Peer Review

Profiles: Jim Woy

Montana Society of CPAs Advocacy, Networking, Peer Review, Volunteers Tags: , , , , , Leave a comment

Profiles is MSCPA’s blog series highlighting the impact Montana CPAs are having on the national level.

woy-jim-2016

Jim Woy, Shareholder, Anderson ZurMuehlen, Butte

I have served on the Education and Communications Task Force (ECTF) of the AICPA Peer Review Committee since 2013. The Committee is comprised of members from around the country who are peer reviewers, technical reviewers, Report Acceptance Bodies (RAB) and administrators of state peer review committees.  The task force  provides input to the AICPA Peer Review Committee and AICPA peer review staff. The task force has been instrumental in addressing and providing input regarding many of the recent changes in the AICPA peer review program. The task force also sets forth the agenda for the annual national peer review conference.

Volunteering as a task force or committee member on the national level allows me to meet and discuss some of top issues of the day with individuals who are in the moment,  on new and soon to effective standards. These individuals become friends you can call upon when questions occur and the breadth of knowledge shared in committee meetings is excellent. It helps me understand the “what’s behind” many of the changes occurring in our great profession.

I really enjoy the opportunity to provide feedback on issues impacting the peer review process. The AICPA Peer Review Committee and AICPA peer review staff do listen to our feedback and welcomes it, and in many instances,  changes get made due to this feedback. It is very rewarding.

Presidentially Speaking

Montana Society of CPAs Advocacy, Membership Value, Peer Review, Presidentially Speaking, Professional Development Tags: , , , , Leave a comment
MSCPA President Ann Deegan

MSCPA President Ann Deegan

by Ann Deegan, MSCPA President

I recently attended my first “official” AICPA Council meeting as President of MSCPA, a great opportunity that comes with serving as your MSCPA President.

During the council meetings we heard a lot of updates from AICPA staff & task force leaders who are addressing some of the many issues & challenges facing our profession.

I want to touch on one of the issues that is currently at the forefront–“Raising the Profession’s Quality Factor”. Jane & I attended a breakout session on this issue.  These breakout sessions are a great way to talk with professionals from across the country and from firms of various sizes & areas of practice, in small round-table discussion format.

The Peer Review program has been around for over 30 years. It is currently facing some tough questions related to the effectiveness of the program, as our profession is being challenged on the quality of audits being performed.  Audit standard complexity is creating application challenges.  I think most of us agree, if we don’t do a good job of self-monitoring, we will ultimately be subject to more government monitoring.

Unfortunately, one of the toughest challenges comes from those who don’t accurately complete their engagement reporting form, thus they are not being reviewed on some of their high-risk engagements. The system doesn’t work if the participants are not playing by the rules.

A lot of discussions centered on various problems participants have been seeing. The ACIPA Task Force is now faced with proposing possible solutions to those problems.  One topic that came up repeatedly is the need for better communication between the Peer Reviewers & the State Boards of Accountants.

Stay tuned—this issue is going to continue to be at the forefront of AICPA discussions as we all continue to Strive for Quality in the Profession. To quote one of our conference speakers, “There are risks & costs to action, but far less than the cost of comfortable inaction.”

Submit comments about the EAQ discussion paper by Nov 7th to EAQ@aicpa.org.