Monitoring Compliance with Professional Guidance Revisited. A Further Discussion Paper Prepared by the Compliance/Peer Review Working Party of the Professional Affairs Board

Abstract

This second paper from the Compliance/Peer Review Working Party of the Professional Affairs Board sets out the reasons for introducing peer review within the profession, and outlines the areas of professional difficulty identified. The main recommendation is that peer review by an actuary's colleagues in his firm should be carried out on all relevant work before presentation to the client (whether an internal or external client). The situations in which this practice would be mandatory are also set out and, initially, these will relate to mandatory guidance in practising certificate areas.