Quality Assurance Review vs. Peer Review—Which is Right for You?

Many states have developed Peer Review or Quality Assurance Review Programs as a condition of license renewal.  While these programs can have numerous variations in name, the purpose of the program remains the same:  to ensure that the financial statements of the state’s licensees conform to professional standards.

Unlike your State Board of Accountancy, NSA distinguishes between the Quality Assurance Review (QAR) and the Peer Review (PRP).  Essentially, the two programs serve the same purpose—to provide assurance that the work done by the accountant is quality work—but there are key differences between the programs that affect which program best suits your needs.

Peer Review Program
■ meets state licensure requirements
■ is conducted in accordance with nationally recognized standards
■ consists of a formal review of financial statements by CPAs 

QAR Program
■ is designed as an educational tool/practice peer review
■ is not designed to meet state licensing requirements
■ offers CPE credit to successful participants (CPE is not NASBA approved)

Still uncertain as to which program is right for you?  For additional information on Peer Review and QAR,

Contact:
Philip Ufholz
Director, Federal and Legislative Affairs
1-800-966-6679, ext. 1318 
pufholz@nsacct.org