For the twelve months ended April 30, 2021, Schulte & Company CPAs Inc. has received the best peer review rating, a rating of pass. Congrats Team Schulte!
Every three years accounting firms undergo the peer review process administered by the American Institute of Certified Public Accountants. A passing grade is needed to renew a firm’s license to practice in the attest accounting field, including the ability to provide services for preparation, compiled, reviewed and audited financial statements. Since Schulte & Company provides a full range of financial statement services from preparation to audit, Schulte underwent the most stringent type of peer review, which is the System Review.
A System Review is designed to provide a peer reviewer with a reasonable basis for expressing an opinion on whether, during the year under review:
In performing a System Review, the peer reviewer might:
Most of the procedures in a System Review are performed at the reviewed firm’s office. The scope of the peer review does not encompass other segments of a CPA practice, such as tax services or management advisory services, except to the extent they are associated with financial statements, such as reviews of tax provisions and accruals contained in the financial statements. Firms can receive a rating of pass, pass with deficiency(ies) or fail.
Schulte & Company’s next peer review period will be for the twelve months ended April 30, 2024.