The Society of Louisiana CPAs requires all firms engaged in the practice of public accounting performing attest services to enroll in the Peer Review Program.
Firms that do not perform engagements subject to peer review are not required to enroll. Firms are required to notify the Society and immediately enroll in the peer review program upon acceptance of an engagement subject to peer review as defined in the
Standards for Performing and Reporting on Peer Reviews.
In accordance with State Board Rules all CPA firms which perform attest services in Louisiana must undergo and complete a peer review at least once every three
Title 46, Chapter 15 1503 5a of the State Board Rules also provides that all peer review reports for reviews commencing on or after January 1, 2009 shall be
made available to the board via a secure website within 45 days of acceptance. The Society’s Peer Review Committee has established procedures to ensure firms are in compliance with this rule.
The Society charges an administrative fee billable each January to cover expenses related to the administration of the program. All firms subject to peer review will pay the annual fee based on the number of professionals in the firm. The fees are designed
to provide a break-even program funding. Firms that are not members of the AICPA or State Society will be subject to additional fees. All other requirements of the program will apply.
Annual Administrative Fee Structure
$305 per year for sole practitioners
$410 per year for firms with two to five professionals
$515 per year for firms with six to ten professionals
$625 per year for firms with more than ten professionals
Peer Review Additional Assessments
$50 Engagements that require a System Review
Firms that perform engagements that require a System Review under the Standards .07 (Firms that perform engagements under the SASs or Government Auditing Standards(GAS), examinations under the SSAEs, or engagements under PCAOB
standards, as their highest level of service have peer reviews called System Reviews)
$150 Engagements under Government Auditing Standards (GAS)
Firms that perform engagements under Government Auditing Standards (GAS) including compliance audits under the Single Audit Act or other engagements that require a System Review under the Standards .07
$250 Engagements under GAS and Audits of Employee Benefit Plans
Firms that perform engagements under Government Auditing Standards (GAS) including compliance audits under the Single Audit Act AND audits of employee benefit plans or other engagements that require a System Review under the Standards
$150 Audits of Employee Benefit Plans
Firms that perform audits of employee benefit plans or other engagements that require a System Review under the Standards .07
Reviewer resumes must be updated at least annually through PRIMA. In addition, all resumes will be verified at least every three years pursuant to guidance in the AICPA Oversight Handbook. The objective of oversight is to ensure compliance with the
Standards and consistency in implementation. Verification will include specific information about the number
and type of engagements performed as well as the level of involvement in those engagements.
To learn more about the AICPA Member Self-Service initiative and to download instructions, visit the For Peer Reviewers section.
Common Reviewer Deficiencies
Listed below are deficiencies commonly committed by reviewers:
Improper documentation or failure to recognize repeat findings
Improper identification of deficiencies
Workpapers not submitted within 30 days of exit conference
Improper completion of MFCs
Failure to address the type of report to be issued with the firm prior to the exit conference.
Use of outdated program material and checklists
Improper completion of checklists, including the SRM, MFCs and FFCs
Documentation deficiencies improperly identified
Substandard engagements and deficiencies that are not identified in workpapers
Risk assessment incomplete or ineffective
FFCs that do not properly address or identify the systemic cause
Consider these courses to help you build the skills needed to perform quality Employee Benefit Plan audits.
Monday, May 7
Kenner • 8:30 am - 4:30 pm
Audits of 401(k) Plans: New Developments & Critical Issues for Effective/Efficient Audit (AFPL18)
One of the most favored employee benefit plans, the 401(k) plan, provides unique challenges for auditors. This course will give you practical guidance on the rules and regulations unique to employee benefit plans. You will enhance your knowledge through real-world examples, best practices, and efficient audit techniques that can be used in various audit engagements. Make sure your audits don’t trigger a DOL inspection by conforming to all applicable rules and regulations.
Advanced Audits of 401(k) Plans: Best Practices and Current Developments (AAFP18)
In this advanced course, we will discuss both the existing and new rules and regulations unique to employee benefit plans as well as provide practical guidance on their application. The most common compliance issues identified in 401(k) audits will be explored along with recommended corrections.
Webcast: Documenting Your EBP Audit: What You Need to Know (XAEBPD318)
This webcast will provide you with various working paper examples which will assist you in understanding specialized audit procedures and the documentation necessary to perform an audit in accordance with the applicable standards. You will work through the testing of audit areas such as participant data, contributions and contributions receivable, benefit payments, parties in interest and prohibited transactions, subsequent events, commitment and contingencies, and administrative expenses.
Master the fundamentals of auditing employee benefit plans in accordance with AICPA standards and ERISA rules and regulations and avoid the problems that are often encountered. Explore the accounting and auditing requirements unique to employee benefit plans. This course is designed to give you an understanding of requirements and audit procedures related to defined contribution, defined benefit, and health and welfare plans to help you more effectively plan and carry out your audit.
Documenting Your EBP Audit - What You Need to Know (EBPD18)
This course has been developed to provide participants with real examples and real solutions. Throughout this course, we will tackle the most common areas in EBP audits where detailed documentation is critical to supporting the audit conclusions.