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A88352 1 (2009-09-03)

handle is hein.gao/gaobadvun0001 and id is 1 raw text is: G A 0Comptroller General Accountabilty * Integrity * Reliability of the United States United States General Accounting Office Washington, DC 20548 September 3, 2003 Mr. Anthony Lynn Chair, AICPA Peer Review Program Mr. Gary Freundlich Director, AICPA Peer Review Program American Institute of Certified Public Accountants Harborside Financial Center 201 Plaza Three Jersey City, NJ 07311-3881 Subject: Exposure Draft: Proposed Revisions to the AICPA Standards forPerforming and Reporting on Peer Reviews This letter provides the U. S. General Accounting Office's (GAO) comments on the AICPA's May 30, 2003, exposure draft of proposed revisions to the AICPA Standards for Performing and Reporting on Peer Reviews (Standards) and Interpretations to the Standards. We commend the AICPA's efforts to reevaluate the administration, performance, reporting objectives, and overall effectiveness of peer reviews conducted under the AICPA Standards. We support the AICPA's goal of designing, implementing, and maintaining a preeminent program that monitors the quality of an audit organization's accounting and auditing practice, and we are especially pleased that the proposed standards * clearly identify audit organization and peer reviewer responsibilities during peer review, and * require that individuals serving on peer review teams meet certain qualifications and conditions. As presently structured, the peer review program is a critical element of the self- regulatory system used to maintain confidence and trust in our nation's capital markets. The peer review program is essential to maintaining and improving audit quality involving public companies, non-public companies, governmental, not-for- profit, and other types of entities. We are providing specific suggestions to further strengthen the peer review program in the following areas: * coordination with PCAOB inspections, transparency of peer review results, • a risk-based approach for peer review frequency, and * a new name/title for peer review.

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