At risk3sixty, we pride ourselves on craftsmanship. It is one of our core values. As a result, every engagement follows a rigorous quality standard and multiple levels of internal quality assurance review. It’s just one way we try to make sure everything we produce meets a set of minimum quality standards. In addition to our own internal quality standards, our compliance practice undergoes periodic peer review from an independent third-party firm. It is another way our team holds ourselves accountable. Here are the results of our most recent peer review:
Results of Peer Review
Risk3sixty Compliance, the compliance practice for risk3sixty, is pleased to announce that it recently completed a rigorous peer review of its auditing (SOC 2) practice! The reviewers concluded the firm complies with the stringent quality control standards set by the American Institute of Certified Public Accountants (AICPA), the national professional organization of CPAs.
What is the Peer Review Program?
Risk3sixty Compliance participates in the AICPA Peer Review Program, one of the AICPA-approved practice-monitoring programs. A firm participating in any of these programs must have an independent review of its accounting and auditing practice every three years. The peer review of risk3sixty Compliance was performed by another independent CPA firm who qualified under the program’s requirements for service as a reviewer, including expertise in SOC 2 reporting. The objective of the peer review is to determine whether a CPA firm has suitable quality control policies and procedures and is complying with them. The unmodified report indicates risk3sixty Compliance measures up to the accounting profession’s high standards of quality and professionalism.
What did the Peer Review Assess at risk3sixty?
Risk3sixty Compliance completed a system review. The “system” includes risk3sixty Compliance’s policies and procedures for ensuring that AICPA standards are met on all SOC 2 engagements. A system review examines the following, among other items:
- How the firm implements independence requirements
- How personnel are assigned
- Provisions for consultation when technical assistance is required
- How accounting and auditing engagements are performed and supervised
- Hiring practices
- Continuing professional education programs
- Promotion of personnel
- Obtaining and retaining clients
- Internal inspection of the firm’s work
Who Performed the Review?
The reviewers are licensed CPAs who are selected from among the members of the AICPA and who have demonstrated that they possess current knowledge of applicable professional standards. During a review, an outside team independently selects a sample of a firm’s engagements and assesses its work on those engagements. The team then reports back to the firm on its findings, making suggestions where improvements may be necessary, and provides the outcome of the review to the state CPA society administering the firm’s review for approval. Firms with AICPA members who issue engagements under the Statements on Auditing Standards or examinations of prospective financial statements under the Statements on Standards for Attestation Engagements must have a system review.