What the document covers
The FAQ explains the 2009 introduction of peer review after failed practice reviews. It describes independent professional review as a means of improving work quality.
Specific requirements and implications
Peer review could occur before or after audit completion, unlike a hot review that precedes signing. The FAQ encouraged spreading three reviews across the 12-month period and generally selecting from the accountant's 15 largest audit clients by fees, considering complexity as well. An engagement letter should address scope, fees, confidentiality and responsibility. Subsequent working-paper changes must follow the applicable documentation standard; review is not a reason to rewrite the original audit history.
Official source
A concise, independent Apex Gateway guide based on the official English source, not a reproduction of the complete document. Consult the original for full conditions, exceptions and subsequent updates.
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