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

1. Follow-up with the reviewer on any open items or to seek clarification on ay matters discussed at the exit conference.

 
2. Receive the peer review report and, if applicable, the letter of comments.

 
• For report reviews, no letter of comments is issued. Instead, any findings are noted in the body of the report.
   
3. Prepare a letter of response that addresses recommendations, if any,  included in the report and/or letter of comments.

 
• Sample letters of response
   
• For report reviews, no letter of response is required. Instead the firm signs an acknowledgment that there are no disagreements on significant matters and that the firm agrees to correct matters included as comments by implementing the recommendations noted in the body of the report.
   
4. Send the letter of response to the reviewer for approval. (For system reviews and engagement reviews only.)

 
5. Submit the reviewer’s report, and if applicable, the letter of comments and letter of response to the administering entity for the peer review.

 
6. Receive notification from the administering entity that the review has been accepted.

 
7. Perform follow-up corrective action, if any, requested by the Report Acceptance Body of the administering entity. Examples of such corrective actions, include but are not limited to requiring:

• Certain individuals to obtain specified kinds and specified amounts of continuing professional education.
• The firm to carry out more comprehensive monitoring procedures.
• The firm to engage another CPA to perform pre-issuance or post-issuance reviews of financial statements, reports, and accounting and audit documentation to attempt to strengthen the performance of the firm’s professional staff.

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

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