Question

What is a peer review and how and when are they performed?

Answer 1

According to NEPR:

A peer review is a periodic external review of a firms quality control system in accounting and auditing and is also known as the AICPAs practice monitoring program.

Answer 2

The peer review is conducted by an independent evaluator

Explanation:

Known as a peer reviewer. The AICPA oversees the program, and the review is administered by an entity approved by the AICPA to perform that role. 2. The peer review helps to monitor a CPA firm's accounting and auditing practice (practice monitoring).