Tobey Wilson, Shareholder at ECS Financial Services, recently became a registered peer reviewer for the American Institute of Certified Public Accountants’ (AICPA) Peer Review Program. Becoming a registered peer reviewer demonstrates Wilson’s and the company’s commitment to being a trusted resource to maintain high professional standards for other CPA firms.
“Tobey, congratulations on becoming a registered peer reviewer for the AICPA,” said Sam Oliva, CEO and Shareholder of ECS Financial Services. “Your hard work over the years along with your diligent efforts in becoming a registered peer reviewer for the AICPA will clearly add value to our practice and is very much appreciated.”
To become a registered peer reviewer, Wilson completed a webinar and an eight-hour case study course through the AICPA and the Illinois CPA Society. He also possessed the credentials needed to become a peer reviewer which include being a shareholder of the firm, having extensive knowledge of quality control and peer review standards, and possessing at least five years’ experience in accounting and auditing. The firm said it is excited to support Wilson as he gives back to the accounting profession by serving as a peer reviewer to other CPA firms.
“Over the last several years ECS’ peer reviewers encouraged me to become a peer reviewer myself,” Wilson said. “The pool of qualified peer reviewers has been declining, and the time was right for me to pursue this new practice area for the firm.”
He and ECS’ Peer Review team conduct system and engagement reviews. They review a CPA firm’s policies and procedures to determine if they comply with professional standards related to quality control, ethical responsibilities and leadership goals. The team then reviews selected firm engagements and concludes if the system of quality control for its accounting and auditing practices is well-designed and complies with professional standards.
ECS decided to start offering peer review services for other firms thanks in large part to the addition of Janice Forgue to the staff as Senior Manager - Assurance Services. Forgue is highly knowledgeable with over 25 years’ experience conducting peer reviews. She serves on the Illinois CPA Society Peer Review Executive Committee and its Peer Review Report Acceptance Committee.
“Joining ECS and being able to assist them in developing a peer review practice is very exciting,” Forgue said. “Peer review has changed significantly since its inception and since I began participating. However, the goal remains to help firms deliver quality accounting and auditing services to their clients. Adding value during the peer review process is what I enjoy most.”
In addition to system and engagement peer reviews, ECS peer reviewers can serve as team members on peer reviews performed by other firms, with Forgue being a subject matter expert on audits of employee benefit plans.