Most state boards of accountancy require public accounting firms to undergo a peer review to obtain a license to practice in their state, if the firm issues financial statements which are compiled, reviewed or audited. Other regulators may also require peer review for firms to perform engagements and issue reports under their standards.
A peer review is an engagement performed by qualified peer reviewers to provide reasonable assurance that the reviewed firm's system of quality control is properly designed and that the firm is complying with its system and professional standards.
Sherman, Barber & Mullikin is one of a select group of public accounting firms that performs those reviews, performing both System Reviews and Engagement Reviews. The team captain performing System Reviews has also served on the Indiana CPA Society Peer Review Committee.