Controlling Quality & Upholding Compliance
Sometimes, the best way to assess the value of your service is to reach beyond the satisfaction of your client and elicit the guidance of your peers. Who better to learn from than fellow CPA firms held to similar standards and matters of compliance?
Find out more about the value of a high-quality peer review, and discover how Ketel Thorstenson, LLP (KTLLP) can help you put your firm on a progressive track.
The industry-required external peer review comes around every three years, and its objective is to determine whether your firm is in compliance with professional standards. Ideally, you’ll want your selected peer reviewer’s experience to match that of your own. An appropriate match will garner maximum efficiency and insight.
Peer review is a critical process that affects and directs the quality control policies set in place and strictly adhered to by your firm. In conducting a peer review, you’ll see how your firm measures up to other accounting practices and gain direction from this comparison.
What Can a Peer Review Do For You?
When it comes to standards, compliance, and quality control, a successful peer review will give you a clear view of your current practice, as well as a directive for the future of your firm. With an exceptional accounting firm serving as your peer reviewer, you can trust in this newly established directive and the impact it will have on your capacity for success.
Outside your office walls, a peer review affects your value as it is perceived by your clients. Standards and compliance provide the public with peace-of-mind—and this is one fundamental area where you mustn’t let your existing and future clients down.
The selection of your peer reviewer is critical to receiving the full benefit of a peer review. Ketel Thorstenson, LLP will provide your firm with the level of service you need to ensure the peer review process is a valuable learning experience. The personal touch that we apply to our peer review services will provide unique insight into your firm’s business position and useful feedback on the quality of accounting services you provide.
At KTLLP, we can help you with:
- External Peer Reviews (Required Every 3 Years)
- Internal Peer Reviews (Required in the Off Years of the External Review)
- Understanding the Existing Internal Quality Control System
- Reviewing Quality Control Policies & Procedures
- Assessing Staff Understanding & Compliance
- Reviewing Individual Audits & Attestation Engagements
- Gaining Efficiencies in Your Audit Methodology
Our goal is to help you realize the height of your potential, create efficiencies, and add value to the services you provide. You have KTLLP’s assurance that your firm’s peer review is efficient and cost-effective. By enhancing your firm’s quality control policies, you can augment the overall success of your accounting and audit services and improve upon your reputation in the eyes of the public and your clients.
INTERNAL PEER REVIEWS
When the time comes for your required external peer review, you want your firm to be prepared. Likewise, it is imperative to stay on top of annual self-inspections. While the results of these privately conducted internal reviews are not published, their consistent completion must be demonstrated every three years when the external peer review takes place. Because many firms are too busy to complete this yearly task, KTLLP offers an “internal review service” to alleviate this burden.
ESTABLISHING AICPA STANDARDS
At Ketel Thorstenson, LLP, our firm is a member of both the Government Audit Quality Center (GAQC) and the Employee Benefit Audit Quality Center (EBAQC). Our membership in these quality centers allows us to serve your firm as a peer reviewer in these industries. In addition to cities, schools, tribal organizations, and 401k plans, we also audit businesses in many other industries – construction, casinos, rural electric cooperatives, financial institutions, and nonprofits. Our peer reviewers are actively involved in audits on a regular basis, so we practice what we preach each and every day.
Contact us about our Peer Review Services
For more information on services, to request a bid, or to schedule a peer review, please contact: