Abstract This article focuses on the background of the peer review process in the accounting profession and the potential impact of the proposed mandatory peer review structure in the United States. The process of peer review of public accounting firms was formalized in September 1977, when the American Institute of Certified Public Accountants (AICPA) established the Division for Firms. This structure is composed of two sections: the U.S. Securities and Exchange Commission Public Section (SECPS) which includes a Public Oversight Board, and a Private Companies Practice Section. The standard-setting process of the profession established the necessary framework to guide accounting firms in matters that would be the focus of the peer review program. The administration of the accounting profession's peer review program involves several major components. First, it requires the independent review of the firm's quality control system which should be appropriate to the accountant's practice. The second major step is testing for compliance with the established policies and procedures at both the organization and engagement levels.
White et al. (Wed,) studied this question.
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