Wyo. Code R. 061-0001-9
Accountants, Board of Certified Public
Chapter 9: Peer Review
Effective Date: 09/21/2006 to 09/24/2007
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.9.09212006
(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 and one-half 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) The Board may contact the administering entity to verify the validity of the documentation submitted by the practice unit.
(a) All practice units shall arrange and schedule their reviews in compliance with the administrative procedures established by the administering entity.
(b) A new practice unit or a practice unit previously exempted from review, must undergo review within eighteen (18) months of the date it engages in financial reporting. Alternatively, a practice unit may submit review documents, performed in accordance with the requirements of this chapter, issued within two years prior to the scheduled review.
(c) A practice unit is not subject to review if it 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 or that it does not report on financial statements that are or reasonably might be expected to be used by a third party.
(d) 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 its designated permit holder must within sixty (60) days notify the Board of the acceptance of an engagement and undergo a review as set forth in sub-section (b) of this section.
(e) The Board or its designated representative may, for good cause shown, extend the deadlines for compliance with this chapter to practice-units who would otherwise be required to comply.
(a) In January of each calendar year, the Board will notify practice units, through the designated permit holders, of review dates and due dates for submission of peer review documentation. Reviews will be scheduled to conform with the administering entity's schedule to the extent possible.
(b) No later than June 30 of each year, practice units with reviews due in the prior calendar year must file a complete copy of a final peer review report as follows:
(i) for an unmodified report or a report without comment: a copy of the report and acceptance letter;
(ii) for a modified or adverse report: a copy of the report; letter of comment; letter of response which outlines the actions the reviewed firm plans to take with respect to the letter of comment; correspondence regarding sanctions imposed by the administering entity, if any; and applicable acceptance letters (preliminary or final);
(iii) for a report with comment: a copy of the report; correspondence regarding sanctions imposed by the administering entity, if any; and applicable acceptance letters (preliminary or final).
(a) If the review report is designated "unmodified" or "without comment", the Board shall take no further action provided the review was conducted in accordance with this Chapter.
(b) If the report is designated "modified", "adverse", or "report review with comment" the Board may:
(i) require deficiencies be corrected within a specified time period;
(ii) require the practice unit to undergo a peer review prior to the next regularly scheduled review;
(iii) require permit holders employed by or associated with the practice unit to complete continuing education in areas of deficiency;
(iv) require the practice unit maintain a minimum library of source material;
(v) require the practice unit provide copies of interim inspection reports;
(vi) require any other action that will effectuate the purpose of this Chapter.
(c) If the practice unit 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 4(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.