GROCO ANNOUNCES SUCCESSFUL PEER REVIEW
American Institute of CPAs gives Bay Area firm outstanding report.
FREMONT, California, October 9, 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.”
From left to right: Alan Olsen, Bob Johnson, Beth Rasler, and Scott Howard
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
Greenstein Rogoff Olsen & Co., LLP
Greenstein Rogoff Olsen & Co. are the CPAs for Silicon Valley's most successful
people. Consistently ranked
as one of the top accounting firms in the San Francisco Bay Area, Greenstein, Rogoff, Olsen & Co is a full service CPA firm providing accounting,
tax, financial, and strategic planning for the highly successful. In
business since 1964, GROCO has offices in Fremont,
Palo Alto and San Francisco,
California. We provide consulting services
to high net-worth
individuals and closely held businesses and have special expertise in providing accounting services to 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 Google, Skype, America Online, Oracle,
Sun Microsystems, Compaq, Macromedia, Ebay, and Genentech. Access
www.groco.com for more information.
GROCO: Trusted Advisors to the Highly Successful - Since 1964.
FOR IMMEDIATE RELEASE
Media Contact:
Dennis Wolfe
P: 510.797.8661
F: 510.797.1791
dwolfe@groco.com
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