Wyo. Code R. 061-0001-9
Accountants, Board of Certified Public
Chapter 9: Peer Review
Effective Date: 09/26/2012 to 04/07/2022
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.9.09262012
PEER REVIEW
(a) Registrants or CPA firms with a principal place of business in Wyoming whose accounting and auditing practice includes one or more engagements performed under the AICPA's Statements on Auditing Standards (SAS); Statements on Standards for Accounting and Review Services (SSARS); Statements on Standards for Attestation Engagements (SSAEs); Government Auditing Standards issued by the United States Governmental Accountability Office are subject to review under the requirements of a practice monitoring program at least once every three and one-half years.
(i) Other registrants or CPA firms who perform accounting and auditing engagements as set forth in paragraph (a) above for clients with a home office in Wyoming are subject to review under the requirements of a practice monitoring program at least once every three and one-half years. (ii) Registrants or CPA firms that audit public companies must comply with the standards required under the Sarbanes-Oxley Act of 2002 and are subject to review as determined by the PCAOB.
(b) All reviews must be carried out in conformity with the AICPA's Standards for Performing and Reporting on Peer Reviews as of January 1, 2009 with Peer Review Standards Interpretations issued through May 22, 2012 or the PCAOB's firm inspection standards with various effective dates last published May 22, 2012. All standards referenced in this Chapter and applicable interpretations thereto are adopted by the Board and do not include any later amendments or editions than specifically referenced. Copies of all standards referenced in the Chapter are available for inspection at the Board office or may be purchased from the AICPA electronically at http://www.cpa2biz.com/Stores/AICPAs. The Government Accountability Office standards may be accessed electronically at http://www.gao.gov/govaudit. The PCAOB's rules and standards may be accessed electronically at http://www.pcaobus.org.
(c) Reviews must be carried out under the supervision of one of the following administering entities:
(i) the AICPA Peer Review Board's National Peer Review Committee (PRC); (ii) a CPA Society or group of state CPA societies fully involved in the administration of the AICPA's peer review program; (iii) other entities fully involved in the administration of the AICPA's peer review program approved by the AICPA Peer Review Board; or (iv) any other entities whose Board approved Peer Review Program is governed by the AICPA Standards for Performing and Reporting on Peer Reviews ; or
(v) the PCAOB.
(d) The Board may contact the administering entity to verify the validity of the documentation submitted by the registrant.
(a) All registrants or CPA firms should arrange and schedule their reviews as required by the peer review standards and in compliance with the administrative procedures established by the administering entity.
(b) A registrant or CPA firm is not subject to review if it represents to the Board that it does not perform engagements as set forth in this Chapter or that it does not report on financial statements that are, or reasonably might be expected to be, used by a third party.
(c) Concurrently with the acceptance of an accounting and/or auditing engagement as set forth in this Chapter, a registrant or CPA firm is subject to practice monitoring and its designated certificate holder must within sixty (60) days notify the Board of the acceptance of an engagement, enroll in a Board approved peer review program, and undergo a review as required under the peer review standards and administrative procedures established by the administering entity.
(d) The Board may accept extensions for registrants or CPA firms undergoing peer reviews granted by administering entities provided that the Board is notified by the registrant or CPA firm within fourteen (14) days from the date of the letter from the administering entity granting the extension. Ordinarily, extensions are granted for the following reasons:
i) Health; ii) Military Service; or iii) Other good cause clearly outside of the control of the reviewed firm.
(a) No later than June 30 of each year, registrants or CPA firms with reviews scheduled in the prior calendar year must submit to the Board a copy of peer review documents as follows:
(i) If the report is designated 'Pass', a copy of the report and acceptance letter;
(ii) If the report is designated 'Pass with Deficiencies' or 'Fail', a copy of the report, reviewed firm's letter of response, and letter(s) signed by the firm accepting the documents with the understanding that the firm agrees to take any actions required by the sponsoring organization; and the letter signed by the sponsoring organization notifying the firm that required actions have been appropriately completed;
(iii) If an inspection report by the PCAOB, a copy of any final report, documentation of any significant issues and findings, and the registrant's or CPA firm's response.
(iv) Firms may meet the requirement in Section 4 (a)(i)-(ii) by participating in the AICPA Facilitated State Board Access (FSBA) program which authorizes the administering entity to release peer review results to the state boards of accountancy.
(b) A registrant who is employed by state or federal government or political subdivision thereof and who provides services that subject him to peer review under this chapter is not required to submit reports to the Board under this section.
(a) If the report is designated 'Pass', the Board shall take no further action provided the review was conducted in accordance with this Chapter.
(b) If the report is designated 'Pass with Deficiencies' or 'Fail', the Board, after taking into consideration the reported deficiencies and any remedial action since the issuance of such peer review report, may:
(i) require deficiencies be corrected within a specified time period;
(ii) require the registrant or the CPA firm to undergo a peer review prior to the next regularly scheduled review;
(iii) require certificate holders employed by or associated with the registrant or CPA firm to complete continuing education in areas of deficiency;
(iv) require the registrant or CPA firm to maintain a minimum library of resource material;
(v) require the registrant or CPA firm to provide copies of interim inspection reports;
(vi) require any other action that will effectuate the purpose of this Chapter.
(c) If the registrant or CPA firm fails to comply with requirements established by this Chapter, the Board may proceed with the initiation of disciplinary action pursuant to W.S. 33-3-123 and Chapter 7 of the Rules and Regulations.
Section 5. Records. Copies of documents provided to show compliance with this Chapter are privileged and shall be purged from the Board's files in accordance with the Board's formally adopted retention schedules. Individual actions taken by the Board pursuant to Section
5(b) of this Chapter which do not result in the Board's initiating formal disciplinary action are not public actions and shall not be made a part of the Board's public record.
Section 6. Practice Privilege Firms. Registrants or CPA firms that provide services as defined in Section 1(a)(i) of this chapter must comply with peer review requirements as follows:
(a) AICPA members and other registrants or CPA firms whose principle place of business requires them to comply with peer review shall comply with the requirements imposed by the AICPA, PCAOB, other Board approved administering entities, and/or the applicable state law and are not required to submit reports to the Wyoming Board as set forth in Section 4 of this Chapter.
(b) Non AICPA member registrants or CPA firms whose principle place of business is in a state that does not require peer review as a regulatory requirement or other registrants or CPA firms who are not required to comply with peer review in their principal places of business shall submit reports to the Wyoming Board as set forth in Section 4 of this Chapter.
(c) Any registrant or CPA firm not required to submit reports to the Wyoming Board shall maintain records of participation in a qualified peer review organization and shall provide copies of such records upon the Board's written request for good cause.