Reckenen is a member of the American Institute of Certified Public Accountants (AICPA) Center for Audit Quality and the Government Audit Quality Center. Membership in these organizations is voluntary and requires a commitment to the highest standards of professional practice.
Reckenens’ system of quality control encompasses the firm’s structure and the policies adopted and procedures established to provide the firm with reasonable assurance of complying with applicable standards governing audits and attestation engagements. Our internal quality control system includes procedures for monitoring, on an ongoing basis, whether the policies and procedures related to the standards are suitably designed and are being effectively applied.
Every three years, the Firm engages an independent accounting firm to determine if our quality control policies and procedures are suitably designed, and if our techniques for implementing these policies and procedures comply with professional standards. External peer review is designed to give the public additional confidence in the quality of our audit and accounting practice.
Reckenen has successfully completed all peer reviews to date. Each peer review has included a review of audit engagements as required by AICPA standards. The peer review standards were changed effective January 1, 2009, and under the new reporting requirements, the highest report result is “pass.” Under the new standards, we have received a peer review rating of pass, for each peer review, since 2008.
In addition to our external peer review, our firm conducts an engagement quality control review (EQCR) on all of our audit clients and an annual review of a sample of our non-attest clients. As part of the EQCR process on our audit engagement all work-papers are reviewed in detail by a concurring partner prior to release of the audited financial statements and other required reports. This process ensures that all of our engagements meet or exceed quality control standards promulgated in accordance with the American Institute of Certified Public Accountants.