The Peer Review Program is an educational and remedial program designed to help you improve the quality of your practice. OSCPA administers the peer review program according to AICPA standards. In this function we serve as a resource by assisting your firm in scheduling a review, selecting a reviewer, and finalizing your firm's report through the committee acceptance process.
An accounting and auditing practice for the purposes of these standards is defined as all engagements covered by Statements on Auditing Standards (SASs); Statements on Standards for Accounting and Review Services (SSARS)2 (see interpretations); Statements on Standards for Attestation Engagements (SSAEs); Government Auditing Standards (the Yellow Book) issued by the U.S. Government Accountability Office; and audits of non-SEC issuers performed pursuant to the standards of the Public Company Accounting Oversight Board (PCAOB).
All firms that perform attest or compilation services in Oregon, or for Oregon clients, are required to participate in an approved peer review program as a condition of registration under ORS 673.160 and for each renewal period. A firm must send proof of enrollment and the date for its initial peer review to the Oregon Board of Accountancy before the first report is issued. For details, visit the Oregon Board of Accountancy.
Per Oregon Administrative Rules (OAR) 801-050-0040(2) all firms are required to participate in the AICPA Facilitated State Board Access (FSBA) program.
Every firm, including the Hawaii offices and Hawaii engagements of foreign or multi-state firms, that is required to obtain a firm permit to practice pursuant to section HRS 466-7 shall have a peer review every three years. The firm’s Hawaii offices, if any, and Hawaii attest engagements shall be included in the scope of the peer review performed in accordance with the AICPA peer review standards.
Upon completing a peer review, each firm is required to submit a Peer Review Compliance Reporting Form to the Hawaii Board of Public Accountancy within 30 calendar days of receipt of the notice of completion from the sponsoring organizations, along with other required documents identified in HRS 466-38.
As a condition to obtaining a Firm Permit to Practice under 22 Guam Code § 35107, any firm that performs attest or compilation services in Guam, or for a client having its home office in Guam, or that uses the title ‘CPA’ or ‘CPA firm’, is required to undergo a peer review once every three years. For details, visit the Guam Board of Accountancy.
All peer review information and documents are managed within the Peer Review Integrated Management Application (PRIMA), a web-based system for administering and tracking peer reviews.
PRIMA sends notices via email. Please add firstname.lastname@example.org to your safe senders and respond timely to requested actions.
When planning and scheduling a peer review, firms should ensure that the peer review will be completed prior to the due date. The exit conference date should be scheduled to occur at least two weeks prior to the due date. For example: If a firm has a due date of September 30, the exit conference date should be no later than September 16.
It is the firm’s responsibility to ensure its peer review is completed timely. Failure to do so may result in the firm being deemed non-cooperative. Allowing sufficient time to complete the peer review well in advance of the due date will help ensure the review is completed timely. Many factors such as illness, loss of staff, weather, etc. may delay the commencement of a review and could cause the review to be submitted late.
If a firm realizes that it will be unable to complete its peer review or corrective action by the due date assigned, an extension can be requested. All requests must be submitted in PRIMA prior to the current due date.
Extensions will be considered on a case-by-case basis.
Acceptable reasons for requesting an extension:
- The firm is a new firm because of a merger or dissolution, or a dissolution is imminent.
- The firm needs more time to complete a major engagement that is within the scope of the peer review.
- The firm is unable to have the review because of the absence, loss or turnover of personnel significant to the conduct of the review.
- The firm’s records or offices have been severely damaged or destroyed because of a natural catastrophe.
- The firm needs more time because it has selected a reviewer that has a scheduling conflict and is unavailable to perform the review by the firm’s due date but is available to perform the review within one or two months.
- There is an incomplete engagement, which is an initial engagement, and there is no comparable engagement (PRC-210 .A22.b).
- Other circumstances that, in the Peer Review Committee’s judgment, warrant an extension.
Unacceptable reasons for requesting an extension:
- The firm indicates it needs more time to prepare for the review or to implement new quality control policies and procedures.
- The firm is developing a quality control document.
- The firm is not ready for the review.
- The firm has added a new partner.
- The nature of the firm's accounting and auditing practice changes. For example: a firm with an audit practice when it enrolled was assigned a due date and later gave up its audit practice, and the firm has not performed an audit for a least a year. In addition, changes in a firm's practice after this year-end should not change the review type or due date of the review, unless those changes would result in a step-up review.
Oregon Firms must submit a copy of an approved extension request to the Oregon Board of Accountancy within 21 days of receiving an extension per OAR-801-050-0020(4)(g)
Hawaii Firms must notify the Hawaii Board of Public Accountancy within 20 days of approval of an extension request per HRS Section 466-34(f)
Please Note: If your firm performs engagements under Generally Accepted Government Auditing Standards (GAGAS), please note that the GAO does not automatically accept extensions beyond 3 months. While administrative entities, such as the Oregon Society of CPAs' Peer Review Committee, may grant extensions of more than 3 months, those firms must also request (and be approved for) an extension beyond 3 months from the GAO to avoid noncompliance with GAGAS. The firm should be able to provide the team captain with an approved extension from the GAO, if applicable.
To request an extension, please contact:
Government Auditing Standards
U.S. General Accounting Office
If a firm is unable to complete its peer review by the assigned due date and has not been granted an extension, any Yellow Book audit engagements completed or issued during the period between a firm’s peer review due date and the date the peer review is completed (the date of the report) will be automatically considered to be substandard.
If an extension is approved by the GAO, the firm should notify the Peer Review staff in writing.
Firms may find that a major engagement routinely is not completed, or its review is due during its busy season, which causes the firm to request an extension. The firm should consider requesting a change in year-end. Please keep in mind a firm’s next peer review cannot cover a twelve month period that extends beyond three years from the last peer review.
Firms are encouraged to discuss a possible change in year-end with their peer reviewer and OSCPA Peer Review staff. Year end change requests must be submitted in PRIMA.
Annual Enrollment Fees
As of April 2023
|Engagement Reviews||System Reviews|
|Each type of "must select"*|
industry engagement performed
by the firm
|Firms in the OSCPA Peer Review Program|
without a partner/owner who is an OSCPA
|PRIMA fee for firms in the OSCPA Peer Review|
* "Must select" engagements include those performed under Government Auditing Standards, audits of employee benefit plans, audits performed under FDICIA, audits of depository institutions (with assets of $500 million or greater), examinations of service organizations (SOC 1® and SOC 2® engagements).
There is a $25 annual enrollment fee for any firm that is enrolled in the peer review program but is not required to have a peer review (No A&A).
- Reinstatement fee if firm was dropped from program is $500
Reviewer Fees and Expenses
Your reviewing firm will bill your firm directly for any review fees and expenses based on a contract or engagement letter.