OAR 801-050-0080
Minimum Standards for Peer Review Programs


Peer review programs must inform the firm of the results and include procedures as appropriate to the type of review being conducted, that assure a firm that the firm’s system of quality control is appropriately designed to provide reasonable assurance that:


The firm and its personnel comply with professional standards and applicable regulatory and legal requirements;


The firm or the firm’s engagement partners issue reports that are appropriate in the circumstances;


The firm has adopted policies designed to achieve the objectives of its system of quality control;


The firm has established procedures necessary to implement and monitor compliance with policies;


System Peer Review. The peer review program must also provide, as appropriate to the type of review being conducted, the firm under review with reasonable assurance that the firm’s system of quality control includes well designed and effectively applied policies and procedures addressing each of the following elements:


Leadership responsibilities for quality within the firm;


Relevant ethical and independence requirements;


Acceptance and continuance of client relationships and specific engagements;


Human resources that provide the firm with personnel who have capabilities, competence and professional ethics;


Engagement performance requirements.


Monitor compliance with the firm’s quality control requirements


Engagement Peer Review programs must include procedures that inform the firm of the results of engagement reviews of the following conditions:


Engagement reviews that identify significant and material non-compliance with professional standards and regulatory and legal requirements.


Engagement reviews where nothing came to the reviewer’s attention that caused the reviewer to believe that the engagements submitted for review were not performed and reported on in conformity with applicable professional standards in all material respects.


Firm inspection standards required by the PCAOB shall be deemed to meet the minimum standards for public company audit firms; provided, however, that such firms, which also perform attest services for non-public companies shall be required to meet the peer review requirements of OAR 801-050.

Source: Rule 801-050-0080 — Minimum Standards for Peer Review Programs, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=801-050-0080.

Last Updated

Jun. 8, 2021

Rule 801-050-0080’s source at or​.us