Section R. 338.5503 - Peer review standards; change in sponsoring organization; deficient peer review reports; documentationRule 503.
(1) If a firm is merged, otherwise combined, dissolved, or separated, the sponsoring organization shall decide which firm is considered the succeeding firm. The succeeding firm shall keep its peer review status and the review due date.(2) A firm choosing to change to another sponsoring organization may do so provided that the firm authorizes the previous sponsoring organization to communicate to the succeeding sponsoring organization any outstanding corrective actions related to the firm's most recent review.(3) The department may rely on a failed peer review report or a second consecutive pass with deficiencies peer review report as prima facie evidence of a violation of professional standards.(4) Each peer review and reviewer must satisfy the applicable review standards in place at the time of the review. The following standards apply: (a) Documents related to a peer review must be kept and satisfy the AICPA's retention policies under R 338.5102(1)(a), or until final adjudication of a complaint related to a peer review, whichever is later.(b) The documents described in subdivision (a) of this subrule shall be available for inspection by the department during regular business hours with reasonable notice.Mich. Admin. Code R. 338.5503
2007 AACS; 2013 AACS; 2022 MR 22, Eff. 11/21/2022