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CLARIFICATION

(June 15, 2009)


Some readers were surprised to learn from "In need of review?" (April 20-May 3, 2009, page 1) that, prior to a recent law, New York State did not require peer review. It is, in fact, true - though many New York-based firms have undergone peer reviews as part of their membership in the American Institute of CPAs. For instance, 522 peer reviews were conducted in the state in 2004, according to The Trusted Advisor, a publication of the New York State Society of CPAs.

(c) 2009 Accounting Today and SourceMedia, Inc. All Rights Reserved.

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