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STEP # |
ACTION
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1: |
ISCPA
Mails request for background information prior to review.
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2: |
FIRM:
Completes and returns form to ISCPA. |
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3: |
ISCPA:
Performs computer validating check on reviewer(s). |
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4: |
IF REJECTED:
ISCPA contacts firm/reviewer to resolve issues. Go back to Step #3. |
IF ACCEPTED:
ISCPA notifies firm and reviewer. Proceed to Step #5. |
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5: |
REVIEWER:
Contacts firm to request information and make arrangements
for review to begin. |
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6: |
REVIEWER:
Completes review, submits report to reviewed firm, and sends work papers to ISCPA. |
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7: |
FIRM:
If the firm receives a rating of “Pass” on its peer review, the firm does not need to submit the report to
the administering entity. Reports with a rating of “Pass with Deficiencies” or “Fail” should be submitted along with
the firm’s letters of response within 30 days of receiving the report or by the firm’s review due date,
whichever is earlier. |
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8: |
ISCPA:
Performs administrative and technical review of work papers, report and firm’s letter of response. |
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9: |
PEER REVIEW COMMITTEE:
Receives recommendations from technical reviewer on accepting report and firm’s letter of response.
Committee makes approval decisions and recommends and monitors follow-up actions as required. |
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10: |
ISCPA:
Notifies firm if follow-up is required or if review was accepted. |