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D06602 1 (2014-01-13)

handle is hein.gao/gaobadpzx0001 and id is 1 raw text is: Guidance for Understanding the New Peer Review Ratings The 2011 Revision of Generally Accepted Government Auditing Standards (GAGAS) modifies the reporting used to communicate the results of a peer review. In accordance with paragraph 3.101 of the 2011 GAGAS, the peer review report includes one of three possible ratings, based on the peer reviewers' opinion on the audit organization's system of quality control: Pass, Pass with Deficiencies, or Fail. The 2011 GAGAS does not change the thresholds for deficiency reporting. The table below compares peer review reporting under the 2007 GAGAS Revision to reporting under the 2011 Revision. Terms are defined on page 2. Conditions Identified during Reporting under 2007 and Reporting under 2011 Peer Review Previous GAGAS GAGAS The audit organization's Unmodified opinion. Peer review rating of Pass. system of quality control was suitably designed and complied with to provide the audit organization with reasonable assurance of performing and reporting in conformity with applicable standards in all material respects. The audit organization's Modified opinion. Report Peer review rating of Pass system of quality control was includes the reasons for the with Deficiencies. The report suitably designed and modification (the deficiency or includes a description of the complied with to provide deficiencies that resulted in a identified deficiencies. reasonable assurance of modified opinion) and a performing and reporting in detailed description of the conformity with applicable findings and standards in all material recommendations. respects, except for a deficiency or deficiencies. The audit organization's Adverse opinion. The report Peer review rating of Fail. The system of quality control did includes the reasons for the report includes a description not provide the audit adverse opinion (the of the identified significant organization with reasonable deficiency or deficiencies that deficiencies. assurance of performing or resulted in an adverse reporting in conformity with opinion) and a detailed applicable standards in all description of the findings and material respects due to a recommendations. significant deficiency or significant deficiencies in the design of or the audit organization's compliance with its system of quality control. Peer reviewers determine the type of peer review rating to issue based on the importance of observed circumstances to the audit organization's system of quality control as a whole and the nature, causes, patterns, and pervasiveness of those circumstances. The circumstances are

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