Current through Register Vol. 63, No. 9, September 1, 2024
(1)
Approval of sponsor
applications. The PROC shall review applications received from sponsors
of peer review programs and recommend approval or disapproval of such
applications.
(2) On behalf of the
Board, the PROC shall review approved programs at least biennially to assure
that approved programs continue to meet the requirements of these rules and
provide systems to provide reasonable assurance that the program meets the
following criteria:
(a) Provides reasonable
assurance that the elements of quality control described in OAR
801-050-0080 are met by the firm
under review;
(b) Peer Reviewers
assigned are appropriately trained and qualified to perform the review for a
specific firm;
(c) Peer Reviewers
use appropriate materials in conducting the peer review;
(d) The sponsor consults with the reviewers
on problems arising during the peer review and that specified occurrences
requiring consultation are outlined;
(e) The sponsor reviews the results of the
peer review; and
(f) The sponsor
has provided for an independent RAB that meets the standards for peer review
and that performs the following duties:
(A)
Provides technical review of peer reviews performed under the program for
acceptance by the RAB; and
(B)
Requires corrective actions of firms with pass with deficiencies or fail
reports as identified in the peer review process.
(3)
Oversight and verification.
The PROC shall conduct oversight of approved peer review programs to provide
reasonable assurance that such programs are in compliance with the minimum
standards for performing and reporting on peer reviews. The committee shall
report to the Board any modifications to approved peer review programs and
shall make recommendations regarding the continued approval of peer review
programs.
(a) Oversight procedures to be
performed by the PROC may consist of, but are not limited to, the following
activities:
(A) Visit the sponsor of the
approved peer review program;
(B)
Review the sponsor's procedures for administering the program;
(C) Meet with the sponsor's RAB during
consideration of peer review documents;
(D) Review the sponsor's compliance with
their programs and oversight quality control compliance.
(b) The PROC shall verify that firms are in
compliance with peer review requirements as follows:
(A) Verification may include review of the
peer review report, the firm's response to the matters discussed in the peer
review report, and the acceptance letter outlining any additional corrective or
monitoring procedures.
(B) The
documents under review may be redacted to preserve client confidentiality.
Review by the Peer Review Oversight Committee may be expanded if significant
deficiencies, problems, or inconsistencies are encountered during the random
audit.
(4)
Peer Review Reports. The PROC shall:
(a) Assess peer review reports and related
documents submitted by firms pursuant to the requirements of OAR
801-050-0040, as directed by the
Board;
(b) Consult with the Board
regarding the appropriate action for firms that have unresolved matters
relating to the peer review process or that have not complied with, or acted in
disregard of the peer review requirements. The PROC will consult with the Board
when the committee believes there are issues with a peer review report that may
warrant further action;
(c) The
PROC will review the peer review reports for firms that receive consecutive
non-pass peer review results to determine whether a referral to the Board's
compliance unit is warranted.
(d)
In conducting an assessment pursuant to ORS
673.455 and
673.457, the Committee and the
Board shall have complete access to reports submitted by firms pursuant to the
requirement of this rule and OAR
801-050-0040.
Statutory/Other Authority: ORS
673.455 & OL 2001, Ch. 638
& Sec. 12
Statutes/Other Implemented: ORS
673.455
