Big news from CBA if the highest level of service you provide clients is a preparation engagement.
First, if you don’t perform compilations, reviews, audits, or other services covered by peer review, you don’t need to get a peer review.
Second, there is a specific CPE requirement: 4 hours in fraud education and 8 hours in prep or A&A.
The following article from the California Board of Accountancy, quoted with permission, provides more detailed explanation. Since it is quoted verbatim, I won’t put quotes around the entire article.
NEW CONTINUING EDUCATION REQUIREMENT FOR PREPARATION ENGAGEMENTS
CPAs who perform preparation engagements as their highest level of service are subject to a new continuing education (CE) requirement.