White paper issued for navigating through revised peer review standards.

The AICPA's Peer Review Board has issued a white paper, Navigating Through the Revised AICPA Standards for Performing and Reporting on Peer Reviews and Related Interpretations (www.aicpa.org/ download/centerprp/White_Paper_final_ 6_23_08.pdf). The paper serves as a bridge between the current and revised Standards and Interpretations and explains how the changes may affect enrolled firms (including those responsible for the firm's quality control function), peer reviewers, entities administering peer reviews, and peer review users, including regulators. It discusses the reporting process changes, changes to engagement and report reviews, and how the comment letters received in response to the exposure draft were considered in the process of finalizing the revised Standards. In addition, the paper describes how readers can learn more about the revised Standards.

The revised Standards recognize the public interest in the quality of the accounting, auditing and attestation services provided by members"...