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GROCO ANNOUNCES SUCCESSFUL PEER REVIEW
American Institute of CPAs gives Bay Area firm outstanding report.
/Accounting PR News/ - FREMONT, CA, October 14, 2006 - GROCO is pleased to announce that the American Institute of Certified Public Accountants (AICPA) has awarded the firm its highest level of recognition for a successful peer review report. In a ceremony this morning at their Fremont offices, GROCO staff were presented with an achievement award by Bob Johnson, president of the East Bay Chapter of the California Society of Certified Public Accountants (CalCPA).
"We are thrilled to have received another extremely positive peer review report," said Alan Olsen, Managing Partner at GROCO. "We have always felt that our professional staff were head and shoulders above any in the industry. This report confirms that and shows that our clients can trust the level of service we are delivering."
Carried out in conjunction with participating state CPA societies and overseen by the AICPA, the AICPA Peer Review Program requires CPAs to have a rigorous, outside review of their accounting and auditing practices once every three years. These reviews determine whether a firm has suitable quality control policies and procedures and is complying with them. Specifically, the reviews focus on the following:
• How the firm implements independence requirements
• How personnel are assigned
• Provisions for consultation when technical assistance is required
• How accounting and auditing engagements are performed and supervised
• Hiring practices
• Continuing professional education programs
• Promotion of personnel
• Obtaining and retaining clients
• Internal inspection of the firm's work
The AICPA's reviewing body gained an understanding of GROCO's quality control system and tested the firm's compliance with that system. In their report, GROCO was informed that it fully met the standards established by the AICPA.
In 1988, the AICPA membership overwhelmingly approved a proposal that requires AICPA members in public practice to participate in a practice-monitoring program. With the adoption of this proposal, the AICPA implemented a peer review program of unprecedented scope in the CPA profession or any other. Peer review helps assure users of CPA services that their CPA firm measures up to the profession's high standards of professionalism and is committed to improving the quality of its practice.
Participation in the AICPA Peer Review Program provides CPAs with the opportunity to learn new or improved ways to run their firms and improve client services. This may be as simple as identifying possible inefficiencies, or as broad as determining opportunities to better serve clients. Whatever the case, clients benefit because CPA services become more appropriate for their needs and responsive to the changing business environment. What's more, clients can be sure their CPA firm measures up to the profession's high standards of quality and professionalism.
Peer review also keeps CPAs current on the latest standards and trends in accounting and auditing. This translates into more knowledgeable advice for those who rely on CPA services. Peer review offers the assurance your certified public accounting firm is committed to performing at the very highest level.
About AICPA
With over 330,000 members, the American Institute of Certified Public Accountants is the national professional organization of CPAs in public practice, business, industry, government, and education. AICPA members are committed to the highest standards of quality, independence and ethics in their practice. In its continuing effort to serve the public interest, the organization sets audit standards, upholds the profession's code of ethics, provides continuing professional education, administers peer review programs, and prepares and grades the Uniform CPA Examination. The AICPA is the first national professional organization to be ISO9001-certified, in recognition of its quality management and assurance practices.
About GROCO
Greenstein Rogoff Olsen & Co., LLP is a full service CPA firm providing accounting, tax, financial, and strategic planning for the highly successful. Consistently ranked as one of the top accounting firms in the San Francisco Bay Area, GROCO has been in business since 1964 and has offices in Palo Alto and Fremont, California. GROCO specializes in providing consulting services to high net-worth individuals and closely held businesses. We also have special expertise in providing accounting services to some of the leading Venture Capital partners in the Silicon Valley.
Our primary services include income tax planning, income tax preparation, strategic business consulting, business valuations, bill paying, estate planning, estate administration, trustee services, and financial statement preparation. Our clients have participated in building companies like America Online, Oracle, Sun Microsystems, Compaq, Macromedia, Ebay, and Genentech.
GROCO: Trusted advisors to the highly successful.
Media Contact:
--------------------
Mark Child
P: 510.797.8661
F: 510.797.1791
mchild@groco.com
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Press Release Contact Information:
Mark Child
Greenstein, Rogoff, Olsen & Co.
Marketing Director
39159 Pase Padre Pkwy, Ste 315
Fremont, CA
USA 94538
Voice: 510-797-8661
Fax: 510-797-1791
Website: Visit Our Website |
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