A successful peer review is one in which the reviewed firm receives an unqualified report, recommendations that will improve its quality control system and engagement efficiency, and considers the cost of that review to be reasonable. The following are tips on having a successful peer review. Understand that the reviewed firm, not the reviewer, has final responsibility for the peer review. This includes making sure review documents are submitted to the state CPA society by the firm s due date. Before hiring a reviewer, make sure he or she can complete the review in time to enable you to get all documents to the state CPA society by that date.
Responsibility also includes understanding the peer review standards.
The manual also contains the forms and checklists that the reviewer will use to evaluate your quality control system and to review your engagements. You will also find guidance on writing a response to the letter of comments. The manual is available through a subscription service that is updated as changes are made. A firm that has a limited audit practice and knows the peer review program standards should know which engagements will be selected for review. For example, if you only have one governmental audit, you know it will be selected.