|
| |
For more
information on the AICPA Peer Review Program in Arkansas,
Contact Marsha Moffitt, Peer Review Manager at mmoffitt@arcpa.org
Writing the Letter of Response (LOR)
After
you have received the report and letter of comment(s) (LOC) from your reviewer
(which should be sent to you within thirty days of the exit conference), you
should prepare a letter of response (LOR) that addresses any recommendations the
reviewer may have made in the LOC.
(Remember,
all
documents must be submitted to the Society office by the scheduled due date.)
YOUR REVIEWER IS
REQUIRED TO PREVIEW YOUR LOR BEFORE YOU SUBMIT IT TO THE ASCPA.
(APPLIES
TO SYSTEM AND ENGAGEMENT REVIEWS ONLY – Firms having report reviews are
not prohibited from submitting a separate LOR along with the signed copy of the
reviewer’s report.)
When
organizing and preparing your LOR, you should follow these steps:
-
Give
a response for each finding listed in the LOC.
-
Describe any practice adjustments your firm plans to make (formal or
informal) which will help to prevent recurrence of any matters noted in the
findings. Indicate any
alternative solutions you feel may be more cost-effective than those
suggested by the reviewer.
-
Identify
in your response those individuals in your firm who will be responsible for
monitoring implementation of changes.
-
Keep
separate any responses being made as a result of a modified or adverse
report from those responses being made to an unmodified report.
-
Indicate
any disagreements you may have with any findings or recommendations made by
the reviewer. Describe your
reason for such disagreements.
-
Your
reviewer should be able to assist you with any questions you may have
regarding your response.
-
Submit
a draft copy of your response to your reviewer for approval.
-
Mail
your response, along
with a copy of your report and LOC
(within thirty days of receiving your report or
by the scheduled due date,
whichever comes first) to the ASCPA office.
|
