Member - CPCAF

About Us > Member - CPCAF
 

What is the CPCAF? Background The Center for Public Company Audit Firms (CPCAF) is part of the American Institute of Certified Public Accountants (AICPA) and administers AHP's peer review.  We have successfully participated in a peer review program since our firm's inception.  CPCAF has its origins in the AICPA SEC Practice Section (SECPS) which was restructured into the CPCAF on January 1, 2004.  This restructuring resulted from the formation of the Public Companies Accounting Oversight Board (PCAOB), which was created by Sarbanes-Oxley Act of 2002. We successfully completed our most recent peer review in June 2004 and received an unmodified report with no comments - the highest level. This report is on public file at CPCAF. Roles of the PCAOB and CPCAF The PCAOB is a private-sector, non-profit corporation whose mission is to oversee the auditors of public companies in order to protect the interests of investors and further the public interest in the preparation of informative, fair, and independent audit reports. The PCAOB inspects, disciplines, and establishes auditing, quality control and independence standards for auditors of public companies. The CPCAF is a voluntary membership organization for firms that audit or are interested in auditing public companies. The Center's purpose is to promote improvement in the quality of audits of public companies through the communication of SEC and PCAOB developments and the development of technical and educational information for members, and to work with regulators on issues that impact the performance and quality of audits of public companies. The CPCAF peer review program covers a firm’s accounting and auditing practice applicable to the firm’s non-SEC issuers.   What is a Peer Review? A peer review is performed every three years for the purpose of expressing an opinion whether, for the year under review, the reviewed firm: Has designed its system of quality control for its accounting and auditing practice in accordance with AICPA quality control standards. Is complying with its quality control policies and procedures in a way that will provide the firm with reasonable assurance of conforming with professional standards. A peer review covers five areas of quality control: Independence, integrity and objectivity Personnel management Client and engagement acceptance and continuance Engagement performance Monitoring Our peer review report is on public file at the AICPA's Center for Public Company Audit Firms.   Why is our CPCAF Membership Important to You? Our clients indirectly receive the following benefits through our membership in the CPCAF: Credibility provided through the oversight of the PCAOB. Continuing education requirements that generally exceed those required by the State of Michigan for licensing requirements. Participation in the peer review program that serves to  strengthen the quality of our accounting and auditing practice. A peer review is required every three years.   Who to contact for more information. Jeff Fineis, Randy Morse or Duane Reyhl can help answer any of your questions about our peer review or CPCAF membership and what it means to you.