Peer Review Guide

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Peer Review Guide > Sample Peer Review Exit Conference Agenda

Sample Peer Review Exit Conference Agenda

This sample exit conference agenda does not represent required content, but rather shows some things that may add value to your exit conference. The agenda is organized in the chronological order of a typical exit conference. Some agenda items may not be necessary if the firm has gone through several peer reviews, is familiar with the process and experienced little staff turnover since its last peer review.

General Comments
Our Procedures
Report and Letter of Comments
Management Matters
Letter of Response
Peer Review Committee Acceptance Process
Other Peer Review Guide Sections

Peer Review Guide

Exit Conference Agenda

Firm Name:
Date:
Attended by:
Review Team:
Firm:

  1. General Comments:
    1. Appreciation for cooperation, professionalism and hospitality.
    2. Please ask questions as we go along.
    3. State the general nature of the report and LOC, with details discussed in a little while.
    4. Focus on the big picture (the firm as a whole).
    5. Differences between system, engagement and report peer reviews.
    6. A system review parallels an audit.
    7. Fees and hours incurred to date.

  2. Observations About the Firm
    1. Goals.
    2. Practice areas.
    3. Personnel strengths.

  3. Peer Review Overview
    1. Educational: informative, practical
    2. Positive: focus on prevention

  4. Our Procedures:
    1. Review quality control policies and procedures (the firm's prescribed system)
    2. Interview staff to gain an understanding of their knowledge of the firm's system
    3. Review non-engagement administrative areas:
      • Library
      • CPE records
      • Consultations
      • Independence
      • Monitoring
    4. Review a sample of specific engagement files (engagement performance)
    5. Draw conclusions about specific engagements
    6. Draw conclusions about the firm's quality control system as a whole

  5. Report and Letter of Comments:
    1. Report
      1. Expected report
      2. System versus engagement orientation
      3. Opinion versus limited assurance
      4. Affect of engagement matters on report
    2. Letter of comments
      1. Purpose of a letter of comments:
      2. Effect of engagement matters on letter of comments
      3. Specific quality control findings:
        1. Independence, integrity, and objectivity
        2. Acceptance and continuance of clients and engagements
        3. Personnel management
          • Hiring
          • Engagement assignment
          • Advancement
          • Professional development activities
        4. Engagement performance
          • Conformity of engagement to the profession's and firm's standards
          • Consultation
        5. Monitoring (how to perform and document)

    3. Management Matters:
      1. Other observations and suggestions for improvement
      2. New accounting and auditing issues to monitor

    4. Letter of response:
      1. Purpose of a letter of response:
        1. Describe corrective action to prevent recurrence of a matter.
        2. Describe disagreements, if any.
        3. Indicate how the corrective action will be monitored.
      2. How to determine the best solutions to a system deficiency.
      3. How to incorporate disagreements, if any, into the firm's letter of response.
      4. Response is due the earlier of 30 days of receipt of the report or the review due date.
      5. Address letter of response to (name of state's Report Acceptance Body.)
      6. The reviewer should preview your letter.
      7. Illustration of a letter of response.

      8. The Peer Review Committee Acceptance Process:
        1. Reviewer sends review workpapers to administering entity (usually state CPA society) within 30 days of exit conference:
          • Report.
          • Letter of comments.
          • Selected reviewer supporting workpapers.
        2. Firm sends letter of response.
        3. Peer Review Program staff performs technical review.
        4. Documents revised, if required, based on technical review.
        5. Review is scheduled for Report Acceptance Body (RAB) consideration.
        6. RAB considers review for acceptance. (All documents generally must be received by about ____ weeks before a RAB meeting. Reports are not final until approved by the RAB.)
        7. Peer Review Program sends the firm an acceptance letter with the due date of the firm's next review.

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Peer Review Guide > Sample Peer Review Exit Conference Agenda

Updated: July 20, 2003
© 1998-2002, Duane Reyhl, CPA