Section Ac 405.02 - Peer Review Required(a) Each firm that provides any of the following services to the public shall participate in a peer review program: (1) Audits, whether financial, performance, or both;(2) Reviews of financial statements;(3) Compilations of financial statements; and(4) Agreed-upon procedures.(b) No firm shall be required to participate in a peer review program until the firm agrees to undertake a report engagement for a service listed under (a) above.(c) A peer review shall be performed and reported in accordance with standards that are no less stringent than the "Peer Review Program Manual" of the AICPA, January 8, 2014 edition.(d) Within 30 days of first being engaged to provide any service listed under (a) above, a firm shall notify the board in writing, and provide documentation of enrollment in a peer review program that meets the requirements of this part. Failure to comply with the peer review requirements of this part shall subject the firm to disciplinary action by board in accordance with RSA 309-B:10, I.(e) Within 18 months of the year-end date of the report on engagement the firm first agrees to undertake a service listed under 405.02 (a), the firm shall undergo a peer review.(f) Within 24 months of the year-end date of the report on the engagement the first agrees to undertake a service listed under 405.02 (a), the firm shall furnish to the board a peer review final acceptance letter.(g) If a firm is unable to furnish a final acceptance letter within 24 months pursuant to (f) above due to being issued a report with a rating of pass with deficiency or deficiencies or fail, the firm shall, within the 24 month period, provide to the board an accept-provided-that letter, describing required follow-up actions and their due date, from the peer review entity.(h) If the final letter of acceptance has not been issued as of the date the CPA firm files the firm registration form, the status of the peer review in process, as is within confidentiality requirements, shall be obtained from the peer review entity and submitted with the firm registration form.(i) If the firm is unable to furnish a final acceptance letter due to being issued a report with a rating of pass with deficiency or deficiencies or fail, the firm shall provide to the board an accept-provided-that letter, describing required follow-up actions and their due date, from the peer review entity.(j) Any firm that receives a report with a rating of pass with deficiency or deficiencies or fail shall abide by the peer review entity's required follow-up actions, including fulfilling such follow-up actions within the time frame established by the peer review entity, and subsequently obtain a final peer review acceptance letter from the peer review entity.(k) A peer review shall not be considered by the board to be complete until the final letter of acceptance has been issued by the peer review entity. Such final letter of acceptance shall indicate the new due date of the firm's next peer review.(l) If the final letter of acceptance has not been issued as of the date the CPA firm files the firm registration form, it shall be submitted within 60 days of the date it is issued.(m) Firms required to participate in a peer review program shall participate in and complete one of the following peer review programs: (1) AICPA National Peer Review Committee;(2) AICPA Peer Review Program; or(3) Any other peer review program that is substantially equivalent to those programs listed in (1) and (2) above.(n) Each firm required to participate in a peer review program shall continue participating in a peer review program until the firm or its successor in interest has, for a period of at least one year, outside of its peer review year, not engaged in any service listed in (a) above and does not intend to in the future.(o) Subsequent peer reviews of a firm shall be due no later than 6 months from the end of the 3-year peer review period unless an extension is granted by the peer review program entity.(p) If a firm is granted an extension of time to complete its peer review, the firm shall submit to the board a copy of the letter from the peer review entity that granted the extension.N.H. Admin. Code § Ac 405.02
#9051, eff 12-27-07; amd by #10054, eff 1-1-12
Amended by Volume XXXV Number 01, Filed January 8, 2015, Proposed by #10746, Effective 1/1/2015, Expires1/1/2025.