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.
Effective January 1, 2021
Annual fees for firms that perform auditing, accounting and/or attest functions:
Sole Practitioners: $400 Firms with 2-5 Professionals: $500 Firms with 6-10 Professionals: $600 Firms with More Than 11 Professionals: $800 Firms with No A&A Practice: No fee
Additional Fees: There is a $500 reinstatement fee for firms that have been dropped for peer review non-compliance and an additional $500 for Technical Evaluation Fees for firms referred by DOL and 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.
Consistent with other state CPA societies that administer the AICPA Peer Review Program, you will receive by email a single, all-inclusive annual billing which replaces the current model – the annual Administrative Fee billed each January and the separate Technical Review Fee billed when your peer review is conducted. Effective January 1, 2021, the annual billing will include the Administrative Fee and approximately one third of the Technical Review Fee that previously was billed in the year of the firm’s Peer Review. One invoice. Once a year. What does this mean for you?