Every three years, we as a firm must undergo what is known as peer review.  PCPS, the AICPA Alliance for CPA Firms, instituted peer review initially as a voluntary quality assurance practice. Due to the great success of the program, the AICPA adopted a quality review program in 1988 as a mandatory practice, which would further help the accounting profession to self regulate. 

We must have a Quality Control policy for our firm along with many other documentation and system requirements.  We must engage another CPA who has undergone stringent training courses on accounting and auditing and related quality standards, as approved by the AICPA Peer Review Board.  This person reviews our Quality Control document and randomly selects several clients to review their files, our working programs and the final reports.

Our most recent peer review was in the fall of 2008, and we received an unqualified opinion with no letter of comments.  This is the best result we could obtain and we are very proud of the fact that all of our past peer reviews have been the best result possible.

To see our most recent report, visit http://peerreview.aicpaservices.org/publicfile/default.asp.  Enter Hugly & Co  in the firm name field