Peer Review Program Fees

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Annual Administrative Fees

Administrative fees have been established to cover costs of administering the Peer Review Program in Florida. All firms enrolled in the program that perform audits, reviews, compilations and/or attest service engagements are assessed an annual administrative fee to cover the costs of administering the program. The amount of the annual fee is based on the specific number of professionals currently employed by your firm.

(Fee = Base Fee ($160 + $50 for each additional professional and any non-member surcharges. Fee is capped at $1,100)

Administrative
Fee Structure

AICPA or FICPA*

Member Firm

Non-Member **Firm

1 professional

$160

$260

2 professionals

$210

$310

3 professionals

$260

$360

4 professionals

$310

$410

5 professionals

$360

$460

6 professionals

$410

$510

7 professionals

$460

$560

8 professionals

$510

$610

9 professionals

$560

$660

10 professionals

$610

$710

Over 10 professionals

There is a $50 charge for each additional professional, up to a maximum of $940 for additional professionals***

Cap (Maximum Due)

$1,100

$1,100

Annual AICPA PRIMA-user fee for enrolled firms in a non-AICPA program

$65

$65

Reinstatement Fee

AICPA or FICPA previously dropped or terminated from any program

$500 and any unpaid administrative fees from the time of being dropped or terminated


* Firms having at least one owner a member of AICPA or FICPA.
** Firms having no owners a member of AICPA or FICPA.


***The term “professional” refers to all personnel who perform professional services for which the firm is responsible whether or not they are CPAs (SQCS No. 2, par. 3, footnote 4). This reference includes leased and per diem staff who devote at least 25% of their time in performing audits, reviews, compilations, or other attest engagements, or leased and per diem staff who have partner/manager level responsibility for the overall supervision or review of such engagements.

Reviewer Fees

How much will my peer review cost?

The direct cost of a System Review will vary depending on firm size/region, number of engagements, partners, offices and nature of your firm’s accounting and auditing practice. Firms with audits in various specialized, complex or high-risk industries, such as banking, governmental, and employee benefit plans will normally pay more than a firm with the same number of audits that are all in one industry or in lower risk areas. There may be other factors that influence the cost of a System Review including the design of and compliance with the firm’s quality control system.

There are also the indirect costs of getting ready for a review that vary based on the condition of your firm’s existing system of quality control. Many firms are concerned about these non-chargeable hours. However, if the system of quality control is suitable for your firm’s practice, the preparation cost should be minimal. If, on the other hand, your firm finds the opposite is true, it should consider the time well spent since making needed changes should result in your firm providing better services to its clients, and, in most cases, providing those services more efficiently.

The estimated cost of an Engagement Review will vary based on the size of the practice and the number of owners responsible for the issuance of review, compilation and attestation engagement reports as well as preparation engagements. The cost also varies based on the type of peer review and peer review team selected to perform the review. In addition to the review costs that will be incurred every three years, firms may also pay an annual administrative fee to the AE to cover the costs of running the program and, in some states, in the review year, fees for scheduling the review and evaluating the results of the review. For additional cost information, contact your AE. Finally, firms that are enrolled in the Program and perform engagements requiring the firm to undergo a system review are required to pay a national peer review administrative fee to the AICPA for each year in which they perform such engagements. The fee varies based on the number of CPAs employed by a firm and will be used to support the Program’s new and ongoing initiatives to drive audit quality.

How can I reduce the costs of my peer review?

The best way to reduce costs is to provide complete, accurate information to the reviewer(s) early enough, such as 30 to 40 days before the review is set to begin, so it can be completed by the review due date. Firms that are committed to establishing, maintaining, and improving the quality of their accounting and audit practice tend to have a more efficient peer review. Prepare for the review early by making sure everyone in your firm understands the importance of performing engagements in accordance with professional standards, and properly documenting engagement planning issues, key procedures and conclusions. If procedures are properly documented and effectively organized, it will improve the reviewer’s ability to evaluate what was done without waiting for engagement staff to recall what they did from memory and should result in less time to complete the review. In addition, a properly designed environment of quality control and adherence thereto also results in less time devoted to discussing and responding to matters, findings and deficiencies

Can my review be performed somewhere besides my firm’s office?

Paragraph .08 of the Standards states that the majority of procedures in a System Review should be performed at the reviewed firm’s office. Engagement Reviews are normally performed at a location other than the reviewed firm’s office. If the System Review can reasonably be performed at the reviewed firm’s office, it should be.

Although certain planning procedures are performed at the peer reviewer’s office, it is expected that a majority of the peer review procedures, including the review of engagements, testing of functional areas, interviews and concluding procedures should be performed at the reviewed firm’s office.

However, it is recognized that there are some situations that make an on-site peer review cost prohibitive or extremely difficult to arrange, or both. In these situations, if the firm and reviewer mutually agree on the appropriateness and efficiency of an approach to the peer review such that it can be performed at a location other than the reviewed firm’s office, then the reviewer can request the AE’s approval to perform the review at a location other than the reviewed firm’s office.

This request should be made prior to the commencement of fieldwork, and the firm and reviewer should be prepared to respond to the AE’s inquiries about various factors that could affect their determination. Some sole practitioners believe their reviews can be carried out in this manner at less cost. Others have found this not to be the case. Regardless, cost savings should not be the primary factor for requesting a System Review to be performed at a location other than a reviewed firm’s office, unless the costs are prohibitive.

Peer Review Forms

You can find forms below to enroll in the Peer Review Program, change information such as firm or employment information and to request an offsite system review.

Download the following forms: