Which one of the following is not true regarding the American Institute of Certified Public Accountants peer review requirement?
A) A CPA firm must develop and adhere to quality control standards.
B) Peer reviews are mandatory.
C) A CPA firm will lose AICPA eligibility if a peer review is not performed.
D) Firms required to be registered with and inspected by the PCAOB are exempt.

Question

Quizplus · Accepted Answer

The statement that "firms required to be registered with and inspected by the PCAOB are exempt" is not true. All CPA firms, regardless of whether they are registered with and inspected by the PCAOB, are subject to the AICPA's peer review requirement.

Which One of the Following Is Not True Regarding the American