(a) Prior to conducting a peer review, an individual must be approved by
the Board.
(b) In order to receive approval from the Board, a peer reviewer shall:
(1) have and maintain an active license as a certified public accountant in
this or any other state;
(2) possess a level of knowledge of applicable professional standards
acceptable to the Board;
(3) possess at least 5 years recent experience in the practice of public
accounting;
(4) have and maintain ownership or management of a firm, or comparable
responsibility;
(5) have received an unmodified report on the most recent peer review of
the prospective peer reviewer; and
(6) complete an appropriate training course as determined by the Board.
(c) A peer reviewer shall have no connection to the licensee or permit
holder being reviewed that might impair the peer reviewer's
independence.
(d) A peer reviewer shall:
(1) prepare a report of findings in accordance with the standards for
performing and reporting on peer reviews of the American Institute of
Certified Public Accountants; and
(2) maintain the report for a period of 3 years.
(e) A peer reviewer shall provide a copy of the report to the Board only if
the licensee or permit holder being reviewed has:
(1) been directed to take corrective action and has failed to satisfy the
peer reviewer that such action has been completed in a timely manner;
(2) received a second consecutive modified report; or
(3) received an adverse report.
(f) A peer reviewer shall comply with all Board regulations and directives
regarding the peer review process.
(g) The Board may revoke its approval of a peer reviewer under this section
if the peer reviewer:
(1) violates any provision of this title;
(2) violates any regulation adopted by the Board; or
(3) is sanctioned by any state board of accountancy or any unit of State or
federal government.
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