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We are pleased to announce that our firm
recently passed our peer review for the year ended March 31,
2005 and received an unqualified opinion. Receiving an unqualified
or “clean” opinion for peer review is similar
to the unqualified opinion letters which our clients receive
when audited. It provides additional assurance that proper
compilation, review, and audit procedures and policies have
been established by the auditor and are being followed in
a consistent manner. Peer review is required for all firms
that are members of the American Institute of Certified Public
Accountants (AICPA) and the Greater Washington Society of
Certified Public Accountants (GWSCPA). http://www.aicpa.org/centerprp/peer_review.htm.
Peer review was established by the AICPA
in order to promote the highest level of quality service to
you, the client. It is a way of insuring that all public accounting
firms adhere to the same level of quality service. Not all
firms receive a peer review. Not all firms receive an unqualified
opinion. A peer review includes an assessment, by an independent
auditor, that the public accounting firm has established and
follows policies and procedures such as:
- Audit procedures.
- Proper preparation of supporting workpapers.
- Quality controls over financial statement
preparation.
- Quality controls over continuing education
requirements and knowledge of the industries which they
serve.
- Policies covering independence.
- Other issues which affect the overall
quality of the work performed.
A copy of the opinion
letter received from our auditor and the certificate
of recognition from the AICPA is attached.
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