Administrative Rules of Montana
Department 24 - LABOR AND INDUSTRY
Chapter 24.201 - BOARD OF PUBLIC ACCOUNTANTS
Subchapter 24.201.11 - Mandatory Peer Review
Rule 24.201.1103 - PEER REVIEW ENROLLMENT

Universal Citation: MT Admin Rules 24.201.1103

Current through Register Vol. 18, September 20, 2024

(1) All registered firms shall enroll in a board-approved peer review program and pay the required fees associated with the administration of the peer review, if they perform any of the following services:

(a) an audit;

(b) a review;

(c) a compilation;

(d) any examination, review, or agreed upon procedures engagements to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE); or

(e) an engagement of a non-issuer performed in accordance with PCAOB standards and is not subject to PCAOB inspection.

(2) All firms registered in Montana and required to enroll in a board-approved peer review program must authorize board access for the following peer review documents by the sponsoring organization via a secure web site.

(a) The following must be made available within thirty days of the acceptance date:
(i) the peer review report accepted by the sponsoring organization;

(ii) the firm's letter of response, if applicable, accepted by the sponsoring organization; and

(iii) the acceptance letter from the sponsoring organization.

(b) The letters signed by the firm accepting the documents with the understanding that the firm agrees to take any action required by the sponsoring organization, if applicable, must be made available within 30 days of the firm signing the document.

(c) The letter signed by the sponsoring organization notifying the firm that required actions have been appropriately completed, if applicable, must be made available within 30 days of the date of the letter.

(3) Every Montana firm that is required to enroll in a peer review program shall enroll in the AICPA Peer Review Program or the MSCPA Peer Review Program or other such board-approved program that uses AICPA Standards for Performing and Reporting on Peer Reviews or standards deemed equivalent by the board.

(4) A firm's due date for its initial peer review shall be 18 months from the date it enrolled or should have enrolled in a board-approved peer review program, except as provided in (5).

(5) For firms under the board's previous profession monitoring program, the board may determine that the due date for an initial peer review is earlier than the sponsoring organization's peer review standards and guidance.

(a) Firms that were under the board's previous profession monitoring program are required to enroll in a board-approved peer review program by the deadline established by the board.

(b) Firms under the pre-issuance review requirement of the board's previous profession monitoring program will remain under the board monitored pre-issuance review until the initial peer review is completed.

(6) The licensee shall not be required to become a member of any organization administering a board-approved peer review program.

AUTH: 37-50-203, MCA; IMP: 37-50-203, MCA

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