Pursuant to § 54.1-4412.1, D.6., Code of Virginia, in order for a firm to obtain a firm CPA license the firm must be enrolled in the applicable Peer Review monitoring program of the American Institute of Certified Public Accountants or its successor, or in another Peer Review monitoring program for attest and compilation services, such as one sponsored by the Virginia Society of Certified Public Accountants that is approved by the VBOA. In addition, the firm must comply with any requirements prescribed by the VBOA in response to the results of peer reviews.
Pursuant to Board Regulation 18VAC5-22-150, in order to comply with subdivision D.6. of § 54.1-4412.1, Code of Virginia, a firm must comply with all components of the monitoring program in which it is enrolled, except that, depending on the facts and circumstances, the VBOA may waive the requirement for a peer review or grant additional time for complying with the requirement.
On a monthly basis the VBOA randomly selects licensed Virginia CPA firms for Peer Review compliance. VBOA staff will notify the firm if they have been selected for a compliance review. If selected, the firm will be required to submit acceptable supporting Peer Review documentation to verify compliance. Additional documentation may be requested by the VBOA as a function of the Peer Review process.
In addition to the random selection process, licensed Virginia CPA firms will also be selected for a compliance review of their Peer Review as a component of any open investigation (enforcement case), or in situations where the VBOA believes that a Peer Review compliance review is warranted.
Information on the AICPA's Facilitated State Board Access process is available. Participation in the FSBA process is an acceptable method of compliance with the VBOA regulations and reduces the amount of paperwork that CPA firms must communicate to the VBOA.
Do not submit Peer Review documentation with the annual firm renewal unless specifically asked to by VBOA staff as part of the Peer Review compliance review process. However, Peer Review documentation must be retained for a minimum of three calendar-years preceding the current calendar-year.