SECPSSecurities & Exchange Commission Practice Section (of the AICPA)
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During the 1977-1997 period, the SECPS conducted 4,021 peer reviews, of which 322 firms received qualified/modified opinions and 50 firms were given adverse opinions.
The SECPS administers peer reviews for firms belonging to its section at the national level, but its role has changed since the Public Company Accounting Oversight Board's arrival.
1 the SECPS was restructured and replaced with the Center for Public Company Audit Firms.
The Panel also recommends that if, in the judgement of the Quality Control Inquiry Committee of the SECPS and/or the Ethics Division, the infraction is deemed to be of a sufficiently serious nature, the firm must select one of three possible options with regard to the engagement partner pending resolution of the matter.
Auditors in the field, on the job, will provide the true test of new standards and will have a forum through the SECPS to provide feedback on implementation and practicality of new proposals.
Peer reviews involve an assessment of a firm's system of quality control for its accounting and auditing practice under standards established by the SECPS.
The profession also established a Public Oversight Board to monitor the operations of the SECPS.
Moreover, the SECPS will continue to speak for the firms it represents by, for example, commenting on various PCAOB rule proposals.
For the remainder of 2003, the AICPA will continue to administer the peer review process and assist in the transition process," said AICPA Self-Regulation and SECPS VP Sue Coffey.
The SECPS should strengthen the peer review process, including
The POB, the AICPA, the SECPS, and the SEC should agree on a unified