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The purpose of the QAR program is to monitor licensees’ compliance with audit, review, and other attestation standards.
Participation
All firms licensed in Washington state offering and/or performing attest services or other professional services for which a report expressing assurance is prescribed by professional standards, are required to participate in a board-approved peer review program.
A licensed firm must enroll in a board-approved peer review program before issuing a report. The firm is required to participate in the AICPA Facilitated State Board Access (FSBA). The Board may request additional information if it deems necessary.
Please contact Colorado Society of CPAs or AICPA to register for peer review.
Reporting Process
Every firm will provide information regarding performance of attest and compilation services, along with the appropriate fees during every renewal of a firm license.
Compilation Reports
As of November 21, 2024, compilations are excluded from the board-approved peer review requirements. Please note that a firm may still be required to undergo peer preview:
- To satisfy membership requirements for the AICPA or any other professional organization;
- To satisfy licensing requirements in other jurisdictions; or
- For any other reason whatsoever.
We recently received notification from Colorado Society of CPAs, about the various peer review periods, that do not align with the effective date of the rule. We understand that there will be a transition period for firms based on the firm’s peer review period. If a firm’s peer review period was prior to the effective date of the rule (November 21, 2024), then the firm will still be required to undergo peer review.
Please contact the Colorado Society of CPAs for more information.