Wyo. Code R. 061-0001-9
Accountants, Board of Certified Public
Chapter 9: Peer Review
Effective Date: 09/23/2005 to 09/21/2006
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.9.09232005
PEER REVIEW
(a) Every registrant whose accounting and auditing practice in Wyoming includes one or more engagements that are issued under the AICPA's 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. 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 June 1, 2005 or the PCAOB's firm inspection standards as of February 15, 2005. Copies of all standards referenced in the Chapter may be purchased from the AICPA, Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881. The US General Accounting 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 qualified organizations:
(d) The Board may contact the qualified organization to verify the validity of the documentation submitted by the registrant.
(a) All registrants should arrange and schedule their reviews as required under sub-section (b) below and in compliance with the administrative procedures established by the qualified organization to the extent possible.
(b) A new registrant or a registrant previously exempted from review, must undergo review within eighteen (18) months of the date it engages in financial reporting in Wyoming. Alternatively a registrant may submit review documents, performed in accordance with the requirements of this chapter, issued within two years prior to the scheduled review.
(c) A registrant is not subject to review if it represents to the board that it does not engage in the financial reporting in Wyoming 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 in Wyoming as set forth in Section 1(a) of this Chapter, a registrant is subject to practice monitoring and its designated certificate 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 registrants who would otherwise be required to comply.
Section 3. Selection and Notification. In January of each calendar year, the Board will notify registrants, through designated certificate holders, of scheduled review dates and due dates for submission of peer review documents.
(a) No later than June 30 of each year, registrants with reviews scheduled in the prior calendar year must file a complete copy of a final peer review report as follows:
(i) If the report is unmodified or a report without comment, a copy of the report and final acceptance letter;
(ii) If the report is modified or adverse: a copy of the report, letter of comment, letter of response, conditional letter of acceptance, and the final acceptance letter;
(iii) If a report review with comment: a copy of the report, any correspondence regarding sanctions imposed by the administering entity, and final acceptance letter;
(iv) If an inspection report by the PCAOB, a copy of any final report, documentation of any significant issues and findings, and the registrant's response.
(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 registrant to undergo a peer review prior to the next regularly scheduled review;
(iii) require certificate holders employed by or associated with the registrant to complete continuing education in areas of deficiency;
(iv) require the registrant to maintain a minimum library of resource material;
(v) require the registrant to provide copies of interim inspection reports;
(vi) require any other action that will effectuate the purpose of this Chapter.
(c) If the registrant 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 6. 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.