To safeguard client confidentiality, the AICPA Standards for Performing and Reporting on Peer Reviews provide that all working papers, reports and letters prepared during a peer review (electronic or hard copy), with the exception of those described below, should be retained by the administering entity or the firm that formed the review team only until 120 days after the AICPA or the state peer review committee has issued a letter accepting the peer review report, unless you are otherwise notified.
Therefore, only the following documents should be retained with respect to the review 120 days after review completion. All other review-related documentation should be destroyed.
- Peer review report and the firm's response, if applicable
- Letter notifying the firm that its peer review has been accepted
- Letter indicating that the peer review documents have been accepted with the understanding that the firm agrees to take certain actions, if applicable. The administering entity should retain the version signed by the firm
- Letter notifying the firm that certain required actions have been completed, if applicable
- Finding for Further Consideration (FFC) forms, if applicable
- Letter requesting the reviewed firm’s completion of an implementation plan, if applicable (the administering entity should retain the version signed by the firm)
- Letter notifying the firm that the implementation plan has been completed, if applicable
- Letter(s) relating to peer review document recall considerations
- Written representations from management of the reviewed firm
- Scheduling information
These materials should be retained until the firm’s subsequent peer review has been completed.