The pressure on a reviewer to finish a review within budgetary guidelines may lower the ability to prepare a value-oriented review, but CPA firms can overcome this obstacle by planning and communicating with the reviewer. The factors to consider when selecting a reviewer include the reviewer's experience, communication skills, and ability to establish rapport. During 1991 approximately 14,000 firms will undergo quality reviews. Therefore, careful attention should be given to selecting the firm's reviewer. Many firms are unaware of the benefits associated with a peer quality review.
Firms undergoing their first review are usually apprehensive about costs and benefits.
Based on the experiences of Division members, benefits often exceed associated costs. Careful selection of the reviewer can help assure this outcome. Fees for quality reviews are similar and are a function of the accounting and auditing hours of the firm. An equally important cost factor is the time involvement of the firm being reviewed. Many hours are spent preparing for and participating in a review.