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Peer Review

Peer Review Requirement: Quality Control of the Firm

In June 2013 the Governor of Florida signed legislation requiring a licensed firm that performs certain audit and attestation services under FS 473.302(8)(a) to enroll in a Florida Board of Accountancy approved peer review program as a condition of the firm to licensure. The law becomes effective January 1, 2015.

IRO CPA, LLC, complies with the peer review requirement as set forth in previous paragraph which requires stringent quality control standards set by the American Institute of Certified Public Accountants and the national professional organization of CPAs.

The reviewers make an independent assessment of the firm's quality control policies and procedures and inspected the working papers and reports on a representative sample of accounting and auditing engagements. They also inspect the firm's administrative files and records and conduct interviews with the professional personnel. The reviewers' report when accepted by the peer review committee is maintained at the AICPA as a public file.

In evaluating a firm's quality controls a peer reviewer considers, among other things, what the firm has done to ensure that it hires only qualified people. That it properly supervises the personnel and provides them with adequate professional training that will advance them to further responsibilities that they are capable of handling. As well as if the firm provides the staff with all necessary technical resources.

IRO CPA, LLC has established a structured educational program to satisfy staff’s requirements with the American Institute of Certified Public Accountants, the Florida Institute of Certified Public Accountants, the Board of Accountancy, peer reviews, and engagement’s needs. Actually, an Audit Partner is in charge of investigating the new pronouncement, releases and rulings regarding our profession.

Periodically, different seminars and training are taken to comply with the continued education credit hours. In addition, each staff member is evaluated and monitored in order to keep record on his/her professional growth, commitment, and responsibility.

The American Institute of Certified Public Accountants requires all firms to have a minimum of forty hours (40) credit courses in continued education per year, which at least twelve are in governmental accounting. Through the years, IRO CPA, LLC has been committed with the professional knowledge and updated information.

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