After careful consideration and upon the recommendation of the MSCPA Peer Review Committee, the Board of Governors voted unanimously at the May 9, 2019, meeting to transfer the administration of Mississippi firms’ peer review to the Alabama Society of CPAs. While a later transition date was originally planned, the earlier date will allow for a more economical and efficient transition to coincide with the Society’s year end which is June 30.
The MSCPA Board of Directors, staff and Peer Review Committee have worked diligently over the past two years to evaluate the administration process and the challenges and difficulties that the MSCPA would face going forward as a result of the AICPA’s enhancements to audit quality in the peer review program.
Using committee members from three states during the acceptance process will enable the Alabama staff to more effectively mitigate any familiarity threats, which is now a requirement in the peer review standards.
The Alabama staff will be able to offer the personal assistance that Mississippi firms have come to expect.
All firms subject to peer review will pay the annual fee based on the number of professionals in the firm.
The Peer Review Program is an educational and remedial program designed to help you improve the quality of your accounting and auditing practice.
License Renewal Date 12/31 annually CPE Reporting Period 7/1 – 6/30 annually General Requirements 40 hours Ethics Requirement Four (4) hours every 3 years in a course which covers ethical behavior and the understanding of State and National code of Conduct, Professional Conduct and State Licensing Regulations.
Other Subject Area Requirements Eight (8) hours in the subject area of attest or compilation services required by any individual licensee who performs or is responsible for supervising attest or compilation services or who signs or authorizes another person to sign reports on financial statements on behalf of the firm.
The MSCPA Board determined that it is in the best interest of our members to partner with another state to more effectively provide the administration of the program.Pursuant to § 54.1-116 of the Code of Virginia, all CPA license applicants must provide a U. Social Security number or control number issued by the Virginia Department of Motor Vehicles. After completing the online application, the applicant will be notified to submit supporting documentation regarding education requirements, experience qualifications and continuing professional education, including the annual Virginia-Specific Ethics Course.Questions about the AICPA Code of Professional Conduct may be directed to the AICPA Professional Ethics Division at [email protected] by calling the Ethics Hotline at 888-777-7077.Our fees are some of the lowest of all administering entities.While member firms will experience an increase in fees with Alabama, projections show the increase to be comparable or less than the increase that MSCPA would implement to continue to administer the program to cover the additional required staff.
If you have any questions regarding the transition, please contact us at [email protected] [email protected] 601-856-4244. The Peer Review Integrated Management Application (PRIMA) is the primary tool used by firms, reviewers and the entities administering peer review to complete the peer review process.