S.D. Admin. R. 20:75:07:03
A firm is exempt from the peer review requirement set forth in § 20:75:07:02 if it represents to the board that it does not engage in the financial reporting area of practice, including audits, reviews, compilations, and accounting services on prospective financial information; that it does not intend to engage in such a practice during the following year; and that it will immediately notify the board in writing if it engages in such a practice. The representation shall be made in writing under oath on forms provided by the board and shall be made annually at the time the firm applies for renewal of its firm permit.
A firm may declare exemption if the firm is subject to review for the prior year and no longer intends to engage in the financial reporting area of practice, including audits, reviews, compilations, and accounting services on prospective financial information; that it does not intend to engage in such a practice during the following year; and that it will immediately notify the board in writing if it engages in such a practice.
If a firm under exemption notifies the board that it has engaged in the financial reporting area of practice, it must undergo a peer review during the first calendar year after its acceptance of the first engagement following a declaration of exemption from peer review.
S.D. Admin. R. 20:75:07:03
General Authority: SDCL 36-20B-12(9)(10).
Law Implemented: SDCL 36-20B-36.