Ala. Admin. Code r. 30-X-8-.03

Current through Register Vol. 43, No. 1, October 31, 2024

Section 30-X-8-.03 - Peer Review Required

(1) Participation in the Program and compliance with all rules of the Program and administrative guidelines issued pursuant to the Program are required of all Practice Units who perform accounting and auditing engagements for the public, including but not limited to audits, reviews, compilations, forecasts, or projections.

(2) It is the responsibility of each Practice Unit to secure a review of its practice by a Reviewer no less often than every third Fiscal Year.

(3) The Board must be notified each year by the Practice Unit for the subsequent three fiscal year period immediately following the fiscal year during which the review was conducted that a review has been completed.

(4) Each Practice Unit initially shall notify the Board a Peer Review Report has been completed along with its application for renewal of its Permit for either FY 1994, FY 1995 or FY 1996 in accordance with the schedule issued by the Board. Any Practice Unit, which has not obtained its initial Peer Review Report by December 31, 1996, shall not be renewed for FY 1997, and shall otherwise be subject to disciplinary action in accordance with State law and these rules.

(5) Following the initial notification, each Practice Unit shall notify the Board that a Peer Review has been completed by submission of a copy of the System Review Report of Engagement Review Report depending on the level of engagement, and the peer review report acceptance letter from the administering entity along with its application for renewal of its Permit not less than each third Fiscal Year. Any Practice Unit which has not obtained a Peer Review by December 31 following the end of the third fiscal year since its last submission shall not be renewed for the current fiscal year, and shall otherwise be subject to disciplinary action in accordance with State law and these rules.

(6) Any individual permit holder who performs compilation services for the public other than through a CPA or PA firm must notify the Board that a Peer Review has been completed by submission of a copy of the System Review Report of Engagement Review Report depending on the level of engagement, peer review report acceptance letter from the administering entity along with its application for renewal of their Permit not less than each third Fiscal Year. Any such individual permit holder described herein, which has not obtained a Peer Review by December 31 following the end of the third fiscal year since its last submission shall not be renewed for the current fiscal year, and shall otherwise be subject to disciplinary action in accordance with State law and these rules.

Ala. Admin. Code r. 30-X-8-.03

Filed June 24, 1987. Amended: Filed September 29, 1993; effective November 3, 1993. Amended: Filed May 18, 2004; effective June 22, 2004.

Amended by Alabama Administrative Monthly Volume XXXVI, Issue No. 02, November 30, 2017, eff. 12/31/2017.

Author: Alabama Board of Public Accountancy

Statutory Authority:Code of Ala. 1975, §§ 34-1-3, 34-1-10.