Engagement & System Review
Cromwell & Company is able to conduct both System Reviews and Engagement Reviews. The majority of states have instituted a peer review requirement. Generally firms that conduct audits are required to have an onsite peer review. Firms that focus only on compilation and review engagements will be required to have an engagement review. An engagement review is significantly less in scope and can be completed off site. A system review is required to be conducted at the firm’s principal office.
We are an experienced and technically competent review team. We have performed hundreds of peer reviews for over 250 firms ranging from one to 150 professionals. We have served for ten years on Peer Review Committees at the AICPA and state level. We have performed all types of reviews and assisted firms in their inspection process. Our team captains are among the most experienced in the industry.
Our reviewers plan and work together as a team. Prior team experience translates into efficiency. Our accounting and auditing practice is diverse and includes many industries. When necessary, a broad network of reviewers is available to supplement our industry expertise.
All of our firm’s peer reviews have resulted in unmodified opinions. Our last seven reviews were accepted without a letter of comment. We have been a member of PCPS Division for CPA Firms since its inception in 1977. We have performed reviews since 1981. We are members of the AICPA Employee Benefit Plan and Governmental Audit Quality Centers.
We provide practical business advice to improve firm profitability and operational effectiveness. Written suggestions deal with ideas and observations regarding insurance, personnel, data processing, engagement efficiencies, scheduling, marketing, collections and other areas. Our experience provides practical advice relevant to the small to medium local CPA firm.
More information on the AICPA can be found here.