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

1. Assemble any remaining engagements selected by the reviewer.

 
2. Ask professional personnel associated with engagements selected for review to be available during the peer review for questions.

 
3. Inform the professional personnel selected by the peer reviewer for interviews of the times they should be available.

 
• In some cases, the reviewer may wish to contact the individuals directly.
   
4. Remain open-minded to suggestions for improvement.

 
• 15 Simple things You Can Do to Improve Quality.
   
• Sample Recommendation for Strengthening Quality.

 

5. Ask the reviewer for ideas for improving engagement and practice management areas.

 
• Reviewers can often suggest ideas that go beyond technical accounting and auditing topics.
   
• Many reviewers are able to offer suggestions based on practices in their own firms or other firms they have reviewed.
   
• While these matters are outside the normal scope of a peer review, many reviewers are glad to offer this value-added information.
   
• 15 Simple things You Can Do to Improve Quality.
   
• Sample Recommendation for Strengthening Quality.
   
6. Respond to peer reviewer’s engagement questions promptly

 
• If you agree with comments written on Matters for Further Consideration (MFC) forms, indicate your agreement and consider the underlying causes of deficiencies noted.
   
• If you disagree with a matter, provide support for your position, including citations from professional standards that support your position.
   
• Remember, MFC forms do not necessarily represent deficiencies. As the name implies, they are used to record and track matters that could represent an engagement deficiency.  Often a matter may be resolved satisfactorily with the MFC form showing that no deficiency exists.
   
• Common A&A engagement deficiencies
   
7. Encourage as many of the firm’s professionals as possible to attend the exit conference.

 
• All of the firm’s partners should attend.
   
• All of the firm’s senior A&A professionals should attend.
   
• Invite other A&A professionals to attend, as appropriate.
   
• Sample exit conference agenda.

Next: Part 7 - After the Review

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

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