New Jersey Administrative Code
Title 13 - LAW AND PUBLIC SAFETY
Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY
Subchapter 5 - PEER REVIEW PROGRAM
Section 13:29-5.5 - Effect of successive review ratings of pass with deficiencies or fail
Universal Citation: NJ Admin Code 13:29-5.5
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A firm, including a succeeding firm, that receives two consecutive review ratings of pass with deficiencies or fail in a system or engagement review or any combination thereof shall have an accelerated review within 18 months of the firm's last review.
(b) If an accelerated review results in a review rating of pass with deficiencies or fail, the Board shall conduct a review to determine whether the firm:
1. May complete attest engagements for which field work has already begun.
The firm may complete attest engagements for which field work has already begun only if:
i. Prior to issuance of any report, the engagement is reviewed and approved
before it is issued by a third-party reviewer acceptable to the Board; and
ii. The engagement is completed within 30 days of the acceptance of the
peer review report and the letter of response by the firm; or
2. Shall not perform any other attest service, including any accounting
and/or auditing engagements, audits, reviews, compilations (as well as compilations where no report is
required), forecasts, projections or other special reports for a period of three years or until given
permission by the Board, whichever is sooner.
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