Objective: The vision statement of the National PRC is tied into that of the PRB’s, which is to maintain the AICPA Peer Review Program as the globally recognized, preeminent practice-monitoring program; cultivate exceptional reviewers and superb staff and develop innovative technologies; and lead development of timely, focused recommendations for accounting service and audit quality improvement.” The vision of the National PRC is achieved through supporting the PRB in meeting its vision and it does so by fulfilling its responsibilities as a task force and an administering entity. The National PRC has the responsibility to oversee all of the functions of an administering entity, including the entire peer review process for firms’ peer reviews subject to its administration. These include firms meeting certain criteria or who voluntarily select to be under its jurisdiction.
The peer review process includes administration, acceptance of reviews, resolving reviewed firm/peer reviewer issues and oversight of the process. The National PRC, through its staff, coordinates its activities to the extent necessary with the PRB and other teams at the AICPA.
Qualifications/requirements:
· Peer review team captain qualified (https://www.aicpa-cima.com/resources/article/how-to-become-a-peer-reviewer)
· Firm's peer review is administered by the NPRC and
· Knowledge and/or understanding of PCAOB rules, regulations and requirements.
Meeting format:
Full committee meetings:
1 conference call in Q1, Q2 and Q3
In-person meeting in Q4
RAB meetings:
Participation in 5-8 conference calls
Panel and Task Force meetings:
Varies; all conference calls
Staff Liaisons: Rachelle Drummond & Fran McClintock
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