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

1. For a system review, assemble materials needed by the reviewer.
    
   • Copy of the peer review scheduling information form submitted to your peer review administering entity.
      
   • List of audit and accounting engagements and hours.
      
   • Completed "Quality Control Policies and Procedures Questionnaire" (furnished by the reviewer.)
      
   • Copy of the firm's quality control document (if the firm has a written document.)
      
   • Continuing education records of the personnel who perform accounting or auditing.
      
   • Current license status of CPAs in the firm.
      
   • Engagement profile sheets (furnished by the reviewer.)
      
   • Engagement files. (Reviewers may identify a portion of their engagement selection prior to the review, but in no case earlier than two weeks before the start of the review.)
      

2. For an engagement review, for each engagement selected for review, submit the following to the reviewer:
    
   • Appropriate financial statements or information and the accountant’s report. The client’s name may be deleted and, if that is done, the engagement should be assigned a code number by the firm. The firm should retain a record of those code numbers to facilitate responding to any questions by the reviewer in the course of the review.
      
   • Engagement questionnaire (furnished by the reviewer) for each financial statement submitted for review. This form provides specified background information and representations about each engagement.
   • The firm’s documentation required by SSARS and the SSAEs for each engagement. Some examples of the documentation include:
      
     • Management representation letter on review engagements.
     • Documentation of the matters covered in the accountant’s inquiry and analytical procedures in a review engagement.
     • Unusual matters that the accountant considered during the performance of the review including their disposition.
     • Documentation as may be required by SSAEs.
     • Engagement letter for SSARS 8 compilations.
     • Documentation required by Ethics Interpretation No. 101-3.
     • Written a written representation letter dated as of the date the firm submits its financial statement to the reviewer.
        
3. For a report review, for each engagement selected for review, submit the following to the reviewer:
    
   • A copy of the financial statements and the accountant’s report. The client’s name may be deleted and, if that is done, the engagement should be assigned a code number by the firm. The firm should retain a record of those code numbers to facilitate responding to any questions by the reviewer in the course of the review.
      
   • Engagement questionnaire (furnished by the reviewer) for each financial statement submitted for review. This form provides specified background information and representations about each engagement.
      
   • A copy of the engagement letter for any SSARS No. 8 engagements submitted.
      
   • Representation letter from the reviewed firm.
      

4. Reconfirm scheduling arrangements with your reviewer.
    

5. Notify peer review administering entity of any changes in start or expected completion dates.

Next: Part 6 - During the Review

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

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