Peer Review Fee Structure Change

Peer Review Fee Structure Change

Effective July 1, 2012, the AICPA/CTCPA Peer Review Program has a new fee structure.

The below is excerpted from a letter sent May 1, 2012 from the CTCPA Board of Directors and Executive Director Art Renner to all participating firms, explaining the changes:

As your CTCPA Board of Directors and certainly as practitioners ourselves, we realize that there are a number of “compliance costs” associated with the practice of public accounting. For firms that do accounting and auditing work, one of those costs of compliance is participation in a peer review program.

Since the inception of the AICPA/CTCPA Peer Review Program, the Society has endeavored to keep the program’s cost as low as possible. So low, in fact, that our fees have been priced significantly submarket for a number of years.

But as is always the case, the economy has caught up with us, and, upon review of the program, the Board voted to adopt a new fee structure and billing process for Connecticut firms enrolled in the AICPA/CTCPA Peer Review Program.

Although we realize an increase in fees is never good news, we believe a “staggered” (pro-rated) annual payment plan will ease the new arrangements. Further, when you review the rate table below, you’ll notice that your CTCPA membership provides a very significant discount at every level of fee structure!

Changes to Peer Review Fee Structure

Effective July 1, 2012, all firms enrolled in the AICPA/CTCPA Peer Review Program and eligible for peer review will receive an annual (pro-rated) fee invoice from the CTCPA.

Firms with peer review due dates that fall between April 1, 2012 and December 31, 2012 will also be billed an additional amount for the administrative process. This fee encompasses a variety of expenses including, but not limited to the administrator’s salary, technical reviewer fees, and utilities. (Please note that your peer reviewer fee is billed separately by that individual.)

The fee structure is outlined below:

 
To clarify, your firm will receive an invoice each year in July for the annual fee. Firms that are due for peer review in that year will be billed an additional amount for the administrative fee. Invoices are payable no later than July 30 of the year received.

If you have any questions pertaining to this new fee structure, please contact Bonnie Olivieri, Practice Programs Manager at 860-258-0213.