“AICPA peer review checklists are free and can be obtained by Googling “AICPA Peer Review Checklist.” Use the most recent checklist (they often change). Minimum Documentation SSARS 21 states that the minimum documentation requirements are as follows: Establish your firm’s minimum work paper documentation. What work papers are required for each type of engagement? Will your firm require the preparer to sign off on each work paper? When the partner or manager reviews the work papers, will she initial each reviewed work paper or just a summary review sheet? Authority to Issue Determine who has the authority to issue financial statements and compilation reports. Here are a few questions to consider: •Who has authority to issue financial statements using the preparation guidance? •Who has authority to issue financial statements using the compilation guidance? •Will your firm require a second partner review of each initial preparation engagement? •Will annual compilation reports be reviewed by a second partner? Quality Control - A Simple Summary •Well-designed templates will: ·Enhance your firm’s compliance with professional standards, and ·Increase your efficiency •Create templates for those work products that you expect to issue most often (e.g., tax-basis preparation financial statements) •In developing your templates: ·Include the minimum required work papers and reports ·Vet your templates using the AICPA peer review checklists •Determine who has the authority to issue different work products (e.g., preparation, compilation, monthly, annual)”