At the January 13, 2004 meeting, the AICPA Peer Review Board approved several revisions to existing Interpretations and approved new ones that are effective immediately.

The revisions to the existing Interpretations and new Interpretations effective January 13, 2004 are summarized as follows:

• Interpretation No. 2 was revised in conjunction with the issuance of new Interpretation No. 12 [firms that are required to be registered with and inspected by the Public Company Accounting Oversight Board (PCAOB), are not eligible to enroll in the AICPA Peer Review Program]. Interpretation No.2 clarifies certain engagement selection issues when the firm was never required to be registered with or inspected by the PCAOB.

 
• Interpretation No. 9 is new and provides additional guidance and clarification of significant matters, issues and comments on report reviews.

 
• Interpretation No. 10 is new and incorporates the peer review material retention policies within the Interpretations.

 
• Interpretation No. 11 is new and provides guidance on resignations from and reenrollment in the AICPA Peer Review Program.

 
• Interpretation No. 12 is new and states that firms that are required to be registered with and inspected by the Public Company Accounting Oversight Board, are not eligible to enroll in the AICPA Peer Review Program.

 
• The Board approved several minor revisions to the other Interpretations, effective January 13, 2004.

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Interpretations