PURPOSE: This rule clarifies the peer review requirements as a condition for renewal of a firm permit.

1. (1) Any certified public accounting firm (“firm”) required to have a current permit issued pursuant to Chapter 326, RSMo, shall be enrolled in an approved peer review program as prescribed in 20 CSR 2010-5.080.
2. (2) The firm shall verify that any member of the firm who is responsible for supervising attest or review services, or who signs, or authorizes someone to sign, the firm’s report on attest or review engagements on behalf of the firm, has met the competency requirements as prescribed in 20 CSR 2010-2.061.
3. (3) For firms with multiple offices, the resident manager of each office located in the state of Missouri shall verify that the office follows the same quality control policies and procedures established by the firm that has been subjected to the peer review process. The resident manager of each office shall verify that any member of the firm who is responsible for supervising attest or review services, or who signs, or authorizes someone to sign, the firm’s report on attest or FINANCIAL INSTITUTIONS AND PROFESSIONAL REGISTRATION

review engagements on behalf of the firm, has met the competency requirements as prescribed in 20 CSR 2010-2.061. The verification from the resident manager shall be provided to the Peer Review Oversight Board (PROB) at least one hundred twenty (120) days prior to the date of the firm’s annual renewal.

1. (4) For firms that are enrolled in an approved peer review program in another state to be eligible for the renewal of the firm permit, the resident manager of each office located in Missouri shall verify that the office follows the same quality control policies and procedures established by the firm that has been subjected to the peer review process in the other state. The resident manager of each office shall verify that any member of the firm who is responsible for supervising attest or review services, or who signs, or authorizes someone to sign, the firm’s report on attest or review engagements on behalf of the firm, has met the competency requirements as prescribed in 20 CSR 2010-2.061. The verification from the resident manager shall be provided to the PROB at least one hundred twenty (120) days prior to the date of the firm’s annual renewal.
2. (5) Firms that are enrolled in an approved peer review program and are providing services in the state of Missouri, but not through an office located in Missouri, shall verify that the out-of-state office(s), through which the services are being provided, follows the same quality control policies and procedures established by the firm that has been subjected to the peer review process in the other state. The resident manager of each office shall verify that any member of the firm who is responsible for supervising attest or review services, or signs, or authorizes someone to sign, the firm’s report on attest or review engagements on behalf of the firm, has met the competency requirements as prescribed in 20 CSR 2010-2.061. The verification from the resident manager of such office(s) shall be provided to the PROB at least one hundred twenty (120) days prior to the date of the firm’s annual renewal.

AUTHORITY: sections 326.271 and 326.289.9, RSMo Supp. 2009.* This rule originally filed as 4 CSR 10-5.090. Original rule filed Nov. 3, 2003, effective June 30, 2004. Moved to 20 CSR 2010-5.090, effective Aug. 28, 2006. Amended: Filed Feb. 23, 2010, effective Aug. 30, 2010.

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