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16
www.ctcpas.org
A
s your CTCPA Board of Directors
and certainly as practitioners
ourselves, we realize that there
are a number of "compliance costs" as-
sociated with the practice of public ac-
counting. 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 econo-
my has caught up with us, and, upon
review of the program, the Board vot-
ed 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 "stag-
gered" (pro-rated) annual payment
plan will ease the new arrangements.
Further, when you review the rate table,
you'll notice that your CTCPA member-
ship provides a very significant dis-
count at every level of the fee structure.
If you have any questions pertaining to
this new fee structure, please contact
Practice Programs Manager Bonnie
Olivieri at 860-258-0213.
Important Peer Review Program Changes
A Special Message from the CTCPA Board of Directors
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 Decem-
ber 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:
FirmSize
AICPA/CTCPA
MemberRate
Non-MemberRate
Sole Practitioner
$100Annually
$450 Annually
2 to 10 Professionals
$275Annually
$625 Annually
More Than 10 Professionals
$525Annually
$875 Annually
AdministrativeFees
Administrative Fee rates are the same for
members and non-members.
SystemReview
EngagementReview
Sole Practitioner
$325
$275
2 or More Professionals
$325
$325
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.