If the reviewer's firm's most recent review was not a system review, the peer reviewer must have performed and reviewed the same type of engagements as the reviewed firm. The exposure process for the new standards generated more than 300 written comments from both members and others involved with the peer review process. Other differences from the exposure draft govern the report review. The Administrative Review Fee is assessed every year in March. This is in addition to the reviewer's fees.
Some firms express concern over the administrative cost associated with the program.
Everyone should take note that a slow responding firm or reviewer automatically results in higher costs due to additional correspondence, postage and follow-up required to ensure the review is completed. You can assist in avoiding these unnecessary costs by promptly submitting all correspondence relating to the processing of a review. E-mail us your feedback.