It is better that deficiencies in engagements and in the firm s quality control system be found by a peer reviewer than by a client or another outside party such as a government regulator. Firms must question reviewers about their experience to make sure reviewers have the appropriate amount in the industries they service. Review the list of common engagement deficiencies before having the peer review. Conduct an in-house CPE session on the findings and recommendations and planned actions for professional personnel to make sure staff are aware of the results of the peer review. Fewer deficiencies and the reviewer s ability to evaluate what was done without waiting for engagement staff to recount what they did from memory result in less time to complete the review.
Firms can request a list for such firms located within a particular geographic area.
When calculating your hours for the proposal do not include bookkeeping, tax or consultation hours in your accounting and auditing hours. Have all files ready when the reviewer arrives. Also have a convenient place for the reviewer to work. Make sure all professionals that might be needed to answer questions are readily available. Try not to have a reviewer have to wait for anything.