1. A. Each firm, review team, and member of a review team shall comply with the Standards for Performing and Reporting on Peer Reviews published June 15, 2024, in the AICPA Professional Standards by the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, North Carolina 27707-8110 (www.aicpa.org), which is incorporated by reference. This incorporation by reference does not include any later amendments or editions. The incorporated material is available for inspection and copying at the Board’s office.

2. B. A firm shall allow the sponsoring organization to make the following documents and objective information accessible to the Board via the FSBA process:

   1. 1. Peer review report which has been accepted by the sponsoring organization,
   2. 2. Firm’s letter of response accepted by the sponsoring organization, if applicable,
   3. 3. The acceptance letter from the sponsoring organization,
   4. 4. Letter or letters accepting the documents signed by the firm with the understanding that the firm agrees to take any actions required by the sponsoring organization, if applicable,
   5. 5. Letter signed by the sponsoring organization notifying the firm that required actions have been appropriately completed, if applicable,
   6. 6. Date of the most current peer review program enrollment or reenrollment letter,
   7. 7. Firm representation to the sponsoring organization that it has not performed engagements subject to peer review in the last 12 months, if applicable,
   8. 8. Due date of the current peer review and due date on any open corrective actions,
   9. 9. Date of the peer review or corrective action extension letters,
   10. 10. Date of the letter acknowledging the peer review was scheduled, and
   11. 11. Estimated dates of the peer review commencement and presentation to a report acceptance body
3. C. Information discovered solely as a result of a peer review is not grounds for suspension or revocation of a certificate.
4. D. Firms that reorganize a current firm, rename a firm, or create a new firm, within which at least one of the prior CPA owners remains an owner or employee, shall remain subject to the provisions of this Section. If a firm is merged, combined, dissolved, or separated, the sponsoring organization shall determine which resultant firm shall be considered the succeeding firm. The succeeding firm shall retain its peer review status and the review due date.

Historical Note

Adopted effective July 1, 1983 (Supp. 83-4). Repealed effective November 20, 1998 (Supp. 98-4). New Section made by final rulemaking at 10 A.A.R. 4352, effective December 4, 2004. Amended by final rulemaking at 12 A.A.R. 2823, effective September 9, 2006 (Supp. 06-3). Amended by final rulemaking at 20 A.A.R. 520, effective February 4, 2014 (Supp. 14-1). Amended by final rulemaking at 23 A.A.R. 3246, effective January 1, 2018 (Supp. 17-4). Amended by final rulemaking at 26 A.A.R. 339, effective April 5, 2020 (Supp. 20-1). Amended by final rulemaking at 27 A.A.R. 921, effective August 1, 2021 (Supp. 21-2). Amended by final rulemaking at 28 A.A.R. 1106 (May 27, 2022), effective July 3, 2022 (Supp. 22-2). Amended by final rulemaking at 29 A.A.R. 1184 (May 26, 2023), effective July 3, 2023 (Supp. 23-2). Amended by final expedited rulemaking at 30 A.A.R. 2417 (July 26, 2024), with an immediate effective date of July 3, 2024 (Supp. 24-3). Amended by final expedited rulemaking at 31 A.A.R. 1654 (May 23, 2025), with an immediate effective date of May 7, 2025 (Supp. 25-2).