Practice Review

Overview

Practice Review oversees a mandatory program to review all registered public accounting firms and professional services providers who perform assurance engagements, specified auditing engagements, procedures, compilation engagements and tax services.  The objective of practice review is protection of the public by assessing the compliance with professional standards of firms that perform assurance, compilation, other specified engagements and tax and by taking appropriate follow-up or remedial action in instances of non-compliance. The public is further protected by practice review providing an educational experience to members/firms

Practice Review Process

The Practice Review program evaluates whether a reviewed firm’s quality control policies and procedures in the accounting, tax and assurance areas meet the profession’s high standards for excellence.  All final decisions regarding assessments are made by the Practice Review Committee.  Each registered Alberta firm is reviewed at least once every three years, provided acceptable standards are maintained.  All firms reviewed are given recommendations for improvement.  Firms considered to be lacking in minimum standards may require a follow-up review.  Continued failure to improve standards after sufficient follow-up reviews may result in a discipline complaint against the firm.

Other Topics

Preparing for Practice Review

Requirements to Become a Practice Reviewer

Focus on Practice Review (PDF Document, 87 KB)