Which one of the following is not true regarding the American Institute of Certified Public Accountants peer review requirement?
A. A CPA firm must develop and adhere to quality control standards.
B. Peer reviews are mandatory.
C. A CPA firm will lose AICPA eligibility if a peer review is not performed.
D. Firms required to be registered with and inspected by the PCAOB are exempt.
Answer:D
Which one of the following is not true regarding the American Institute of Certified Public Accountants peer review requirement?
A. A CPA firm must develop and adhere to quality control standards. B. Peer reviews are mandatory. C. A CPA firm will lose AICPA eligibility if a peer review is not performed. D. Firms required to be registered with and inspected by the PCAOB are exempt.