4 Benefits of Outsourcing a CPA Peer Review
Being a member of the American Institute of Certified Public Accountants (AICPA) has many advantages. With over 400,000 members nationwide, the AICPA provides firms and individuals with a strong support network. One of the conditions of being a member is to undergo a peer review for CPA firms. Outsourcing a CPA peer review might seem scary, but it will assure that you or your firm are operating efficiently, financially sound, and ethically.
Encouragement to Maintain Quality Standards
It’s vital to adhere to AICPA standards to maintain membership and ensure you’re doing things the right way. However, a peer review’s outcome will also create a benchmark to compare your firm’s quality standards to other firms. For the best CPA firms, a peer review validates the quality of their practice. They can share those results with existing clients and use them as a marketing tool to garner future business.
Finding Areas for Improvement
Firms and individuals can also use the peer review process to gather insight into how their practice can improve and evolve. Even if your firm is doing well, outsourcing a CPA peer review allows for a unique, non-biased perspective on your business.
An experienced peer reviewer can identify ways to improve profitability and efficiency—even for the best CPA firms. Your reviewer will look for areas where you can:
Eliminate unnecessary expenses
Reducing Recurring Issues
Outsourcing a peer review can identify and resolve recurring issues that your firm or individual may be dealing with. As you grow, it’s easy to stop taking the time to monitor areas such as:
Client internal controls
Risk assessment standards
Using Your Reviewer’s Experience to Generate New Best Practices
When outsourcing a CPA peer review, selecting the right person or firm is vital. Especially when you’re a newer firm, you’ll want an experienced reviewer who has a proven track record of success in your industry. Collaborating with them will help you gain a new perspective. Through their objective feedback, they can help you look at ways to operate more efficiently.
Let Taurus CPA Solutions Conduct Your Peer Review
When it’s time for a peer review, many firms in the mid-Atlantic region reach out to Taurus CPA Solutions. Our firm offers:
Internal inspection consultation
Let’s work together to help you grow your firm and maximize profitability. Call Taurus CPA Solutions at (410) 465-4600.
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