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Peer Review


About Peer Review

Peer Review has been the cornerstone of the accounting profession’s self-regulatory program since 1977. It is a periodic outside review of a firm’s quality control system in accounting and auditing. Also known as a practice monitoring program, it’s done to ensure that firms provide high quality services to their clients.

Enhancing the quality of accounting, auditing, and attestation services performed by CPAs in public practice is crucial to our commitment to the profession and general public. We administer the peer review program for all CPA firms in Colorado.

New Peer Review Requirements for the Colorado State Board of Accountancy

In the interest of public protection, the Colorado State Board of Accountancy (the Board) requires all CPAs and Firms issuing attest and/or compilation reports to be enrolled in and undergo Peer Review at least every three years. Upon renewal of an Active certificate or Firm registration, all Certificate Holders and Firms, except those exempt from Peer Review described in Rule 8.3., must attest to having undergone a Peer Review during the previous renewal period. This shall include providing the date of the acceptance letter of the Peer Review and the name of the Peer Review Firm as well as whether the Peer Review resulted in a report rating of fail, pass with deficiencies or pass.

Peer Review requirements shall be effective for Certificate Holders and Firms upon renewal of CPA certificates and Firm registrations in 2014. At that time, and for all future renewals, Certificate Holders and Firms will be required to attest to having complied with the requirements of this Chapter and either (1) undergone a minimum of one Peer Review within three years prior to the renewal or (2) have not issued attest or compilation reports subject to Peer Review.

 

Please read the rules in the in the Colorado Revised Statutes, Chapter 8 – Peer Review Requirement.

For questions, please contact Jill Turner at 303-741-8605.

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FAQs

What is Peer Review?

Carried out in conjunction with participating administering entities and overseen by the AICPA, the Peer Review Program requires CPAs to undergo a rigorous outside review of their accounting and auditing practices once every three years. This review determines whether a firm has suitable quality control policies and procedures in place and is complying with them. Peer Review focuses on the following:

  • How the firm implements independence, integrity, and objectivity requirements

  • How personnel are managed

  • How auditing of clients is performed

  • Acceptance and continuation of clients and engagements

  • Monitoring of the firm’s work

This self-regulatory tool is designed to maintain and improve the quality of the accounting and auditing services performed by COCPA members.


What are the practice-monitoring requirements, and does my firm have to enroll in a practice-monitoring program?

Firms performing accounting, auditing, and attest engagements are required to enroll in a practice monitoring program.

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Peer Review Scheduling Form Changes

The Peer Review Scheduling Form has been updated to include mandatory data collection of Federal Employer Identification Number (EIN). In addition, there are categories for preparation of financial statements and firms may now elect to have their peer review report and acceptance letter made visible on the AICPA's Public File.

 

Please be sure you are using the 2016 Form when scheduling your peer review. We are not able to process forms that do not include the EIN as well as other important data now captured on the most recent versions.


If you have any questions about the peer review process, please contact Jill Turner.

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Peer Reviewers

  • Must complete a peer review training course when the function of reviewer goes beyond reviewing engagements

  • All firms that the member is associated with should have received an unmodified report on the review of its system of quality control or an unmodified report on its engagement review for its most recent peer review that was accepted within the last three years and six months

  • All members of the system review team must be approved by the administering entity prior to the commencement of the review

  • Peer reviewers are required to update their resumes on an annual basis - log on to the AICPA website to update your resume.

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Licensure/Firm Registration

Firms are required to comply with the rules and regulations of state boards of accountancy and other regulatory bodies in the states where they practice. Reviewers should continue to make inquiries of the firm to determine if it is appropriately licensed and/or registered as required. The reviewer must analyze the information obtained through inquiry and in the written representation letter to determine the impact on the report and letter of comments.

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Independence

Do you prepare journal entries or tax returns for compilation, review, or audit clients? If so, you are performing nonattest services for attest clients, then ET 1.295 financial statement preparation applies. For audits and reviews, you must be independent. For compilations, you can either be independent or state in the compilation report that you are not independent. To be independent under this standard, you and your client must agree that there is a competent employee to oversee the performance of your nonattest services. In some cases, the bookkeeper may not be sufficiently knowledgeable; the owner will be the designated the “competent employee.” This understanding must be documented (commonly in engagement letters) prior to performance of the nonattest services. Specific documentation requirements include engagement objectives, applicable limitations, the nature of the services to be performed, and both the firm’s and the client’s responsibilities. The documentation requirement does not apply prior to a client becoming an attest client (for example, a tax return client who later needs a financial statement).

For guidance on this complicated issue, visit the AICPA website to determine what other nonattest services you perform for your attest clients. The AICPA provides extensive information on this issue under the professional ethics link.

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Peer Review Structure and Types of Reports


What are the Various Types of Peer Reviews?

Currently there are two types of peer reviews: system reviews and engagement reviews. Beginning 1/1/09 when the new Standards became effective report reviews rolled into engagement reviews. The type of peer review that is performed on a CPA firm is dependent upon the type of work that a firm delivers to its clients.


What is a System Review and Which Firms Receive Them?

A system review is a study and appraisal by an independent evaluator, known as a peer reviewer, of a CPA firm’s system of quality control to perform accounting and auditing (A&A) work. The quality control system represents the policies and procedures that the CPA firm has designed, and is expected to follow, when performing its work. The peer reviewer’s objective is to determine whether the quality control system is designed to ensure compliance with professional standards and whether the firm is following its system appropriately.


Firms that perform engagements under the Statements on Auditing Standards (SASs), Government Auditing Standards (Yellow Book), or examinations under the Statements of Standards for Attestation Engagements (SSAEs) are subject to system reviews.


The scope of the peer review does not encompass other segments of a CPA practice, such as tax services or management advisory services, except to the extent that they are associated with financial statements, such as reviews of tax provisions and accruals contained in financial statements.


What is an Engagement Review and Which Firms Receive Them?

This type of review is for firms that are not required to have a system review. Unlike system reviews where a firm’s system for quality control policies and procedures is evaluated, an engagement review evaluates the firm’s financial statements and documentation with regard to conformance to professional standards. The reviewer does not express an opinion on the firm’s compliance with its own quality control policies and procedures or compliance with AICPA quality control standards. An engagement review provides reviewers with a reasonable basis for expressing limited assurance that:

  • The financial statements or information and the related accountant’s report on the accounting, review, and attestation engagements the firm submits for review conform to professional standards.

  • The reviewed firm’s documentation conforms with the requirements of professional standards.

Firms that only perform services under Statements on Standards for Accounting and Review Services (SSARS) and/or services under the SSAEs not included in system reviews have engagement reviews.


Firms which only perform financial statement preparation engagements under SSARS 21 are not required to have a peer review, but that financial statement preparation engagements mar be subject to the peer review if the firm performs the other types of engagements previously mentioned.

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Schedule


Peer Review Administrative Fee Schedule for Colorado & New Mexico Firms

Annual fees for firms that perform auditing, accounting and/or attest functions:

Sole Practitioners: $190.00

Firms with 2-5 Professionals: $260.00

Firms with 6-10 Professionals: $310.00

Firms with More Than 11 Professionals: $415.00

Firms with No A&A Practice: No fee


Peer Review Technical Evaluation Fees

A Technical Evaluation fee is charged when the review is performed (every 3 years) and billed separately.

System Review: $350.00

Engagement Review: $175.00


Additional Fees

$500.00 Reinstatement fee for firms that have been dropped for peer review non-compliance

Additional $300.00 - $500.00 for Technical Evaluation Fees for firms referred by DOL & HHS for non-compliance


COCPA Peer Review Contacts


Jill Turner - Peer Review Administrator

303-741-8605 or 800-523-9082

jill@cocpa.org

Susan Vachereau - Members Services Director

303-741-8612 or 800-523-9082

susan@cocpa.org


Technical reviews are required to be performed by the administering entity on all reviews. The technical reviewer makes sure that all reviews are performed in accordance with Peer Review Standards. Their role is also to assist the Report Acceptance Body (RAB) in its report acceptance process and oversight functions. The technical reviewer looks at the materials in depth but does not perform the type of review that would be performed by the team captain or the review captain on the review.


Engagement Types:


System Review - This type of review is required for firms that perform engagements under the Statements on Auditing Standards (SASs), the “yellow book” or examinations of prospective financial information under the Standards for Attestation Engagements (SSAEs). The system review is designed to review and issue an opinion of the firm’s system of quality control.


Engagement Review - This type of review is required for firms that perform reviews, compilations with disclosures, compilations without disclosures, and other engagements under the SSAES not requiring a system review. The objectives of an engagement review will include whether the reviewed firm’s working paper documentation conforms with the requirements of SSARS and the SSAEs applicable to those engagements in all material respects. There is no opinion on the reviewed firm’s system of quality control and therefore the reviewer is not opening on the firm's compliance with its own quality control policies and procedures or with the quality control standards, just conformity with SSARS and the SSAEs.


Additional fees beginning 1/1/2016

$500 Reinstatement fee for firms that have been dropped for peer review non-compliance

$300-$500 Administrative/Technical Fees for firms referred by DOL & HHS for non-compliance



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Becoming A Peer Reviewer

What are the Benefits of Being a Peer Reviewer?

When you become a peer reviewer, you:

  • Help firms achieve their A&A practice goals and enhance the quality of their A&A practices

  • Identify best practices of other firms, which can be applied to other peer review clients and to your own firm

  • Gain broader practice knowledge through the peer review process, which will help sharpen your skills and reinforce your strengths

  • Create an opportunity to expand on your current services

  • Often receive referrals for additional consulting services as a result of performing peer reviews

  • Enhance the efficacy of the profession’s self-regulatory efforts and contribute to the quality of our profession

 

What are the Qualifications Necessary to Become a Reviewer?

To qualify as a peer reviewer, you must:

  • Be a member of the AICPA in good standing

  • Be active in public practice at a supervisory level in the accounting or auditing function

  • Have five years of public accounting experience

In addition, if you are a partner in your firm, you are qualified to be a team captain.

For more information, visit www.aicpa.org/members/div/practmon/become_peer_reviewer.htm or e-mail PeerReviewupdates@aicpa.org.

 

How do I Become a Peer Reviewer?

To become a peer reviewer:

 

Gain Expertise and Exposure as a Peer Reviewer

Not only will you obtain valuable knowledge, but your experience will also introduce you to new opportunities for both yourself and your firm.

The Benefits of Peer Review:

  • Be seen as an expert by your peers

  • Learn first hand about the best practices of other accounting firms – how to apply them in your firm and improve client services

  • Develop an additional profit center for your firm

  • Help firms achieve their A&A practice goals and the quality of their A&A practices

  • Often receive referrals for additional consulting services as a result of performing peer reviews

  • Enhance the efficacy of the profession’s self-regulatory efforts and contribute to the quality of the profession

 

To qualify as a peer reviewer, you need to:

  • Be a member of the AICPA and COCPA in good standing

  • Be active in public practice at a supervisory level in the accounting and auditing function

  • Have 5 years of public accounting experience

  • In addition, if you are a partner in your firm, you are qualified to be a team captain.

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Meet the Peer Review Board

We are pleased to introduce our Peer Review Board:

 

Jeremy Ryan - Chair

Marcia Hein - Vice Chair

 

Members

 

Joe Adams

Julie Affleck

Bob Beam

Jack Grodon

Bob Hoerr

Alan Holmberg

Bill Lajoie

Keith May

Tim Raub

Barbara Lewis

Ray Roberts

Ray Russell

Mike Stone

Mike Schulz

Nick Warnick

Randy Watson

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Directory of Peer Reviewers

The AICPA Peer Review Program has established specific standards for performing and reporting on reviews. The specific qualifications are set forth in the standards for performing and reporting on reviews. The firms listed are not the only firms that may be qualified to conduct reviews. They have elected to be listed in the directory.


Click here for a client categories key.


Peer Reviewers in Colorado

If you have questions about peer reviews in Colorado, e-mail Jill Turner or call her at 303-741-8605 or 800-523-9082, ext. 105.

 

Anderson & Whitney

AICPA Firm No. 10001437
5801 W. 11th St., Ste. 300
Greeley, CO 80634-4813
Fax number: (970) 352-1855
No. Of Professionals: 11-19

Contact: Alan Holmberg (970) 304-2551
Member No. 1139592
e-mail alan@awhitney.com

Client Categories:
2, 5, 7, 9, 13, 110, 125, 150, 155, 175, 180, 186, 205, 222,
230, 260, 268, 308, 320, 325, 335, 380, 383

Eide Bailly LLP

AICPA Firm No. 10018920
5299 DTC Blvd., Ste. 1000
Greenwood Village, CO 80111
Fax Number: (303) 770-7581
No. Of Professionals: 100+

Contact: Peggy E. Jennings (303) 770-5700
AIPCA Member No. 010867828
e-mail pjennings@eidebailly.com

Client Categories:
2, 9, 11, 13, 14, 155, 165, 180, 185, 195, 205, 217, 260, 380,
383, 390, 400, 403, 405

 


 

Gerber & Co., Inc.

AICPA Firm No. 1096294
720 Ridgeside Drive
Golden, CO 80401
No. of Professionals: 20-49

Contact: Howard Siegman (310) 432-4033
AICPA Member No. 1096294
e-mail hs@gerberco.com

Client Categories:
2, 5, 9, 11, 222, 260, 380

Haynie and Company

AICPA Firm No. 10030077
1221 W Mineral Ave Ste 202
Littleton, CO 80120
Fax Number: (303) 795-3556
No. of Professionals: 50-99

Contact: Raymond Russell Jr (303) 734-4800
AICPA Member No. 739878
e-mail rayr@hayniecpas.com

Client Categories:
2, 3, 5, 9, 11, 13, 14, 155, 165, 180, 185, 222, 230, 250, 260,
325, 380, 390, 400, 405, 450

 


 

Haynie and Company

AICPA Firm No. 10030077
1221 W Mineral Ave Ste 202
Littleton, CO 80120
Fax Number: (303) 795-3556
No. of Professionals: 50-99

Contact: Nick Warnick (303) 734-4800
AICPA Member No. 01701231
e-mail nickw@hayniecpas.com

Client Categories:
2, 3, 5, 9, 11, 13, 14, 20, 110, 155, 165, 180, 185, 195, 205, 216,
217, 222, 230, 260, 268, 295, 312, 313, 314, 320, 325, 380, 403, 450

Marcia J. Hein, CPA

AICPA Firm No: 10155807
5922 Bromborough Dr
Windsor, CO 80550
No. of Professionals: Sole Practitioner

Contact: Marcia J. Hein (970) 775-7332
AICPA Member No: 1141590
e-mail Marcia@mjh-cpa.com

Client Categories:
2, 9, 110, 260, 380, 390

 


 

Robert L. Hoerr, P.C.

(NOT ACCEPTING NEW PEER REVIEW CLIENTS)
AICPA Firm No. 380989
950 Wadsworth Blvd., #204
Lakewood, CO 80214
Fax Number: (303) 232-9452
No. Of Professionals: Sole Practitioner

Contact: Robert Hoerr (303) 239-8706
AICPA Member No. 380989
e-mail rlhoerr@msn.com

Client Categories:
2, 9, 155, 165, 260, 325

William G. Lajoie, P.C.

AICPA Firm No. 480615
6601 S. University Blvd.
Centennial, CO 80121
Fax Number: (303) 795-1876
No. of Professionals: Sole Practitioner

Contact: William (Bill) Lajoie (303) 324-0703
AICPA Member No. 480615
e-mail WGL1211@aol.com

Client Categories:
2, 9, 11, 165, 195, 260, 380, 390, 400

 


 

Marc, James & Associates, P.C.

AICPA Firm No. 4334983
1745 Shea Center Drive, Ste 400
Highlands Ranch, CO 80129
Fax Number: (206) 888-2716
No. of Professionals: Sole Practitioner

Contact: Gregory Viergutz (720) 344-4938
AICPA Member No. 1163201
e-mail greg@marcjamescpa.com

Client Categories:
2, 5, 9, 11, 14, 120, 155, 165, 195, 260, 325, 380, 450

Niewald & Martin, LLC

AICPA Firm No. 7172231
1660 S. Albion Ste 900
Fax Number: (303) 792-5153
No. Of Professionals: 2-5

Contact: Kim Martin (303) 399-6145
AICPA Member No. 6236292
e-mail kim@nm-cpa.net

Client Categories:
2, 9, 11, 195, 380

 


 

Dennis L. Oberhelman, CPA

AICPA Firm No. 1019733
3819 St. Vrain St Suite B
Evans, CO 80620
Fax Number: (970) 506-9432
No. Of Professionals: Sole Practitioner

Contact: Dennis Oberhelman (970) 506-9431
AICPA Member No. 1019733
e-mail doberhelman@hotmail.com

Client Categories:
2

Richey, May & Co., LLP

AICPA Firm No. 10084120
9605 S. Kingston Ct., Ste 200
Englewood, CO 80112
Fax Number: (303) 721-6232
No. Of Professionals: 50-99

Contact: Keith May (303) 721-6131
AICPA Member No. 1128734
e-mail keith@richeymay.com

Client Categories:
2, 3, 5, 9, 11, 13, 14, 125, 155, 165, 175, 180, 185, 195, 222,
230, 250, 260, 268, 295, 325, 380, 383, 400, 403, 450

 


 

Rickards & Co., LLP

AICPA Firm No. 5635884
3711 JFK Parkway, Ste 240
Fort Collins, CO 80525
Fax Number: (970) 416-0040
No. Of Professionals: 2-5

Contact: Jill Rickards (970) 493-6869
AICPA Member No. 1053120
e-mail jill@rickardscpas.com

Client Categories:
2, 5, 260, 383

RubinBrown LLP

AICPA Firm No. 10060547
1900 16th Street, Suite 300
Denver, CO 80202
No. Of Professionals: 100+

Contact: Rodney Rice (303) 698-1883
AICPA Member No. 01568630
e-mail rodney.rice@rubinbrown.com

Client Categories:
2, 9, 13, 260, 320, 325

 


 

Schulz & Company, P.C.

AICPA Firm No. 10099893
15200 E. Girard Ave., #4900
Aurora, CO 80014
Fax Number: (303) 690-9110
No. Of Professionals: 2-5

Contact: Michael Schulz (303) 690-7275
AICPA Member No. 763831
e-mail mike@schulzcocpa.com

Client Categories:
2, 3, 5, 9, 11, 110, 120, 125, 155, 165, 180, 195, 222, 250,
260, 268, 380, 383, 390, 400

Terry & Company, P.C.

AICPA Firm No. 10093530
P.O. Box 3896
Greenwood Village, CO 80111
No. Of Professionals: 2-5

Contact: Alan Terry (303) 694-5055
AICPA Member No. 852856
e-mail aterry@terryandcompanycpas.com

Client Categories:
2, 5, 9, 11, 13, 120, 222, 260, 325

 


 

Wilson Downing Group, LLC

AICPA Firm No. 10037138
215 Union Blvd., Ste 215
Lakewood, CO 80228-0956
Fax Number: (303) 232-7237
No. of Professionals: 11-19

Contact: Jeremy Ryan (303) 232-2262
AICPA Member No. 1573887
e-mail jeremyr@wdgcpa.com

Client Categories:
2, 5, 9, 11, 13, 20, 155, 165, 180, 195, 260, 380

Yanari, Watson, McGaughey, P.C.

AICPA Firm No. 10091246
9250 E. Costilla Ave., Ste 450
Greenwood Village, CO 80112-3647
Fax Number: (303) 792-5153
No. Of Professionals: 11-19

Contact: Randy Watson (303) 792-3020
AICPA Member No. 1003455
e-mail randy@ywmcpa.com

Client Categories:
2, 3, 9, 11, 120, 155, 165, 180, 195, 250,
260, 380, 390, 400, 403

 


 

Yanari, Watson, McGaughey, P.C.

AICPA Firm No. 10091246
9250 E. Costilla Ave., #450
Englewood, CO 80112
Fax Number: (303) 792-5153
No. Of Professionals: 11-19
Firm Also Enrolled in CPCAF

Contact: Troy Coon (303) 792-3020
AICPA Member No. 1700797
e-mail troy@ywmcpa.com

Client Categories:
2, 5, 13, 110, 165, 180, 185, 222, 260, 325, 380

Yanari, Watson, McGaughey, P.C.

AICPA Firm No. 10091246
9250 E. Costilla Ave., Ste 450
Greenwood Village, CO 80112-3647
Fax Number: (303) 792-5153
No. Of Professionals: 11-19

Contact: Tracy Peterson (303) 792-3020
AICPA Member No. 05004268
e-mail tracy@ywmcpa.com

Client Categories:
2, 5, 13, 186, 222, 260, 320, 325

 


 

Yanari, Watson, McGaughey, P.C.

AICPA Firm No. 10091246
9250 E. Costilla Ave., Ste 450
Greenwood Village, CO 80112-3647
Fax Number: (303) 792-5153
No. Of Professionals: 11-19

Contact: Kelly Watson (303) 792-3020
AICPA Member No. 4839951
e-mail kelly@ywmcpa.com

Client Categories:
2, 5, 11, 165, 260, 325, 380

Zarlengo Raub LLP

AICPA Firm No. 10031446
7100 W. 44th Ave., Suite 101
Wheat Ridge, CO 80033
Fax Number: (303) 420-3627
No. Of Professionals: 11-19

Contact: Timothy J. Raub (303) 421-4775
AICPA Member No. 01577333
e-mail traub@zrllp.com
Client Categories:
2, 9, 165, 195, 217, 260, 325, 380

 

 

Peer Reviewers in New Mexico

If you have questions about peer reviews in New Mexico, e-mail Jill Turner or call her at 303-741-8605 or 800-523-9082, ext. 105.


 

Atkinson & Co., Ltd.

6501 Americas Pkway NE S-700
Albuquerque, NM 87110
505-843-6492
505-843-6817 - Fax

Contact: Barbara Lewis
Reviews performed: System and Engagement

Bolinger, Segars, Gilbert & Moss, LLP

8215 Nashville Avenue
Lubbock, TX 79423
806-747-3806
806-747-3815 - Fax

Contact: Bob Beam
Reviews performed: System and Engagement

 


 

Gordon & Hale, PC, CPAs

1482-A St. Francis Dr.
Santa Fe, NM 87505
505-982-0083
505-986-8755 - Fax

Contact: Jack Gordon
Reviews performed: System and Engagement

Integrity Accounting & Consulting, LLC

675 Green Acres Ln
Bosque Farms, NM 87068
505-688-3124

Contact: Erick Robinson
Reviews performed: System and Engagement

 


 

Julia C. Adams, CPA

P.O. Box 51538
2501 San Pedro Dr. NE, Suite 115
Albuquerque, NM 87110
505-293-1362
505-323-3844 - Fax

Contact: Julia Adams
Reviews performed: Engagement

RPC CPAs + Consultants, LLP

2700 San Pedro NE
PO Box 3130
Albuquerque, NM 87190-3130
505-883-2727

Contact: Ray Roberts
Reviews performed: System and Engagement

 


 

Porch & Associates LLC

AICPA Firm No. 01645401
10 612 Royal Birkdale NE
Albuquerque, NM 87111
No. of Professionals 2-5

Contact: Thad E. Porch (505) 934-2452
AICPA Member no. 4052532 thad.porch@porchcpa.com
Client Categories: 2, 5, 9, 11, 13, 30, 40, 45, 50, 55,
155, 230, 260, 325, 901

Stone, McGee & Co., CPAs

PO Box 2828
Silver City, NM 88062
575-538-3795
575-388-5040 - Fax

Contacts: Mike Stone, Kay Stone, Kelley Wyatt
Reviews performed: System and Engagement

 


 

Valerie J. Borrego, CPA, PC

1522 Griegos Road NW
Albuquerque, NM 87107
505-242-6081
505-341-2680 - Fax

Contact: Valerie Borrego
Reviews performed: Engagement