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Results of Peer Review Reports

(Accepted by the New England Peer Review Executive Committee as of May, 2007)

System Reviews

Year W/O LOC W/LOC Modified Adverse Total
1989 0 4 2 0 6
1990 4 60 16 3 83
1991 18 61 24 0 103
1992 11 38 16 1 66
1993 27 58 12 0 97
1994 31 56 9 5 101
1995 47 48 4 0 99
1996 35 79 9 2 125
1997 56 50 4 0 110
1998 53 50 5 0 108
1999 53 56 4 1 114
2000 55 59 6 1 121
2001 44 48 6 0 98
2002 50 60 4 2 116
2003 61 53 5 1 120
2004 60 41 3 1 105
2005 50 46 6 0 102
2006 68 48 3 3 122
2007 3 1 0 0 4
Totals 726 916 138 20 1,800
% 40% 51% 8% 1%  

Off-Site/Engagement/Report Reviews

Year W/O LOC W/LOC Modified Significant Comments Adverse Total
1991 19 26 9   1 55
1992 32 47 19   2 100
1993 24 30 8   3 65
1994 38 25 7   1 71
1995 51 52 11   2 116
1996 39 48 9   1 97
1997 38 37 6   0 81
1998 53 54 15   0 122
1999 60 32 8   1 101
2000 48 31 4   0 83
2001 62 35 9   0 106
2002 62 46 6   1 115
2003 60 18 6   0 84
2004 69 36 5   0 110
2005 73 43 4 3 0 123
2006 44 39 1 2 1 87
2007 5 3 2 0 0 10
Total 777 602 129 5 13 1,526
% 51% 39% 9% 0% 1%  

Summary of Substandard Engagements

Substandard   Reasons   Actions  
Audits - Governmental 107 Non-GAAS and Non-GAAP 22 Rpt. and F/S recall, revise and reissue 20
  Non-GAAP 12 F/S corrected in subsequent year 42
Non-GAAS 77 Omitted auditing procedure 41
  Other 4
Audits - ERISA 15 Non-GAAP 4 Rpt and F/S recall, revise and reissue 2
  Non-GAAS 10 F/S corrected in subsequent year 6
Other 1 Omitted auditing procedure 7
Audits - Other 109 Non-GAAS and Non-GAAP 27 Rpt and F/S recall, revise and reissue 14
  Non-GAAP 25 F/S corrected in subsequent year 43
Non-GAAS 56 Omitted auditing procedure 42
Other 3 Unable to apply omitted procedure 7
  Other 3
Reviews 141 Non-GAAS and Non-GAAP 1 Rpt. and F/S recall, revise and reissue 18
  Non-GAAP 67 F/S corrected in subsequent year 76
Non-SSARS 78 Omitted audit procedure 41
Other 3 Other 6
Compilations 110 Non-GAAS and Non-GAAP 1 Rpt and F/S recall, revise and reissue 11
  Non-GAAP 64 F/S corrected in subsequent year 82
Non-SSARS 52 Omitted procedure 11
Other 1 Other 6
Other Acct. Services 8 Non-GAAP 2 F/S corrected in subsequent year 2
  Non-Attest 1 Rpt and F/S recall, revise and reissue 4
Non-GAAS 1 Independence impairment corrected 1
Non-SSARS 4 Omitted procedure 1
Total Substandard 467  

Reasons for Modified Reports

Description Initial Reviews Subsequent Reviews Totals
Independence 3 1 4
Consultation 19 6 25
Supervision 62 26 88
Professional development 10 7 17
Advancement 1 0 1
Inspection 4 5 9
Independence, Integrity & Objectivity 1 1 2
Engagement Performance 7 27 34
Monitoring 2 19 21
Personnel Management 0 5 5
Continuing professional education 0 1 1
Total 108 98 206

Summary of Required Follow Up Action By Follow-up Code

System Reviews Off-Site/Engage./Rpt. Reviews
Description Initial Reviews Sub-sequent Reviews Totals Initial Reviews Sub-sequent Reviews Totals
Agree to take certain CPE 6 39 45 4 43 47
Hire consultant
Pre-issuance review		 0 11 11 0 3 3
Submit proof of CPE taken 0 7 7 1 4 5
Submit copy of inspection report 0 11 11 1 0 1
Submit to team captain (TC) revisit - general 6 17 23 0 3 3
Submit to TC review of sub engs. with w/papers 4 25 29 2 2 4
Agree to have accelerated review 1 6 7 0 5 5
Oversight of inspection - visitation 0 2 2 0 0 0
Outside party to review inspection 0 4 4 0 0 0
Submit inspection report to TC 2 5 7 2 0 2
Submit to TC review of sub engs. w/o w/papers 3 17 20 6 29 35
TC review correction of sub-standard engagement 2 8 10 1 9 10
Does not perform any auditing engagement 1 0 1 0 0 0
Submit monitoring report to Committee 0 5 5 0 0 0
Submit monitoring report to TC 0 14 14 0 0 0
Oversight of monitoring by TC 1 0 1 0 0 0
Receiving revised report 0 10 10 0 15 15
Submit proof of purchase of manuals 0 0 0 1 0 1
Submit evidence of proper firm licensure 0 2 2 0 1 1
Submit add’l info. re: repeat findings 0 1 1 0 1 1
Totals: 26 184 210 18 115 133

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