QEP RREPORTING STATISTICS
2016 STATISTICS

Report Type	Type 1	Type 2	Type 3	Type 4	Totals
AUDITS	2	3	4	1	10
REVIEWS	2	6	4	5	17
COMPILATIONS	12	10	7	12	41
TOTALS	16	19	15	18	68 Submissions

DNI’S (DID NOT ISSUE ANY REPORTS) per practice unit (office) = 99

Exemptions granted per practice unit = 75

Letters sent to the firms = 242

STATISTICAL SUMMARY OF REPORTS REVIEWED
FOR THE 2015 REVIEW PERIOD

Report Type	Type 1	Type 2	Type 3	Type 4	Totals
AUDITS	5	7	7	2	21
REVIEWS	1	12	2	1	16
COMPILATIONS	15	26	10	7	58
TOTALS	21	45	19	10	95 Submissions

DNI’S (DID NOT ISSUE ANY REPORTS) per practice unit (office) = 77

Exemptions granted per practice unit = 88

 

STATISTICAL SUMMARY OF REPORTS REVIEWED
FOR THE 2014 REVIEW PERIOD

Report Type	Type 1	Type 2	Type 3	Type 4	Totals
AUDITS	0	2	8	1	11
REVIEWS	0	8	3	3	14
COMPILATIONS	14	19	11	8	52
TOTALS	14	29	22	12	77 Submissions

DNI’S (DID NOT ISSUE ANY REPORTS) = 66

Exemptions granted per practice unit = 65

 

STATISTICAL SUMMARY OF REPORTS REVIEWED
FOR THE 2013 REVIEW PERIOD

Report Type	Type 1	Type 2	Type 3	Type 4	Totals
AUDITS	4	8	2	2	16
REVIEWS	1	12	9	0	22
COMPILATIONS	20	19	14	3	56
TOTALS	25	39	25	5	94

DNI’S (DID NOT ISSUE ANY REPORTS) = 90

Exemptions granted per practice unit = 72

 

STATISTICAL SUMMARY OF REPORTS REVIEWED
FOR THE 2012 REVIEW PERIOD

Report Type	Type 1	Type 2	Type 3	Type 4	Totals
AUDITS	2	5	7	6	20
REVIEWS	1	10	6	3	20
COMPILATIONS	17	14	8	10	49
TOTALS	20	29	21	19	89

DNI'S (DID NOT ISSUE ANY REPORTS)
per practice unit (office) = 65

Exemptions granted per practice unit (office) = 65

GENERAL INFORMATION ABOUT THE QEP PROGRAM

HISTORICAL STATISTICS

The Most Common Problems on 2016 Reports (audits, reviews, and compilations)

1. SSARS 21 report language not implemented.
2. Fair value disclosures omitted.
3. Not reporting on supplementary information.
4. Date of management's review is prior to the date of the accountant's report.
5. Wording for the independent auditor's report for comparative reporting using singular not plural.

The Most Common Problems on 2015 Reports (audits, reviews, and compilations)

1. Accountant’s report did not match all statements and/or periods presented.
2. Incorrect reporting and improper presentation of supplementary information.
3. Use of improper financial statement titles.
4. Incorrect reporting on information presented on a prescribed form.
5. Missing or incomplete required disclosures, including, but not limited to, fair value, subsequent events, income tax, and accounting policies.

The Most Common Problems on 2014 Reports (audits, reviews, and compilations)

1. Compilation/Review reports wording not in accordance with SSARS 19
2. No disclosure on the tax years that remain subject to examination by major tax jurisdictions.
3. Proper title headings of Accountant’s Report
4. Errors in reference to basis of accounting – references to both GAAP & OCBOA
5. Fair Values – Failure to address omission of fair value disclosures or investments not carried at fair value.

The Most Common Problems on 2013 Reports

1. Open tax year disclosure missing or incomplete
2. Compilation reports wording not in accordance with SSARS 19
3. Wording problems in audit GAS reports
4. OCBOA financial statements using incorrect report wording and/or statement headings.
5. Fair Value Disclosures

The Most Common Problems on 2012 Reports

The committee determined the following five issues were the most common problems:

1. Compilation reports wording not in accordance with SSARS 19
2. Subsequent events disclosures missing or incomplete
3. For the years beginning other December 15, 2008, disclosure needs to include a description of tax years that remain subject to examination by major tax jurisdictions.
4. OCBOA financial statements using incorrect report wording and/or statement headings.
5. Use of outdated GASB and A133 report wording – not using SAS 115 and 117 wording.

 

An email/mailing will be sent to all permit holders alerting them to the most common errors. 

---

QEP REPORTING FORMS

• QEP Report Transmittal Form
• Request for QEP Exemption Application
• QEP Reviewer Application

QEP PROCEDURES
PRE-ISSUANCE REVIEW GUIDELINES
QEP REVIEW RATINGS GUIDELINES
SUGGESTED MINIMUM RESOURCES LIBRARY

This is a list of recommended resources that practitioners preparing Audits, Reviews and Compilations should have on hand. This list is not all-inclusive and should be adapted to your practice unit depending on the kind of work it does.