Florida Administrative Code
61 - DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION
61H1 - Board of Accountancy
Chapter 61H1-39 - PEER REVIEW
Section 61H1-39.003 - Peer Review Administering Entities

Universal Citation: FL Admin Code R 61H1-39.003

Current through Reg. 50, No. 187; September 24, 2024

(1) Peer Review Administering Entities shall be approved by the Board.

(2) To be approved by the Board as a Peer Review Administering Entity (AE), an organization must submit an administration plan to the Board for review and approval. The plan of administration must:

(a) Establish Report Acceptance Bodies (RAB) and provide professional staff, as needed, for the operation of the review program;

(b) Establish and document a program to communicate to enrolled Firms the latest development in peer review standards and the most common findings in the reviews conducted by the AE;

(c) Establish and document procedures for resolving any disagreement which may arise out of the performance of a review;

(d) Establish procedures to resolve matters which may lead to the dismissal of a Firm from the peer review program, and conduct hearings pursuant to those procedures;

(e) Establish procedures to evaluate and document the performance of each reviewer, and conduct hearings which may lead to the disqualification of a reviewer who does not meet the standards adopted in Rule 61H1-39.002, F.A.C.;

(f) Require the maintenance of records of reviews conducted under the program in accordance with the records retention rules of standards adopted in Rule 61H1-39.002, F.A.C.; and,

(g) Provide for the periodic performance assessments and related reports to the Board's Peer Review Oversight Committee.

(3) The Board adopts the American Institute of Certified Public Accountants (AICPA) as an approved AE and its Peer Review Program and other Peer Review Programs administered by entities fully involved in the administration of the AICPA Peer Review Program. These AEs are not required to submit a plan of administration required in subsection (2), above. The Board may approve other AEs.

(4) If requested by the Board or the Peer Review Oversight Committee, a peer review administering entity shall provide a list of the Firms enrolled in its programs and the date of their last peer review.

(5) The Board shall maintain a list of Board-approved peer review administering entities.

Rulemaking Authority 473.3125, 473.304 FS. Law Implemented 473.3125(2) FS.

New 5-4-14, Amended 3-18-18.

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