Current through December 12, 2024
1. The Board may establish a peer review oversight committee to:
(a) Monitor a sponsoring organization and any practice-monitoring program administered by the sponsoring organization to ensure that peer reviews are being conducted and reported in accordance with peer review minimum standards;
(b) Review the policies and procedures of an organization applying to the Board to become a sponsoring organization to ensure that such policies and procedures conform with peer review minimum standards; and
(c) Report to the Board any conclusions or recommendations based on the functions performed pursuant to paragraphs (a) and (b).
2. The peer review oversight committee may:
(a) Establish and perform procedures ensuring that peer reviews are performed and reported in accordance with the Standards for Performing and Reporting on Peer Reviews adopted by the American Institute of Certified Public Accountants, or other standards approved by the Board and rules promulgated, herein by the Board;
(b) Review remedial and corrective actions prescribed by a sponsoring organization which address the deficiencies of the quality control policies and procedures of a reviewed practitioner or firm;
(c) Monitor the remedial and corrective actions implemented by a sponsoring organization to determine compliance by a reviewed practitioner or firm;
(d) Establish a process of accepting a report which facilitates the exchange of viewpoints among committee members, a sponsoring organization or a report acceptance body; and
(e) Communicate to the Board on a recurring basis:
(1) Problems experienced by a practitioner or firm enrolled in a practice-monitoring program in the systems of quality control of the practitioner or firm, as noted in the peer reviews conducted by the sponsoring organization;
(2) Problems experienced in the implementation of the practice-monitoring program; and
(3) A summary of the historical results of the practice-monitoring program.
3. The peer review oversight committee may make recommendations to the Board as to the continuing qualifications of each sponsoring organization as an approved sponsoring organization.
4. Information concerning a specific firm or peer reviewer obtained by the peer review oversight committee during oversight activities must be kept confidential, and the identity of the firm or reviewer must not be reported to the Board. Reports submitted to the Board must not contain information concerning specific registrants, firms or reviewers.
Added to NAC by Bd. of Accountancy by R068-17AP, eff. 5/16/2018; A by R034-23A, eff. 12/15/2023
NRS 628.120, 628.170, 628.386
