The Minnesota State Board of Accountancy implemented a Quality Review Program in July 1994.  The program is modeled after the AICPA program but has some unique features.  Just as continuing professional education is a way to make sure individuals stay current with what is happening in the profession, the quality review program is designed to insure the public accountants’ work product is of the highest quality.  It is an educational program where an outside reviewer takes a look at the firm’s work to make sure it meets current standards.

Those firms and sole proprietors who perform audits, reviews, or compilations/financial statements are required to have a quality review every three years.  The Board approved three organizations, including MAPA, to serve as Report Acceptance Bodies (RAB). As an approved Report Acceptance Body with the Minnesota State Board of Accountancy, MAPA is authorized to receive your Quality Review reports.

MAPA has established a Quality Review Committee to implement and operate the Quality Review Program.  The Committee consists of volunteers who are MAPA members currently active in public accounting in a supervisory role.  The Committee meets periodically to make decisions regarding the operation of the program and to serve as MAPA’s report acceptance body.  In this latter capacity, it reviews and acts upon peer review reports submitted by reviewers.

Once it is determined that a firm requires a quality review:

• The firm should contact MAPA to determine the type of review needed. See below for the forms that MAPA will need to process reviews.

  Quality Review Firm Questionnaire (Word)
  Quality Review Billing Form (Word)
   

• MAPA will then help the firm find a qualified reviewer.
• The firm will contact the reviewer to schedule a time for the review. 
• The firm then has a set amount of time to review the reviewer’s report and submit it with any additional required documents to the MAPA. 
• MAPA then processes the documents and either accepts the materials, or accepts with follow-up requirements. 
• MAPA then issues the appropriate acceptance letter to the firm. 
• For the final step in the process, the firm submits the review report and appropriate documents to the Minnesota State Board of Accountancy.

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• Acceptance and Continuance of Clients and Engagements (December 2001 MAPAN)
• Areas that More Commonly Result in Findings in Small Firm Reviews (January 2001 MAPAN) 
• Common Findings (January 2002 MAPAN)
• Independence, Findings Related to (June 2001 MAPAN)
• Peer Review Process (May 2001 MAPAN)
• Peer Reviewers Alert (August 2001 MAPAN)
• SAS 89 (November 2001 MAPAN)
• SAS 93 (July 2001 MAPAN)
• SAS 95 (June 2002 MAPAN)
• SAS 96 (July 2002 MAPAN)
• What Constitutes Sufficient Documentation Under SSARS in an Engagement Review (October 2001 MAPAN)