Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Journey through a peer review – field work finished – next step is technical review

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Seventh in a series.  Field work wrapped up yesterday for my peer review.  The reviewer gave me a draft report. I can’t discuss it until it is accepted by the Peer Review Committee.

The next step is for the reviewer to finish a bunch of checklists and send them to the technical reviewer.  The workpapers will probably be on the way to CalCPA in a day or two.  There may be communication between the technical reviewer and my reviewer, but I won’t know about that unless the report changes. 

The next thing I hear will likely be a letter from the Peer Review Committee accepting the report. At that point I can describe the contents.

That remaining process could take up to four months, but I would expect this time of year it won’t take that long

So, probably won’t have anything more to say for several months.

Update 11-10-12 – I received a note from my reviewer telling me that the workpapers have been sent to CalCPA.  Just to be clear, that is not revealing the content of the report. My comment does not mean anything other than has wrapped up his work. Since he is a very experienced reviewer the only thing that implies is that he did not have to research what type report to issue, ponder how to categorize an issue, or consult with the administering entity regarding some issue in the review. Any type of report could have been issued in that amount of time.  Now when it comes to me, being a rather new reviewer, I may have to do one or more of those things (research, ponder, consult) before wrapping up a review. He doesn’t.

Written by Jim Ulvog

November 9, 2012, 11:22 am at 11:22 am

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