PCPS Firms Satisfied With Reviews.

A survey of 325 firms that completed their 1999 peer review revealed satisfaction levels with the on-site review program remain high. In fact, a large majority (84%) of the survey respondents who received an on-site review said they found it "valuable."

While most firms said they fully understood the objectives and processes of the peer review program, those that had undergone an off-site review were less satisfied with the review process because they "missed out on the face-to-face interaction with the review team."

The survey gave firms an opportunity to provide PCPS with questions on, and recommendations for, the peer review program. PCPS is organizing the questions and recommendations by category and will post them on the PCPS Web site with responses from experienced reviewers.

The PCPS executive committee will continue to monitor the peer review program, suggest improvements and find new and innovative ways to make peer review a worthwhile exercise for CPA firms. In the spirit of its commitment to the program, the committee established a task force on adding value to peer review. The task force plans to use the survey data in setting its agenda for future programs--among which are the advertising campaign to bankers (see below) and the local firm handbook, Roadmap to Peer Review. More information on the peer review program will be provided in PCPS Update in the future.

Ad Campaign to Bankers

For the past year, PCPS has sponsored an advertising campaign that targeted bank lending officers, and was intended to educate them about the value of peer review and the PCPS public file. PCPS and the AICPA have updated the ad campaign with four new ads promoting the peer review program.

Why? PCPS firms...