?
After the peer review is completed, the reviewer will mail a written report to the reviewed firm. If the firm receives a rating of either pass with deficiencies or fail, the firm must submit a copy of the report and a letter of response to address those issues to the NVCPA. The firm does not have to submit a copy of the report if the rating is pass.
Why does my review need to go to a technical reviewer?
When the peer review has been completed and the report and letter of response, if applicable, are submitted to the NVCPA, all reviews are sent to a technical reviewer for review. This is to ensure that the review was performed in accordance with the AICPA Standards for Performing and Reporting on Peer Reviews.
What is the peer review acceptance process?
The review is ready for acceptance upon completion of the technical review. All reviews are presented for consideration at the Peer Review Committee RAB (Report Acceptance Body) meeting made up of peer review committee members. The RAB committee meets once a month from May through January to consider reviews for acceptance. The committee will decide, based on the findings of the peer review and technical review, whether to accept the review or request follow-up action. If the review is accepted by the committee, the review is closed and a final acceptance letter is sent to the firm. The firm's next review will be due in three years and six months from the firm's most recent peer review year-end.
If the committee decides follow-up action is appropriate, a letter will be sent to the firm outlining the follow-up actions and the due date by which these actions must be completed. The firm will submit the documents upon completion of these follow-up actions and it will be presented once again for committee acceptance. Once the committee finds these steps have been successfully completed and implemented, the review will be closed and an acceptance letter sent to the firm. If the firm does not successfully complete the required follow-up actions the first time, the committee will request additional follow-up until it has been successfully completed.
Type of Review - System vs Engagement
To see what type of review your firm is required to have, please begin reading on page 17 in the document you can find here.
A System Review includes determining whether the firm's system of quality control for its accounting and auditing practice is designed and complied with the provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including SQCS No. 8, in all material respects. This type of review is for firms that perform engagements that are not subject to PCAOB permanent inspection under the Statement on Auditing Standards (SASs), the Government Auditing Standards (Yellow Book), examinations under the Statement on Standards for Attestation Engagements (SSAEs), or engagements under the PCAOB standards as their highest level of service.
In a System Review, the reviewer will study and evaluate a CPA firm's quality control policies and procedures that were in effect during the peer review year. This includes interviewing firm personnel and examining other relevant supporting documentation such as CPE records, outside consultations regarding A&A matters and independence representations. To evaluate the effectiveness of the system and the degree of compliance with the system, the reviewer will test a reasonable cross-section of the firm's engagements with a focus on high-risk engagements in addition to significant risk areas where the possibility exists of engagements being performed and/or reported on that are not in accordance with professional standards in all material respects. The majority of the procedures in a System Review should be performed at the reviewed firm's office, unless the reviewer has requested and received prior approval from the administering entity. (To request an offsite system review, the reviewer can fill out the form here and submit to email@example.com)
An engagement review is for enrolled firms that are not required to have a System Review and only perform services under SSARS or services under the SSAEs that do not require a System Review as their highest level of service. The objective of an Engagement Review is to evaluate whether engagements submitted for review are performed and reported on in conformity with applicable professional standards in all material aspects. An Engagement Review consists of reading the financial statements or information submitted by the reviewed firm and the accountant's report thereon, together with certain background information and representations and the applicable documentation required by professional standards.
This type of review does not cover the firm's system of quality control, so the reviewer cannot express an opinion on the firm's compliance with its own quality control policies and procedures or compliance with AICPA quality control standards. However, firms eligible to have an Engagement Review may elect to have a System Review.
Please use the below to find out various information about the Peer Review Program.
- Reviewer Alerts
- Reviewer Training
- General Information for Reviewers
- Team and Review Captain Checklists