Peer Review Budgets - Report Reviews

Peer Review Guide

Peer Review Guide > Common Peer Review Budgets > Report Reviews

A budget is based on the actual time it typically takes a reviewer to perform the peer review. This time includes planning, reviewing the financial statements submitted for review, contacting the reviewed firm about any comments, and writing the report. The rates and fees charged for a firm-on-firm review are negotiated directly between the firm and reviewer. The actual cost of a peer review depends on the complexity of the matters that arise during the review and the time the firm has spent preparing for its peer review.

As a general rule, the review time, including report writing and discussion of the review with the firm averages approximately 1/2 - 3/4 hours for each financial statement submitted.

The estimated cost of an engagement review or report review will range between $400 and $900, based on the size of the practice and the number of owners responsible for the issuance of review, compilation and attestation engagement reports.

In addition to the review costs that will be incurred every three years, firms may also pay an annual administrative fee to the administering entity to cover the costs of running the program and, in some states, in the review year, fees for scheduling the review and evaluating the results of the review.