Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 11 - STATE BOARD OF ACCOUNTANCY
PEER REVIEW
Section 11.83 - Administering organizations for peer review; firm membership not required

Universal Citation: 49 PA Code ยง 11.83

Current through Register Vol. 54, No. 44, November 2, 2024

(a) The following organizations are deemed qualified to administer peer review programs and do not require prior approval from the Board:

(1) The Securities and Exchange Commission Practice Section and the Private Companies Practice Section of the AICPA.

(2) Any organization of licensed certified public accountants or licensed public accountants that participates in the AICPA Peer Review Program.

(b) An organization of licensed certified public accountants or licensed public accountants that does not qualify as an administering organization under subsection (a) may apply to the Board for approval to serve as an administering organization. In determining whether to grant approval. The Board will consider the following factors:

(1) Whether the organization has adequate financial and other resources to administer a peer review program.

(2) Whether the organization has the technical competence to administer a peer review program.

(3) Whether the organization has a peer review oversight committee that meets the following conditions:
(i) Whose members are subject to and have successfully completed peer reviews.

(ii) That is capable of retaining qualified peer reviewers, scheduling peer reviews, reviewing the results of peer reviews and recommending appropriate remedial action for firms that do not receive unqualified peer review reports.

(c) An administering organization may not require a firm to become a member of the administering organization as a precondition for the administering organization to conduct a peer review of the firm.

The provisions of this §11.83 issued under section 8.9(c) of the CPA Law (63 P. S. § 9.8i(c)).

This section cited in 49 Pa. Code § 11.81 (relating to definitions).

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