Changes to Peer Review

By Mike Nelson

The Washington State Board of Accountancy (WBOA) has made a change to which firms are subject to peer review by amending WAC 4-30-130. 

At their meeting on October 18, 2024, the WBOA adopted a rule change which adds an exclusion to the peer review requirement for firms that perform compilation services.  

By making this change the WBOA will require only CPA firms providing attest services to complete peer review at their license renewal. It is important to note that any firm that is a member of the AICPA will still be required to complete peer review for compilation work through their membership obligation with the AICPA. 

Small firms in Washington who do not perform attest work but have been completing compilations, however, will no longer be required to complete peer review. The motivation for WBOA’s passage of this change is to increase the number of firms that are willing to offer compilation services..