Minnesota Administrative Rules
Agency 102 - Accountancy Board
Chapter 1105 - LICENSURE AND REGULATION OF ACCOUNTANTS
Part 1105.5100 - FIRM PEER REVIEW REQUIREMENT
Current through Register Vol. 49, No. 13, September 23, 2024
A. As a condition to renewal of a firm permit, a new firm shall:
After the due date of the initial peer review report, the firm shall be required to undergo a peer review and submit the material to the board every three years.
A new firm is one that has not previously been issued a permit in Minnesota or has not had a peer review completed in the three-year period prior to application. It does not include the firms described in items B to E.
B. A firm that had been previously issued a permit in this state and changes its name or the legal form of its practice, but retains the same practice.
C. A new partnership, corporation, LLC, or LLP in which the constituent firms were already in a peer review cycle. The peer review of the new firm must be conducted in the latest of the constituent firms' cycles.
D. A partnership, corporation, LLC, or LLP that is dissolved with each individual firm taking clients from the partnership or corporation. The peer review for each of these individual firms remains in the same year to which the original partnership, corporation, LLC, or LLP was assigned.
E. A partnership, corporation, LLC, or LLP that is dissolved with one partner or shareholder taking all of the existing clients. The peer review for the firm taking over the existing business remains in the year to which the partnership, corporation, LLC, or LLP was originally assigned.
Statutory Authority: MS s 326.18; 326A.02
