Peer Review Guide

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Peer Review Guide > How to Prepare for a Peer Review > Between Reviews

How to Prepare for a CPA Peer Review:
Part 2: Between Reviews

This section outlines what you should do during the years between peer reviews. These procedures apply to all firms regardless of the type of peer review.
  1. Read the report and letter of comments issued for the firm's prior review.

    • Determine that all corrective actions outlined in the firm's letter of response have been implemented and are being followed.
       

  2. Monitor your firm's policies and procedures considering:

    • Changes in the firm's size or structure, such as new offices.
    • Additions to the types of services offered or industries served.
    • Changes in the firm's engagements, such as new levels of service.
    • Impact of services on independence.
    • Changes in personnel or collective experience levels.
    • Changes in the industries served by the firm.
    • Changes in educational needs of personnel.
    • Changes in authoritative and other reference materials.
    • Additions of new clients.
    • Firm members' understanding of existing policies and procedures.
       

  3. Perform monitoring procedures for the quality control areas of:

  4. Modify the firm's policies and procedures as necessary in response to events noted above.

    5.  

  5. Prepare and retain a written report that summarizes the results of your monitoring procedures. 
    6.  

  6. Communicate the results of your monitoring to the firm. 
    7.  

  7. Mark your calendar with the due of your next review.

    8.  
  8. Receive your peer review scheduling form from your peer review administering entity.

 Next: Part 3 - Scheduling Your Review

Peer Review Guide > How to Prepare for a Peer Review > Between Reviews

© 1997-2003, Duane Reyhl
E-mail: dreyhl@reyhl.com
Updated February 5, 2006