Our Commitment to Quality
Vrakas CPAs + Advisors is licensed by the Wisconsin Department of Safety and Professional Services – Accounting Examining Board. The Wisconsin Administrative Code (which governs the Board) requires our firm to undergo a peer review of our accounting and auditing practice that complies with the “Standards for Performing and Reporting on Peer Reviews” established by the Peer Review Board of the American Institute of Certified Public Accountants (AICPA) every three years.
The peer-review standards require CPA firms to design and comply with a system of quality control that provides the firm with reasonable assurance that we are performing and reporting in conformity with professional standards. The peer review program’s primary objective is to protect the public interest by improving the quality of services performed by AICPA members in public practice.
The peer reviewer may issue one of three opinions on the firm’s system of quality control; Pass, Pass with Deficiencies, or Fail. A Pass rating is reported if there are no deficiencies, significant deficiencies, or recommendations. We are proud to have received a Pass rating for our last System Review for the year ended August 31, 2020, and no letter of comments, and have received a Pass rating without a letter of comments for all prior peer-reviews since our firm’s inception in 1971.