PCPS Peer Review can be a highly valuable experience if the peer review team is efficient, cost-effective and provides valuable feedback. Search by industry or type of accounting and auditing engagement. Prepare proposal requests carefully Send requests for proposal to up to 10 firms six to nine months prior to the desired review date. Include information about the firm's accounting and auditing hours, specializations, personnel, practice management consulting engagements and peer review history. When the proposals arrive, conduct phone interviews with the top choices.
Reviewers can offer insights and suggestions to help firms better manage their practices.
During the interview process, ask potential teams what value-added insights they can offer. The review team can also provide consulting assistance as a separate engagement. A working relationship can be developed that leads to better practices for the reviewed firm. In addition, a review team can be rehired if it demonstrates added value to the firm.