(a)

1. (1) The Arkansas State Board of Public Accountancy shall approve peer review:

   1. (A) Sponsoring organizations;
   2. (B) Programs; and
   3. (C) Standards.
2. (2) Qualifying sponsoring organizations shall include any organization approved by the board.

(c)

1. (1) The board adopts the American Institute of Certified Public Accountants (AICPA) and its peer review program and the Alabama Society of CPAs or its successor and other peer review programs administered by entities involved in the administration of the AICPA Peer Review Program as approved sponsoring organizations.
2. (2) These organizations are not required to submit an application for approval to the board.
3. (3) The board may approve other peer review sponsoring organizations and programs.

(d)

1. (1) The board may terminate its approval of a sponsoring organization for cause following notice and opportunity for hearing.
2. (2) For purposes of this subsection (d), “cause” includes, but is not limited to, failure to maintain an ongoing compliance with the requirements of this subpart.

(e)

1. (1) For an organization not specifically identified in this subpart 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 that the overall program and standards are similar to those of the AICPA Peer Review Program.
2. (2) At a minimum, the evidence shall include the standards, procedures, guidelines, oversight process, training materials, and related documents used to administer, perform, and accept peer reviews.
3. (3) 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.