MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 2014 Annual Report on Oversight
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1 MICHIGAN ASSOCIATION OF CERTIFIED PUBLIC ACCOUNTANTS 2014 Annual Report on Oversight Date Issued: December 1, 2015 I. Administering Entity Oversight Process and Procedures Based upon the standards in the AICPA Peer Review Program Oversight Handbook, the following basic guidelines/procedures were utilized. SYSTEM REVIEWS Two on-site Reviews were selected for oversight, performed at the reviewed firm s location. Additionally, two off-site Reviews were selected. Selection was based on possible concerns surfacing regarding a firm (either historically or currently) or to achieve geographical coverage. Two of these engagements included must select engagements (ERISA and GAGAS). In the event no reviews appeared questionable, in the time frame being considered, alternate reviews would have been selected randomly. Oversight reviewers were assigned by the Committee based on availability, location and absence of conflict of interest. ENGAGEMENT REVIEWS Four Reviews were selected for oversight. Selection was based on possible differences of opinion between the firm and the reviewer, repeat findings or other issues as noted in the manual. In the event no reviews appeared questionable, in the time frame being considered, alternate reviews would have been selected randomly and reviewers were assigned by the Committee based on availability and absence of conflict of interest. REVIEWER PERFORMANCE One reviewer was selected for oversight. Selection was based on issues such as high volume of reviews, deficiencies in reporting, excessive Pass or Pass with Deficiencies reports or other qualifiers as noted in the manual. If no issues were apparent in the time frame being considered, a reviewer would have been selected randomly. An oversight reviewer was assigned by the Committee based on availability and absence of conflict of interest. REVIEWER RESUMES Every year, a minimum of 33% of the reviewer resumes is selected and verified in order to verify 100% over a three year period. The verification process includes position in firm, license to practice, CPE credits, reviewer training course, firm s last peer review report is a Pass, number of engagements and level of involvement. ADMINISTRATIVE REVIEW Every two years, the Committee Chair evaluates the administrative processes as suggested in the Peer Review Program Oversight Manual. On alternating years, the AICPA Oversight Board sends a representative to perform an on-site Administrative Review to include observation of a Report Acceptance Body (RAB) meeting. Recommendations may be made for process improvements during the administrative review. Page 1 of 6
2 ONGOING AICPA SELECTIONS The administering entity provided work papers on reviews selected randomly and requested by the AICPA PRB staff for oversight on an ongoing basis. ANNUAL REPORT ON OVERSIGHT Annually, the administering entity prepares a report outlining its oversight process and statistics related to the results of the Peer Review Program. This report is submitted to the AICPA and is posted to the MICPA web site. II. Summary of Peer Review Programs 1) The Michigan Association of Certified Public Accountants (MICPA) serves as the administering entity for the AICPA Peer Review Program in the state of Michigan and also administers the MICPA Peer Review Program (which operates exactly the same as the AICPA Peer Review Program) for non AICPA member firms. The Department of Licensing and Regulatory Affairs (LARA) requires all firms in the state who provide attest services, including audits, reviews and compilations that are relied upon by third parties to be enrolled in a practice monitoring program. LARA has designated the MICPA as an authorized report acceptance body to approve peer review reports issued for firms enrolled in the peer review program administered by the MICPA. 2) Number of Enrolled Firms by Number of Professionals* as of 12/31/14. ENROLLED FIRMS BY NUMBER OF PROFESSIOLS Sole Practitioners Total Enrolled Firms *Professionals are considered all personnel, including leased and per diem employees, who devote at least 25% of their time in performing audits, reviews, compilations or other attest engagements, or those professionals who have partner/manager level responsibility for the overall supervision or review of such engagements, whether or not they are CPAs. The number of enrolled firms is as of 12/31/14. Page 2 of 6
3 3) Results of Peer Reviews Performed During the Year 2014 a. Results by Type of Peer Reviews and Report Issued Reviews Pass Pass with Deficiency(ies) 4 13 Fail 2 4 Subtotal Reviews Pass Pass with Deficiency(ies) Fail 4 5 Subtotal Totals b. Reasons for Pass with Deficiencies and Fail Report Grade The following lists the reasons, summarized by elements of quality control as defined by Statement on Quality Control Standards, for report modifications (when a Pass with Deficiencies or Fail report is issued) and shows the number of firms that received modified reports from system reviews performed for REPORT RESULTS Reasons for Report Modifications Acceptance & continuance of client Relationships and specific engagements 2 0 Monitoring 7 0 performance 17 4 Human Resources 2 5 Totals 28 9 Page 3 of 6
4 c. s Not Performed in Accordance with Professional Standards in All Material Respects The following shows the total number of engagements reviewed and the number identified as not performed or reported on in accordance with professional standards in all material respects from peer reviews performed during The Standards state that an engagement is ordinarily considered not performed and/or reported on in accordance with applicable professional standards when deficiencies, individually or in aggregate, exist that are material to understanding the report or the financial statements accompanying the report, or represents omission of a critical accounting, auditing or attestation procedure required by professional standards. Type Number of s Not Performed in Accordance with Professional Reviewed Standards Number of s Not Performed in Accordance with Professional Reviewed Standards Audits - Single Audit Act (A-133) Audits - Governmental - All Other GAS Audits - ERISA Audits - All Other SAS Audits Non-Carrying Broker Dealers Reviews Compilations with Disclosures Compilations without Disclosures Financial Forecast & Projections - Examinations Non-Carrying Broker-Dealers Other SSAEs Agreed Upon Procedures Examinations (SOC 2 Reports) Defined Benefit Plans Defined Contribution - L & F ERISA Health & Welfare ESOP Plans Examinations of Written Assertions Review of Written Assertions Preparation without Disclosures Totals Page 4 of 6
5 d. Summary of Required Follow-Up Actions The peer review committee is authorized by the Standards to decide on the need for and nature of any additional follow-up required as a condition of acceptance of the firm s peer review. During the report acceptance process, the peer review committee evaluates the need for follow-up actions based on the nature, significance, pattern and pervasiveness of engagement deficiencies. The peer review committee also considers the comments noted by the reviewer and the firm s response thereto. If the firm s response contains remedial actions which are comprehensive, genuine and feasible, then the committee may decide not to recommend further follow-up actions. Follow-up actions are remedial and educational in nature and are imposed in an attempt to strengthen the performance of the firm. A review can have multiple follow-up actions. For 2014, the following represents the type of follow-up actions required. SUMMARY OF FOLLOW-UP ACTIONS Type of Follow-Up Action MICPA PEER REVIEW AICPA PEER REVIEW Outside party to review corrected substandard engagement 1 1 Submit CPE plan to the Committee 0 1 Submit to Team Captain Revisit - General 1 3 Submit Monitoring Report 0 2 Submit Inspection Completion Letter 0 1 Submit Inspection Report 0 2 Submit proof of CPE taken Submit proof of proper firm licensure 1 1 Submit proof of purchase of Manuals 3 1 Team Captain review of substandard engagement with w/p Team Captain review of substandard engagement without w/p 3 8 Team Captain review of correction of substandard engagement 7 10 Page 5 of 6
6 III. Oversight Results 1) Peer reviews of AICPA member firms AICPA OVERSIGHT ENGAGEMENTS INCLUDING "MUST SELECTS" Type of Review ( or ) Type of (ERISA, GAGAS, FDICIA, NONE) G, E G E G G, E G 2) Verification of reviewer s resumes REVIEWER RESUME VERIFICATION Total Number of Peer Reviewers Total Number of Resumes Verified for Year % of Total Verified (over three years) ) Administrative oversights ADMINISTRATIVE OVERSIGHTS Date of last Administrative Oversight performed by MACPA 11/13/2015 Date of last On-site Oversight performed by the AICPA Oversight Task Force 9/16/14 Page 6 of 6
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