The Virginia Board of Accountancy (VBOA) is establishing a Peer Review Oversight Committee to oversee the process and review of peer review in the Commonwealth effective July 1, 2010.
To provide reasonable assurance that peer reviews are conducted and reported in accordance to the AICPA Standards for Performance and Reporting on Peer Reviews, the PROC will monitor the VSCPA Peer Review Program, which administers the AICPA Peer Review Program in Virginia.
The VSCPA Peer Review Program also undergoes a biennial oversight process conducted by the AICPA, and received clean reports on its last two oversights, conducted in 2007 (PDF) and 2009 (PDF).
In establishing the PROC, the VBOA is following the recommendation of the National Association of State Boards of Accountancy (NASBA) that all state boards perform oversight of approved practice-monitoring programs as part of their usual and customary duties when practice monitoring is a condition of licensure, as is the case for licensed Virginia firms.
Read more about the establishment of the PROC, including the VSCPA's feedback to the VBOA here.