In accounting land, we CPAs a long time ago developed a Peer Review requirement as being part of the CPA profession. My colleagues decided that it was best to have a group of 'peers' keep an eye on our members. I can tell you, we are a tough group. The last person we want in our profession is one that would give a bit of tarnish to our name.
So every three years, all member firms go through a peer review examination. I've had the same firm examine my firm for the last three examinations and for this year's examination. I prepare files for examination, pull information about my license, firm license, continuing education, and then pull out client files to be reviewed.
Earlier tonight I opened an email with the following: "...... based on our review, nothing came to our attention that caused us to believe that the engagements submitted for review by Patricia J. Foley, CPA for the year ended June 30, 2009, were not performed and reported on in conformity with applicable professional standards in all material respects. Firms can receive a rating of pass, pass with deficiencies, or fail. Patricia J. Foley, CPA has received a peer review rating of pass." signed by Solakian, Caiafa & Company LLC.
This is great news for my firm, and actually over this past weekend at my HS reunion, it was hanging over one of my shoulders. Now that this review is complete, a few moments to relish the success and I begin to prepare for the next one in 2012!
"Excellence - High Standards are the Foundation for Great Achievements!"
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