In response to heightened public interest, the AICPA has established extensive requirements for performing peer reviews of material providers like PPC and has a special task force to evaluate the quality of provider peer reviews and to perform detailed peer review oversight procedures. The profession-wide scrutiny placed on peer reviews of accounting and auditing materials has increased, and the negative consequences of a deficient peer review are serious. If we’d chosen not to have a peer review or did so and received a rating other than pass, your firm’s peer reviewer would be required to perform additional procedures to test the firm’s engagement methodology, likely resulting in a substantially higher peer review cost to you.