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. Therefore, the material which is so incorporated is on file with the agency who filed this rule, and with the Office of the Secretary of State. Any interested person may view this material at either agency’s headquarters or the same will be made available at the Office of the Secretary of State at a cost not to exceed actual cost of copy reproduction. The entire text of the rule is printed here. This note refers only to the incorporated by reference material.
- (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 326.289.9, RSMo. A printed copy or copy on CD-Rom, of the “Standards for Performing and Reporting on Peer Reviews,” may also be obtained from the American Institute of Certified Public Accountants, PO Box 2209, Jersey City, NJ 07303-2209 or http://www.aicpa.org.
- (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) To meet the standards for an approved peer review program, peer reviews shall occur at least once every three (3) years.
- (4) Any peer review conducted within this state shall be through a firm that has a current, firm permit in this state.
- (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. 2003.* 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.
*Original authority: 326.271, RSMo 2001, amended 2003 and 326.289, RSMo 2001, amended 2003.