reviewer oversight


NEPR On-site Oversights

NEPR is required to complete a minimum of two on-site oversights annually, performed by a member of our Committee. If a peer review is chosen that you will be the team captain on, you, and the firm, will be notified by letter. The Committee Member will visit the office during the peer review to perform prescribed oversight procedures and attend the exit conference at the conclusion of the review. Typical on-site oversight procedures include, but are not limited to:

  • Review of the peer review team’s planning documentation, including engagement selection process.
  • Review of peer review forms, checklists and working papers for completeness and consistency with conclusions reached.
  • Discussion with the team captain of the peer review team’s general approach and scope of the review, engagement related problems and overall findings and conclusions.
  • Attendance at the exit conference.
  • Review of the report and/or Finding for Further Consideration forms and the firm’s response thereto, if applicable.

It is important that the team captain cooperate with the Committee Member in determining a mutually acceptable commencement and exit conference date and in providing the Member with access to their workpapers throughout the process, including the report, MFCs, FFCs and the firm’s LOR as applicable.

NEPR & AICPA Off-site Oversights

NEPR is also required to perform a minimum of two system review, two “must-select” engagement workpaper oversights (which may be included in the system review oversight) and four engagement review in-house oversights each year.

Generally, when a system or engagement oversight is selected, the firm is not notified by NEPR, however, when a “must-select” engagement is requested, the reviewer and the firm are both contacted and the firm is instructed to send the full set of workpapers for the chosen engagement.

“Must-select” engagements must include either audits of employee benefits plans under the Employee Retirement Income Security Act (ERISA), engagements performed under generally accepted Government Auditing Standards (GAGAS), or audits of insured depository institutions subject to the Federal Deposit Insurance Corporation (FDIC) Improvement Act of 1991.

In addition to NEPR’s in-house oversight selections, the AICPA, as part of their oversight program, performs off-site oversight of NEPR’s system and engagement reviews that have been completed. The AICPA evaluates not only the reviewer’s performance, but also that of the administering entity, technical reviewer and the committee in the peer review process.

annual verification of reviewers’ resumes

Ensuring that reviewers’ resumes are updated annually and are accurate is a critical element in determining if the reviewer or review team has the appropriate knowledge and experience to perform a specific peer review. NEPR must verify information within a sample of reviewers’ resumes on an annual basis. All reviewer resumes are verified over a three-year period.

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