Considering implementing a peer review process for all audits over $10k in potential savings. Would have another auditor review the work before final report goes out. Anyone doing this? Seems like it would catch errors but also concerned about the time/cost impact.
Peer Review Process - Worth the Effort?
Wesley, we've been doing peer review for about three years now on significant audits. Has definitely caught some errors that would have been embarrassing. Usually takes the reviewer 30-60 minutes to go through the work and calculations. Worth it for client confidence and professional liability protection. We build the cost into our project pricing.
I do informal peer review by having a colleague spot-check my rate schedule interpretation and major calculations. Don't need them to review the whole report, just the technical analysis. Usually catches any brain farts or calculation errors. Good compromise between thoroughness and efficiency.
The key is having clear review criteria so your peer reviewer knows what to focus on. I created a checklist covering rate schedule verification, calculation accuracy, reasonableness of findings, and report clarity. Makes the review process more efficient and consistent. Also helps if your reviewer has experience with that particular utility.