Section 280-6-3 - PEER REVIEWA. ENROLLMENT IN A BOARD-APPROVED PEER REVIEW PROGRAM1. Enrollment in a Board-approved peer review program is a condition for renewal of a license for firms that provide attest services other than compilations. At the time of renewal, the Board requires firms to certify that the firm either: a. is enrolled in a Board-approved peer review program; orb. conducts no attest services other than compilations.2. A firm is not required to enroll in a Board-approved peer review program if its only level of service is performing compilation or preparation of financial statements (with or without disclaimer reports) under Statements on Standards for Accounting and Review Services (SSARS). However, if the firm is subject to a Board-approved peer review program, it is required to have a peer review which may include compilation or preparation of financial statements within the scope of the review.3. A firm enrolled in a Board-approved peer review program shall schedule, undergo and complete its initial peer review in compliance with the sponsoring organization's peer review standards and related guidance. A firm's initial peer review must be completed within 18 months after the initial granting of the license.4. A firm enrolled in a Board-approved peer review program shall schedule, undergo and complete its subsequent peer reviews in compliance with the sponsoring organization's peer review standards and related guidance. As required by 32 M.R.S. 122528)(A), a firm must undergo subsequent peer reviews every three years for as long as the firm provides an attest service other than compilations.5. If a firm subsequently provides an attest service other than compilations after certifying to the Board under Section 3(A)(1)(b) that it does not conduct attest services, the firm must undergo a peer review within 18 months after the fiscal year end of the first attest services engagement other than compilations that it accepts.6. For good cause shown, the Board may grant or renew a license for a reasonable period of time pending receipt of the firm's acceptance letter, provided the firm has applied for a license in a timely manner.7. For firms required to be registered with and subject to inspection by the Public Company Accounting Oversight Board (PCAOB), the Board recognizes the PCAOB's inspection process for reviewing practices subject to its authority, which are not included in the scope of peer review programs. Firms subject to inspection by the PCAOB are also required to meet the peer review requirements under a Board-approved peer review program that covers the portion of the practice unit's practice not subject to the PCAOB permanent inspection.B. SUBMISSION OF PEER REVIEW DOCUMENTS1. A firm is required to submit a copy of the acceptance letter from the administering entity to the Board within thirty (30) days of the administering entity's acceptance or with submission of the firm's renewal application, whichever occurs first.2. A firm may satisfy the document submission requirement in Section 3(B)(1) by allowing the administering entity to provide the Board access to the acceptance letter via a secure website process such as the AICPA Facilitated State Board Access (FSBA).C. APPROVED PEER REVIEW SPONSORING ORGANIZATIONS AND PROGRAMS AND PEER REVIEW STANDARDS AND PEER REVIEW OVERSIGHT 1. The Board shall approve peer review sponsoring organizations and program(s) and standards.2. The Board recognizes the AICPA as an approved sponsoring organization, along with its peer review program and standards; this approval also applies to the New England Peer Review (NEPR) and other peer review programs administered by entities involved in the administration of the AICPA Peer Review Program. These organizations are not required to submit an application for approval to the Board. As a condition of this approval, a sponsoring organization is required to: a. Administer peer reviews for nonmember licensees whose firms' principal places of business are located in the state(s) where it administers peer reviews, provided that such nonmembers comply with the applicable peer review standards; andb. Provide advance notice to the Board and an opportunity for discussion if any administering entity is to be discontinued.3. The Board may terminate its approval of a sponsoring organization for cause following notice and an opportunity for hearing. For purposes of this subsection, "cause" includes but is not limited to a substantive change in the peer review program that adversely affects licensees or the public or impairs the Board's ability to protect the public in this State or failure to maintain an ongoing compliance with the requirements of this chapter.4. The Board may approve other peer review sponsoring organizations and programs. For an organization not specifically identified in Board rule as Board-approved, to receive Board approval for its peer review program and standards, the organization must submit evidence to the satisfaction of the Board. The evidence shall include but is not limited to the standards, procedures, guidelines, oversight process, training materials and related documents used to administer, perform and accept peer reviews. The Board has the authority to request any other documents/information from an organization about its peer review program in determining whether to grant approval.5. The Board shall engage in such activities as it deems appropriate to administer peer review oversight, including but not limited to the following activities: a. Visit the administering entities of the approved peer review program;b. Review sponsoring organization procedures for administering the program; c. Meet with an administering entity's report acceptance body during consideration of the peer review documents;d. Review the administering entity's compliance with its program. The Board may designate an entity to administer peer review oversight of the Board-approved peer review program, including the sponsoring organization and administering entities. At least annually, the Board shall take into consideration any reports issued by its designee on the conclusions and recommendations reached as a result of the designee's activities.