Trust. Transparency. Accountability.
Peer Review (also known as practice monitoring) has been the cornerstone of the accounting profession’s self-regulatory program since 1977. It’s a periodic outside review of a firm’s quality control system in accounting and auditing 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 and New Mexico which perform these services.
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:
Technical Evaluation fee is charged when the review is performed (every 3 years) and billed separately.
System Review: $350.00
Engagement Review: $175.00
There is a $500.00 reinstatement fee for firms that have been dropped for peer review non-compliance and an additional $300.00 – $500.00 for Technical Evaluation Fees for firms referred by DOL & HHS for non-compliance.
If you hold an active Colorado or New Mexico license and issue attest and/or compilation or review engagements, you are required to undergo a peer review at least once every three years. Upon renewal of an active certificate or registration, all certificate holders and registrants, except those exempt from Peer Review, must have undergone a Peer Review within the previous three years. For more information, please refer to the Colorado State Board of Accountancy rules.
For more information on the New Mexico State Board of Accountancy Peer Review rules, click here.