Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

Journey through peer review – 2016 update

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Image courtesy of DollarPhotoClub.com

Image courtesy of DollarPhotoClub.com

 

I’ve previously discussed at length my journey through the peer review process in 2012. I did not update the narrative for my journey through the peer review process in 2015. Here are a few tidbits on the timing this time around:

  • 5/31/15 – Cut off date for my peer review.
  • 11/5/15 – Fieldwork performed in my office.
  • 11/7/15 – Report received from my peer reviewer. He would have submitted the workpapers to the Peer Review Committee that day or the next.
  • 11/30/15 – Deadline for report and accompanying workpapers to be submitted by the reviewer.
  • November or December – Technical review of the report and accompanying workpapers by an extremely experienced CPA would have been performed in this timeframe.
  • 1/27/16 –Peer Review Committee officially accepted the report.
  • 2/3/16 –Official notice received by electronic mail that the report had been accepted. I’ve known the results of the peer review since the day of fieldwork. Public discussion of the results is not allowed until the Peer Review Committee accepts the report.

So know you know why I haven’t mentioned anything about the review until now.

That timing is about seven weeks from the time the reviewer submitted the report to the committee until the committee accepted the report. For context, as a CPA who performs peer reviews on other firms, I am obligated to tell firms that it could take up to four months for the report to be accepted.

Written by Jim Ulvog

February 4, 2016, 16:04 pm at 4:04 pm

Posted in Peer Review

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