801-050-0035 Peer Review Oversight Committee Responsibilities (1) Approval of sponsor applications . The PROC shall review applications received from sponsors of peer review programs and recommend approval or disapproval of such applications. (2) On behalf of the Board, the PROC shall review approved programs at least biennially to assure that approved programs continue to meet the requirements of these rules and provide systems to provide reasonable assurance that the program meets the following criteria: (a) Provides reasonable assurance that the elements of quality control described in OAR 801-050-0080 are met by the firm under review; (b) Peer Reviewers assigned are appropriately trained and qualified to perform the review for a specific firm; (c) Peer Reviewers use appropriate materials in conducting the peer review; (d) The sponsor consults with the reviewers on problems arising during the peer review and that specified occurrences requiring consultation are outlined; (e) The sponsor reviews the results of the peer review; and (f) The sponsor has provided for an independent RAB that meets the standards for peer review and that performs the following duties: (A) Provides technical review of peer reviews performed under the program for acceptance by the RAB; and (B) Requires corrective actions of firms with pass with deficiencies or fail reports as identified in the peer review process. (3) Oversight and verification . The PROC shall conduct oversight of approved peer review programs to provide reasonable assurance that such programs are in compliance with the minimum standards for performing and reporting on peer reviews. The committee shall report to the Board any modifications to approved peer review programs and shall make recommendations regarding the continued approval of peer review programs. (a) Oversight procedures to be performed by the PROC may consist of, but are not limited to, the following activities: (A) Visit the sponsor of the approved peer review program; (B) Review the sponsor’s procedures for administering the program; (C) Meet with the sponsor’s RAB during consideration of peer review documents; (D) Review the sponsor’s compliance with their programs and oversight quality control compliance. (b) The PROC shall verify that firms are in compliance with peer review requirements as follows: (A) Verification may include review of the peer review report, the firm’s response to the matters discussed in the peer review report, and the acceptance letter outlining any additional corrective or monitoring procedures. (B) The documents under review may be redacted to preserve client confidentiality. Review by the Peer Review Oversight Committee may be expanded if significant deficiencies, problems, or inconsistencies are encountered during the random audit. (4) Peer Review Reports . The PROC shall: (a) Assess peer review reports and related documents submitted by firms pursuant to the requirements of OAR 801-050-0040, as directed by the Board; (b) Consult with the Board regarding the appropriate action for firms that have unresolved matters relating to the peer review process or that have not complied with, or acted in disregard of the peer review requirements. The PROC will consult with the Board when the committee believes there are issues with a peer review report that may warrant further action; (c) The PROC will review the peer review reports for firms that receive consecutive non-pass peer review results to determine whether a referral to the Board’s compliance unit is warranted. (d) In conducting an assessment pursuant to ORS 673.455 and 673.457, the Committee and the Board shall have complete access to reports submitted by firms pursuant to the requirement of this rule and OAR 801-050-0040. Statutory/Other Authority: ORS 673.455 & OL 2001, Ch. 638 & Sec. 12 Statutes/Other Implemented: ORS 673.455 History: BOA 1-2019, amend filed 12/19/2019, effective 01/01/2020 BOA 1-2018, amend filed 05/21/2018, effective 05/22/2018 BOA 7-2009, f. 12-15-09 cert. ef. 1-1-10 BOA 11-2005, f. 11-22-05, cert. ef. 12-15-05