PURPOSE: This rule clarifies section 326.289.9, RSMo, which specifies the standards for peer review.

PUBLISHER’S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. This material as incorporated by reference in this rule shall be maintained by the agency at its headquarters and shall be made available to the public for inspection and copying at no more than the actual cost of reproduction. This note applies only to the reference material. The entire text of the rule is printed here.

1. (1) The Missouri State Board of Accountancy (the board) specifies that the “Standards for Performing and Reporting on Peer Reviews,” as promulgated by the American Institute of Certified Public Accountants (AICPA), which is incorporated by reference in this rule, or such other standards which are adopted, accepted, or recognized by the AICPA as meeting or exceeding the AICPA standards, shall satisfy the requirements of section 326.289.9, RSMo. A printed copy or copy on CD-Rom of the “Standards for Performing and Reporting on Peer Reviews (June 1, 2012)” may also be obtained from the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707 or http://www.aicpa.org. This rule does not incorporate any subsequent amendments or additions.
2. (2) The board may specify that a peer review program that is administered by a state board of accountancy, which is determined by the board to meet or exceed the AICPA standards, satisfies the requirements of 326.289.9, RSMo.
3. (3) To meet the standards for an approved peer review program, peer reviews shall occur at least once every three (3) years.
4. (4) Any peer review conducted within this state shall be through a firm that has a current firm permit in this state.
5. (5) The term “approved peer review program” shall mean the Missouri Society of Certified Public Accountants (MSCPA) peer review administration program, any approved AICPA peer review program, or a peer review administration program of a state board of accountancy which has been determined by the Missouri State Board of Accountancy to meet, or exceed, the AICPA Standards for Performing and Reporting on Peer Reviews.

AUTHORITY: sections 326.271 and 326.289.9, RSMo Supp. 2012.* This rule originally filed as 4 CSR 10-5.070. Original rule filed Nov. 3, 2003, effective June 30, 2004. Moved to 20 CSR 2010-5.070, effective Aug. 28, 2006. Amended: Filed Feb. 23, 2010, effective Aug. 30, 2010. Amended: Filed Aug. 15, 2012, effective Feb. 28, 2013.

*Original authority: 326.271, RSMo 2001, amended 2002 and 326.289, RSMo 2001, amended 2002, 2008.