Print Form
00-1
2009
QCM and CPE System Reviews Summary Review Memorandum
8801
PRP Section 8800
QCM and CPE System Reviews
Summary Review Memorandum
Contents
Section
8800 QCM and CPE Program System Reviews Summary Review Memorandum
Instructions ...............................................................................................................................
Instructions for Use—Disposition of Matter for Further
Consideration (DMFC) Form ...............................................................................................
Summary Review Memorandum ..............................................................................................
Attachment
1. Disposition of MFCs Form ........................................................................................
AICPA Peer Review Program Manual
Paragraph
.01–.05
.06–.07
.08
.09
PRP §8800
8802
QCM and CPE System Reviews
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2009
Instructions
.01 This section of the manual contains a summary review memorandum for QCM and/or CPE program system
reviews. The purpose of the summary review memorandum is to document (1) the planning of the review, (2) the
scope of the work performed, (3) the support for the type of report issued and (4) items communicated to senior
management of the provider that were not deemed of sufficient significance to effect the report, including support for
Findings for Further Consideration (FFC) forms. This documentation is required to enable the administering entity to
exercise its oversight function in an effective and consistent manner.
.02 The attached form, if properly completed, ordinarily should provide the documentation necessary to meet
these objectives. If there is insufficient space to fully describe any matters, additional sheets should be used and
attached to the form.
.03 Questions regarding the use of this form or any other materials or about the review in general should be
directed to the staff of the National PRC or to such other individuals the administering entity may identify for that
purpose.
.04 This form must be completed on all AICPA PRP QCM and/or CPE program system reviews and must be
submitted to the National PRC, whether those reviews are conducted by a review team formed by the provider under
review or by an authorized association of CPA firms.
.05 This form should be completed for QCM and/or CPE program system reviews commencing on or after
January 1, 2009.
Instructions for Use—Disposition of Matter for Further Consideration
(DMFC) Form
.06 The Disposition of Matter for Further Consideration (DMFC) form is a matrix that the reviewer should
prepare to provide a disposition trail of all matters for further consideration (MFCs) for the peer reviewer,
administering entity, and individuals conducting oversight.
.07 The reviewer should use this attachment to ensure that all MFCs have been addressed and to document how
they have been resolved. It does not require further descriptions or explanations of the MFCs. The reviewer must list
the number assigned to each MFC and, if it was included in the report, the corresponding deficiency number from the
report, OR included in an FFC (see c. below), (and if so, which one), OR another disposition of the MFC has
occurred.
PRP §8800.01
Copyright © 2009, American Institute of Certified Public Accountants, Inc.
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2009
QCM and CPE System Reviews Summary Review Memorandum
Firm No./Assoc. Code (if applicable)
.08
8803
Review Year-End
AICPA Peer Review Program
SUMMARY REVIEW MEMORANDUM
Provider’s Name
Peer Review Year End
Commencement of Review
Exit Conference
A. Please check all that apply:
Provider is an:
Enrolled Firm
Association
Other (Voluntary Provider)
Peer reviewed materials are:
QCM
CPE
B. List the industries covered by the materials under review:
I.
Planning and Performing the Review
A. Composition of Review Team:
1. Team Captain
Firm
Areas of Experience1
Position
2. Team Member
Firm
Areas of Experience1
Position
3. Team Member
Firm
Areas of Experience1
Position
B. Was the provider previously reviewed? Yes
No
If “Yes,” indicate, based on your evaluation of the
actions taken by the provider in response to the deficiencies/significant deficiencies, if any, in the prior
report and findings reflected in the FFC form(s), whether such matters required additional emphasis in the
current review and how that was done.
C. Is the provider a firm that is enrolled in the AICPA Peer Review Program? Yes
No
If “Yes,” indicate if
any FFCs were issued or if deficiencies were included in the firm’s most current peer review report that
impact the review of the materials.
1
As related to the QCM and/or CPE programs being reviewed.
AICPA Peer Review Program Manual
PRP §8800.08
QCM and CPE System Reviews
8804
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2009
D. If the provider is a firm that has undergone a PCAOB inspection(s), the team captain should read and
discuss with appropriate firm personnel the reports issued by the PCAOB to evaluate the impact (if any) on
the firm’s system to develop and maintain the materials. In the absence of such reports, the team captain
should understand and discuss any findings that may have been communicated orally, and the firm’s
corrective action plans. Indicate the effects, if any, the issues discussed could have on the planning and
performance of procedures of the review. See Interpretation 15 (40-1) for additional guidance.
E. Describe any significant deviations from AICPA peer review questionnaires and checklists and explain the
reason(s) for the deviations (if documentation of approval was required prior to utilization of materials, note
that it was obtained):
F. Were there any limitations placed on the scope of the review? Yes
No
If “Yes,” please contact the
NPRC, and document in the consultation in PRP § 8900 Team Captain Checklist.
G. Describe the significant elements of the system of quality control of entities related to the provider, such as
associations, joint ventures, non-CPA owned entities, and any other structures that affect the provider’s
system of quality control for the development and maintenance of the materials.
H1. Describe your assessment of the inherent and control risk related to the provider’s system for the
development and maintenance of the QCM and/or CPE programs. The assessment of these risks is
qualitative and not quantitative. The assessment must be comprehensive and address the relevant inherent
and control risk factors and how the combined risks impacted detection risk and, therefore, the scope of
review procedures (attach a memorandum if more space is needed). The assessment should include but is
not limited to the nature and environment of the provider, the provider’s professional reputation and
experience with designing QCM/CPE programs, the level of risk associated with the industries, the degree
of complexity of the materials, prior findings on previously-issued materials and the disposition of those
findings, and demonstrated technical proficiency of authors and technical reviewers in the relevant
industries (including guest or outside authors and reviewers).
H2. If the review team did not perform a site visit to the provider’s office, what factors were considered when
performing the risk assessment?
I.
Did the team captain physically attend the exit conference? Yes
PRP §8800.08
No
If “No,” please explain:
Copyright © 2009, American Institute of Certified Public Accountants, Inc.
QCM and CPE System Reviews Summary Review Memorandum
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2009
II.
Scope of Work Performed
8805
A. A QCM or CPE programs system review should include a study and evaluation of the system for the
development and maintenance of the QCM or CPE programs that have been identified (§1000.166).
Summarize below the key components of the system for the development and maintenance of the QCM or
CPE programs noted during the review.
B. The provider should identify the materials, whether QCM or CPE programs, to be reviewed and on which
an opinion is to be expressed (§1000.166). List below the formal titles of the materials identified for review.
Attach a separate list if necessary.
C. Based on the risk assessment, describe the extent to which you reviewed the materials in order to “evaluate
whether the materials are reliable aids to assist firms in conforming to those professional standards the
materials purport to encompass” (§1000.169). (Attach a memorandum if more space is needed.)
III. Overall Findings and Conclusions:
A. Did you conclude that the provider’s system for the development and maintenance of the QCM or the CPE
programs was suitably designed and was being complied with during the period under review to provide
user firms with reasonable assurance that the materials are reliable aids to assist them in conforming with
those professional standards the materials purport to encompass?
Yes
1.
No
If “No,” was a report with a peer review rating of pass with deficiencies or fail issued?
Yes
No
a. If “Yes,” disclose all reasons that a report with a peer review rating of pass with deficiencies or fail
was issued.
AICPA Peer Review Program Manual
PRP §8800.08
QCM and CPE System Reviews
8806
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2009
b. If “No,” disclose all reasons that a report with a peer review rating of pass with deficiencies or fail
was not issued.
B. Did you conclude that the resultant materials of the provider’s system are reliable aids (e.g. the materials
issued comply with generally accepted accounting principles, generally accepted auditing standards
[including Government Auditing Standards, where applicable], accounting and review standards, and/or
standards for attestation engagements)? Yes
No
1.
If “No,” was a report with a peer review rating of pass with deficiencies or fail issued?
Yes
No
a. If “Yes,” disclose all reasons that a report with a peer review rating of pass with deficiencies or fail
was issued.
i.
List the reasons below, including the specific materials that were not considered to be reliable
aids:
ii. Indicate whether the provider considered the situation and agrees with the reviewer.2
iii. Describe the actions the provider has taken or plans to take (including timing).
2
When there is a disagreement with the reviewed provider about these situations, the reviewers should consult with the administering entity or its
designee.
PRP §8800.08
Copyright © 2009, American Institute of Certified Public Accountants, Inc.
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2009
QCM and CPE System Reviews Summary Review Memorandum
8807
iv. If the provider has taken the necessary actions, indicate whether you have reviewed
documentation of such actions (for example, communication recalling previously issued
materials or updates issued) and whether the actions are appropriate.
v. If the provider has not taken the necessary actions, indicate whether you concur with its planned
actions (including timing).
b. If “No,” disclose all reasons that a report with a peer review rating of pass with deficiencies or fail
was not issued.
C. Did you consider issuing a different type of report other than the report that was issued? Yes
No
If
“Yes,” describe such situations fully, including the basis for the conclusion. (See PRP § 8900 Team
Captain Checklist, II question 12 as to when to consult with the administering entity).
D. Was the provider previously reviewed? Yes
No
If “Yes,” were any issues noted on the previous
review repeated in the report or FFC forms on the current review? N/A Yes
No
If “Yes,” please
describe what the provider has done or plans to do (including timing) to prevent a recurrence of the issue(s)
and whether you concur with the actions taken or planned.
AICPA Peer Review Program Manual
PRP §8800.08
QCM and CPE System Reviews
8808
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2009
E. Were the issues noted in the provider’s quality control review process compared to the issues noted in the
current peer review? Yes
No
If “Yes,” please list any significant differences and the reasons. If “No,”
why not?
F. Describe the nature and extent of each issue to be discussed at the exit conference or communicated to
senior management of the provider that was not deemed of sufficient significance to include on a Matter
for Further Consideration (MFC) form, Finding for Further Consideration (FFC) form or in the report, or
other materials included elsewhere in the peer review working papers.
G. Based on the findings, if any, noted on the peer review and documented on FFC form(s), do you believe an implementation plan should be required of the provider by the report acceptance body? Yes
No
N/A
Based on the deficiencies and significant deficiencies, if any, noted on the peer review and documented in
the report, do you believe a corrective or monitoring action should be required of the provider by the report
acceptance body? Yes
No
N/A
If “Yes” for either or both items, please describe the plan you would recommend being requested, including
timing, and how it integrates with the provider’s own planned actions (including timing).
Team Captain
Date
PRP §8800.08
Copyright © 2009, American Institute of Certified Public Accountants, Inc.
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2009
QCM and CPE System Reviews Summary Review Memorandum
Firm No./Assoc. Code (if applicable)
8809
Review Year-End
.09
ATTACHMENT 1
DISPOSITION OF MATTER FOR FURTHER CONSIDERATION (DMFC) FORM
Overall Findings and Conclusions:
Indicate below how each Matter for Further Consideration (MFC) form was handled, whether by inclusion in
the peer review report or via a Finding for Further Consideration (FFC) form or another method of
disposition.
MFC #
Disposition
If
“Disposition”
is a or b,
Report or FFC
No.
Disposition Legend:
a. Included in peer review report
b. Included on an FFC form
c. Discussed with the firm
d. Cleared
[The next page is 8901.]
AICPA Peer Review Program Manual
PRP §8800.09