Important Message to Firms Regarding Peer Review Compliance and Completeness

Over the past several months, a joint Department of Labor (DOL) and AICPA Peer Review Program (program) initiative identified numerous CPA firms associated with an ERISA plan audit omitted that practice area from their peer review, whether intentionally or unintentionally. In some of the cases, the exclusion of the engagements from the peer review was the failure of firm personnel to apply due professional care to ensure that the engagements were properly identified to the administering entity or the peer