As outlined, the new concept of peer review would be driven by five activities:

1. Continuous analytical evaluation of engagement performance;
2. Human review when system-identified concerns are raised;
3. Involvement of external monitors, when necessary;
4. Periodic inspection of system integrity;
5. Oversight of the system's operating effectiveness.

"The concept paper, provocative by design, presents a significant leap forward in practice monitoring. It challenges the profession and its stakeholders to imagine a more timely and transparent process that offers insights into quality, in some instances even before an engagement is completed," Barry Melancon, CEO of the AICPA, said in a prepared statement.

The AICPA expects practice monitoring would be developed and implemented in multiple phases with monitoring tools developed and piloted by voluntary group of small, medium and large firms. Information can be found on the AICPA Community site (aicpa.org/futurepracticemonitoring). Comment can also be sent to This email address is being protected from spambots. You need JavaScript enabled to view it..