Wyo. Code R. 061-0001-9
Accountants, Board of Certified Public
Chapter 9: Peer Review
Effective Date: 09/02/1997 to 08/04/1998
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.9.09021997
PEER REVIEW
Section 1. Requirements for Review.
(a) Every practice unit whose accounting and auditing practice includes one or more engagements that are issued under the Statements on Auditing Standards (SAS), Statements on Standards for Accounting and Review Services (SSARS), Statements on Standards for Attestation Engagements (SSAE) Financial Forecasts and Projections, and Standards for Financial and Compliance Audits contained in Government Auditing Standards issued by the US General Accounting Office, is subject to review under the requirements of a practice monitoring program at least once every three years.
(b) All reviews must be carried out in conformity with the AICPA's Standards for Performing and Reporting on Peer Reviews, under the supervision of an administering entity such as a state CPA society or the AICPA Division for Firms. Copies of the standards referenced in this section are available for inspection at the Board's office. Copies may be purchased from the AICPA, Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881.
(c) All practice units shall arrange and schedule their reviews in compliance with the administrative procedures established by the administering entity.
(d) All practice units in the practice of public accountancy pursuant to W.S. 33-3-132(a)(i) shall at least annually advise the Board in writing, under oath, of their scope of practice; the timing of the scheduled review, if any; and the administering entity under which the review will be performed.
(e) A practice unit is not subject to review if it annually represents to the board that it does not engage in the financial reporting area of practice as set forth in Section 1(a) of this Chapter.
(f) Concurrently with the acceptance of an accounting and/or auditing engagement as set forth in Section 1(a) of this Chapter, a practice unit is subject to practice monitoring and must undergo a review as required by the administering entity referenced in Section 1(b) of this chapter.
(g) The Board may, for good cause shown, extend the deadlines for compliance with this chapter to practice-units who would otherwise be required to comply.
(a) The Board shall verify on a test basis that practice units with reviews scheduled in a given year have complied with the requirements of this Chapter. Practice units, when requested to do so by the Board, shall submit this verification by submitting a copy of the final acceptance letter for a review performed within the prior three years and issued by an administering entity.
(b) The Board may contact the administering entity to verify the validity of the documentation submitted by the practice unit.
Section 3. 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.