Oregon Administrative Rules
Chapter 801 - OREGON BOARD OF ACCOUNTANCY
Division 50 - PEER REVIEW
Section 801-050-0030 - Peer Review Oversight Program (PROC)
Universal Citation: OR Admin Rules 801-050-0030
Current through Register Vol. 63, No. 9, September 1, 2024
(1) The Board shall:
(a) Establish standards for approved peer
review programs;
(b) Review sponsor
applications for peer review programs for approval;
(c) Consider reports from the PROC;
(d) Take appropriate actions to carry out the
functions of the PROC and achieve the purpose of the peer review requirement;
and
(e) Authorize, conduct or
contract for a peer review program as the Board, in its discretion, deems to be
appropriate.
(2) Peer Review Oversight Committee:
(a) The committee shall be composed of at
least three members;
(b) No
committee member may be a current member of the Board or RAB, or perform any
enforcement related work for regulatory or governmental bodies, professional
organizations (including but not limited to AICPA or state ethics committee,
AICPA Joint Trial Board) or similar groups or subgroups;
(c) At least one member shall have an active
license to practice public accountancy in this state and shall have current
experience in accounting and auditing, quality control practices, and be an
AICPA qualified peer reviewer;
(d)
One member may be a non-licensee with suitable experience in preparing or using
financial statements.
(e) Each
member is required to sign a confidentiality agreement indicating they will not
divulge any information to the Board that would identify any firm, licensee, or
peer reviewer/reviewing firms as a result of their monitoring of the peer
review process.
Statutory/Other Authority: ORS 673.455 & OL 2001, Ch. 638 & Sec. 12
Statutes/Other Implemented: ORS 673.455
Disclaimer: These regulations may not be the most recent version. Oregon may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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