Reporting Issues

Options In Report Peer Review Recommendations

The firm’s acknowledgment for corrective action for report reviews specifically states that the firm agrees to correct the matters by implementing the recommendations. As such, it is no longer appropriate to offer options in the recommendations in report reviews. Reviewers should discuss with the firm the various options for correcting the problem and determine an appropriate course of action to be included as the recommendation.

Engagement Identifications

The Peer Review Manual clearly states that if there are any must select engagements (normally ERISA or audits subject to government auditing standards) in a system review, it needs to be specifically mentioned in the second paragraph of the report. Additionally, if any findings in the report or LOC relate to a must select engagement, that engagement must also be identified in the finding. Additionally, all engagements that are substandard must be identified by industry and level of service in the findings in the report. Such findings must also specifically state that the engagement was substandard.