A permitted firm, as a condition for renewal of its permit pursuant to SDCL chapter 36-20B, must undergo a peer review, in accordance with this chapter, once every three years unless prior approval is granted by the board for special circumstances. Special circumstances consist of a requirement by another reviewing body which would cause a firm's review to be outside the three-year cycle.

The board may waive or adjust the peer review requirements for a firm that has entered into a consent agreement as a result of a pass with deficiency or fail report.

The administrative fee for a peer review is one hundred twenty-five dollars. The administrative fee must be accompanied by a Request for Acceptance of Equivalent Review form and received by the board by June first of the year in which the peer review is due. If the Request for Acceptance of Equivalent Review form is submitted late, the late fee is an additional seventy-five dollars.

If a firm filing a Request for Acceptance of Equivalent Review form has not engaged a reviewer by June first, the firm must file a copy of the Request for Acceptance of Equivalent Review form by June first with the one hundred twenty-five dollar fee. The original Request for Acceptance of Equivalent Review signed by the firm and reviewer must then be filed within thirty days after the reviewer is engaged. If the original Request for Acceptance of Equivalent Review form is not filed within thirty days after the reviewer is engaged, the firm must submit an additional seventy-five dollars.

The peer review is limited to the firm's accounting and auditing practice and, if if relevant, its related quality control system.

Cross-References:

Discretion to waive certain requirements, § 20:75:01:07.

Equivalent review, § 20:75:07:05.

Source: 29 SDR 16, effective August 14, 2002; 39 SDR 33, effective September 5, 2012; 45 SDR 84, effective December 20, 2018 (effective January 1, 2020); 51 SDR 141, effective July 1, 2025 .

General Authority: SDCL 36-20B-12 .

Law Implemented: SDCL 36-20B-36 .

Prior versions effective: 2020-01-01, 2019-12-31, 2012-09-05.