MassCPAs Peer Review Update

After a lengthy and deliberate evaluation and selection process, and at the request of the Peer Review Executive Committee and support of the Peer Review Executive Selection Committee, MassCPAs Board of Directors unanimously voted to transfer administration of the AICPA’s Peer Review Program to New England Peer Review (NEPR).  Subject to AICPA approval, we expect the transfer to be finalized in the spring of 2024. 2024 annual fees will be pro-rated. Most reviews that are in process will be complete by the time the transfer is finalized, and we will be reaching out to firms who have reviews that are more complex and unlikely to be completed in the next several months. If you need to schedule a peer review, you can contact NEPR now, and MassCPAs can work with you on a transition plan.

This decision is based on several factors surrounding increasing costs to maintain the program in its current state (see here for more information). Throughout this process, we met with four potential AEs. While each had its merits and drawbacks, NEPR stands out for its local familiarity and capability to absorb our staff and peer review volunteers, which will provide the least amount of disruption to our member firms. MassCPAs will be joining Maine, Rhode Island, and Vermont, as NEPR is the AE for these states. We will also have a role in shaping the NEPR board, providing an opportunity to address any long-term concerns around sustainability.

It is important to note that this change will not impact the relationship between firms and their current peer reviewer. In recent conversations with members, there seems to be some confusion and misinformation surrounding the AICPA’s Peer Review Program and role of MassCPAs. Check out these FAQs  for more detailed information.

MassCPAs’ mission is to protect, enhance and promote the value of being a CPA in Massachusetts. We accomplish this by offering opportunities for members to learn, connect and prosper in the profession. In recent years, we’ve collaborated with our small firm advisory group to maximize our value to small firms. This has resulted in new member benefits, including The HUB, Small Firm Roundtables, Member Networking Nights, HR Hotline, help at Board of Public Accountancy (BOPA) and Department of Revenue (DOR), the Legislative Brief, and much more. Outsourcing the administration of the AICPA’s Peer Review Program to NEPR allows us to continue to invest in these important initiatives for the benefit of small firms while also continuing to support firms with the administration of peer review through a new AE partnership. 

Please don’t hesitate to reach out to President and CEO Zach Donah (zdonah@masscpas.org) with any questions.

Resources for you:
Peer Review Frequently Asked Questions
MassCPAs Peer Review Update