Current through Register Vol. 63, No. 3, March 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
