While the newly enacted New York State Mandatory Quality Review regulations for CPA Firms may seem onerous and inconvenient, as well as potentially expensive for firms new to the process, when it comes to a peer review, attitude is everything.
Because a commitment to quality is a cornerstone of our firm’s foundation, The Bonadio Group has participated voluntarily in the AICPA’s Peer Review program for about 20 years. Over that time, we have spent significant dollars and countless hours preparing for and learning from our external peer reviews (and interim internal inspections) and implementing new processes and procedures each time the review has been completed, even though we have always received “clean” peer review reports. In addition, because we are voluntary members of several of the AICPA’s “Quality Centers” (Government Audit, Employee Benefit Plan Audit, etc.) we are also subject to additional external review procedures. We also perform several peer reviews for other firms and participate on the NYSSCPA Peer Review Committee. And we’ve found that attitude IS everything when it comes to peer review.
As a profession based on upholding the highest ethical standards, we should always do the right thing because it’s the right thing to do – that goes without saying. But that commitment extends to continuous learning, and who better to learn from than other high quality firms? We value the experiences and insights our peer reviewers have brought to us over the years and believe other firms can learn from theirs as well. As complex as our profession continues to be, and as the number of parties relying on our work continues to increase, it only adds to our credibility to open up our firms – our quality processes – to scrutiny by our peers. What better way to advance as a profession?
Kristin Clark is a partner based out of our Syracuse, NY office.