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The peer review is conducted by an independent evaluator, known as a peer reviewer (reviewer). The AICPA oversees the program and the peer review is administered by an entity approved by the AICPA to perform that role. 2. The peer review helps to monitor a firm's accounting and auditing practice (practice monitoring).

Perhaps the most significant difference in the two audit standards is the requirement of the PCAOB to perform a test of detail to address a significant risk and/or fraud risk, regardless of controls reliance, while the AICPA only requires a test of detail if there is no controls reliance.

CIMA is a global professional body for management accountants that offers CGMA as a designation for management accountants. If you complete CIMA, you will be eligible for the CGMA designation. AICPA is a US-based professional accounting body that offers the CPA (Certified Public Accountant) certification.

SAS No. 144 amends AU-C section 501, Audit Evidence?Specific Considerations for Selected Items, AU-C section 540, Auditing Accounting Estimates and Related Disclosures, and AU-C section 620, Using the Work of an Auditor's Specialist.

SAS No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, enhances the requirements and guidance on identifying and assessing the risks of material misstatement, in particular the areas of understanding the entity's system of internal control and assessing control risk.

Congress created the PCAOB in the wake of Enron, WorldCom, Tyco, and a series of other financial reporting scandals that rocked the securities markets and shook investor confidence.

Similarities / Differences Both standards require KAM/CAM to be communicated in relation to the audit of the current period. However, the PCAOB provides examples of circumstances when it may be appropriate to communicate CAM in relation to a prior period. These examples are not contemplated by the IAASB Standards.