As you begin your review of engagements, we recommend that you use a reviewer discussion points worksheet rather than take questions directly to the MFC.
Many factors such as illness, loss of staff, weather, etc. Hawaii Every firm, including the Hawaii offices and Hawaii engagements of foreign or multistate firms, that is required to obtain a firm permit to practice pursuant to section HRS shall have a peer review every three years. Professional standards are literature, issued by various organizations, that contain the framework and rules that a CPA firm is expected to comply with when designing its system and when performing its work.
There are no isolated matters.
The CBA has informed firms that peer review is a process that can take up to seven months. In a system review, you must determine if the matter described in the MFC is isolated and clearly explain how you determined this.
A firm is not required to enroll in the AICPA Peer Review Program if its only level of service is performing preparation engagements under SSARSs, however, if it elects to enroll due to licensing or other requirements, it is required to have a peer review under these Standards.
The focus is on the number of audits because the peer review of the review and compilation part of the practice is not as time consuming. Consequently, it would not necessarily detect all weaknesses in the system or all instances of noncompliance with it.
It does not provide assurance with respect to any individual engagement conducted by the firm or that none of the financial statements audited by the firm should be restated.
If there is an engagement that is not performed or reported in conformity with applicable professional standards in all material respects, you must ask firm personnel what action they intend to take with respect to the engagement because you need to document this information on the statistics data form.