review service for a client from C corp to s corp

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#1
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Hi, I have a client, need to do a review for its bank loan.

the company was C Corp in 2015, but start to Jan 2016, it was s corp.

So for review purpose, what extra stuff I shall consider?
thanks for your help.
 

#2
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If you do not currently prepare reviews for other clients, you may be opening yourself up for additional peer review requirements. I currently only prepare compilations. If I have someone that needs a review, I send them to another firm for that. It would not be cost efficient for me to prepare a review for one client.
 

#3
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what cost will be for a peer review? thanks.
 

#4
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Different peer review firms charge different amounts. More work is normally involved if you prepare reviews, so the fee is higher than if you just prepare compilations. Don't know what Oregon requirements are. May want to check with your state board.
 

#5
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I paid $550 for my peer review to a CPA firm last year (and I just prepare compilations). Also pay $150 annually to NCACPA for the peer review fee.
 

#6
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Seaside CPA, thanks for the information. decide just use QB to do financial and use the money to pay fees.
 

#7
jon  
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I am moving to office next to Seaside. My reviewer for the past 24 years (every 3) retired. His firm said $1,000-$1,300 for current year guess and when I asked for a bid from another firm she said $900-$1,200. I have only compilations and was actually charged $1,400 six years ago and complained three years ago and it was $1,200. I do no footnotes, only tax basis and it took him two hours last time, but he said the processing is the costly part.
 

#8
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Come on Jon, I need some company! LOL! I don't do that many compilations. They normally pull three of mine to look at. I'm like you in that I do no footnotes, only tax basis. However, mine is a mail in peer review. Do you actually have to have an in office review?
 

#9
jon  
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It used to be mail until PRIMA came along this year. I guess now it electronic and yes last time they selected 2. Seaside sounds good to me. My first two Peers were office because of audits and reviews, since then just as above.
 

#10
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Let me know if you would like my peer review firm's name. They are out of Georgia. Don't know if they could perform yours or not, but it may be worth checking into!
 

#11
novacpa  
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See the news about KMP*...and their Peer Review?
 

#12
eze  
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novacpa wrote:See the news about KMP*...and their Peer Review?


No. Do you have a link?
 

#13
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Rockville Centre, NY 11570
NYS exempts CPA firms with less than 2 partners from peer review if preparing only compilations! Additional CPE of 40 credits in accounting and/or audit over the past 3 years.

I would check your state rules carefully to see if you actually require peer review at all?
 

#14
sjrcpa  
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AICPA probably does not have such a rule.
 

#15
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sjrcpa wrote:AICPA probably does not have such a rule.


Why would it matter? CPAs are subject to state law, not AICPA rules. Only when state law references AICPA rules are they applicable.
~Captcook
 

#16
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jon wrote:It used to be mail until PRIMA came along this year. I guess now it electronic and yes last time they selected 2. Seaside sounds good to me. My first two Peers were office because of audits and reviews, since then just as above.


PRIMA made me wish I majored in nursing. I do 3 complications and the PRIMA process left a very bad taste in my mouth.
Last edited by southparkcpa on 11-Apr-2018 6:41pm, edited 1 time in total.
 

#17
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What is the PRIMA process? I guess I have not had a peer review since that was started. Is everything now being done electronically? Do you submit everything for review electronically?
 

#18
eze  
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southparkcpa wrote:
jon wrote:It used to be mail until PRIMA came along this year. I guess now it electronic and yes last time they selected 2. Seaside sounds good to me. My first two Peers were office because of audits and reviews, since then just as above.


PRIMA made me wish I majored in nursing. I do 3 complications and the PRIMA process left a very bad taste in my mouth.


The new system is dreadful. Considering that the the AICPA PR engine is pushing Global and Cyber savvy CPAs...their website is an embarrassment.
 

#19
sjrcpa  
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re my Post #14
I should shut up when I'm clueless. I'm on the tax side of the house. I know we go through peer review and that AICPA and state society are involved and that is about all I know about peer review.
 

#20
eze  
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sjrcpa wrote:re my Post #14
I should shut up when I'm clueless. I'm on the tax side of the house. I know we go through peer review and that AICPA and state society are involved and that is about all I know about peer review.



State law governs peer review requirements....AICPA is usually given authority to administer peer reviews....AICPA usually delegates to State Association....and the cycle of bureaucy comes full circle.
 


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