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Peer Review Guide > How to Prepare for a Peer Review > Schedule the Review

1. Receive your peer review scheduling information form from your peer review administering entity (usually your state CPA society or the AICPA Center for Public Company Audit Firms .)

 
2. Note the due date of your peer review. This is the date when the report and letter of comments and letter of response, if applicable, are to be submitted to the administering entity.
    

3. Complete the background scheduling information form (AICPA PRP) for your firm and its practice.
    

4. Estimate the firm's current accounting and auditing hours (system reviews only.)
   • Estimate the hours by level of service and, if applicable, by office location.
   • Hours for bookkeeping, tax preparation or other non-accounting services need not be included. If these non-accounting hours are not known, you can estimate them. For example, if bookkeeping hours for compilations are not known, estimate the hours based on the time you spend after the write-up services are completed, i.e., once the general ledger is prepared. On average, this post-general ledger time usually ranges from about .5 - 1.5 hours per compiled financial statement. Each monthly compilation counts as one compilation, e.g., a client with 12 monthly compilation reports would count as 12 compilations
   • Each monthly compilation counts as one compilation, e.g., a client with 12 monthly compilation reports would count as 12 compilations
      

5. Choose your method of selecting a reviewer.
   • Firm-on-Firm review. For this type of review, you select a qualified firm as your reviewer.
     • Complete Exhibit 2 of the scheduling form.
      
   • CART review. (Only available for engagement and report reviews.) For this method of selection, your peer review administering entity selects a reviewer for your approval.
     • Complete Exhibit 1 of the scheduling form. for a system review.
      
   • Association review. Under this method, you ask the association to which your firm belongs to assemble a review team. That association must be authorized by the AICPA Peer Review Board to assemble such review teams.
     • Complete Exhibit 1 of the scheduling form. for a system review.
      

6. Return the scheduling information form to your peer review administering entity (usually your state CPA society.)

Next: Part 4 - Select and Schedule the Reviewer

Peer Review Guide > How to Prepare for a Peer Review

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