The accounting and auditing practice areas are rapidly evolving in response to multiple emerging areas in the environment. An emerging area refers to any industry, service, audit sector, or aspect of a firm’s quality management system that is anticipated, newly developed, or recently changed, and, if not properly addressed, could threaten the quality of work and the reputation of the profession.
The AICPA Peer Review Program plays a crucial role in self-regulation by helping 53 licensing jurisdictions identify and remediate practice quality issues. Although firms rely on triennial Peer Reviews for educational and corrective guidance, waiting three years can delay identifying and resolving sub-standard performance. Given the faster pace of technological change and evolving standards, the Peer Review Board (PRB) recognized the need to more timely detect emerging areas and their effects on firms, without shortening triennial Peer Reviews.
In November 2025, the PRB approved the emerging areas framework. The initiative aims to enhance accounting and auditing quality by directing firms and Peer Reviewers to focus on emerging issues, thereby bolstering consistency across the profession.
Annual Practice Questionnaire for Peer Review
As part of the emerging areas framework, we developed the Annual Practice Questionnaire for Peer Review. We will send the first questionnaire to firms in June 2026, and annually thereafter. All A&A firms enrolled in Peer Review are required to complete the questionnaire. Please see the Annual Practice Questionnaire for Peer Review FAQs for more information.