South Carolina Code of Regulations
1-09 - Peer Review.

Universal Citation: SC Code Regs 1-09

1-09. Peer Review.

A. As a condition of firm registration and/or renewal (including those firms registered in other jurisdictions operating in this state under practice privilege), a licensed firm providing any of the following services to the public shall enroll in a qualified peer review program.

1. Audits;

2. Reviews of financial statements;

3. Compilations of financial statements;

4. Examinations of prospective financial statements;

5. Compilations of prospective financial statements;

6. Agreed-upon procedures of prospective financial statements;

7. Examination of written assertions; and

8. Agreed-upon procedures of written assertions.

B. A licensed firm not providing any of the services listed in Paragraph (A) of this regulation is exempt from peer review. Upon the issuance of the first report provided to a client, the firm must enroll in a qualified peer review program. As long as these services are provided, continued participation in a qualified peer review program is required.

C. Acceptable peer review programs are:

1. AICPA Peer Review Program;

2. Any other peer review program found to be substantially equivalent to the ''Standards for Performing and Reporting on Peer Reviews'' promulgated by the American Institute of Certified Public Accountants(AICPA) and published on that organization's website (

D. An authorized peer review program may charge a fee to firms required to participate in the peer review program in order to cover costs of program administration.

E. Firms shall not rearrange their structure or act in any manner with the intent to avoid participation in peer review.

F. Compliance

1. A registered firm enrolled for peer review shall provide to the Board upon request the following:

a. Peer review due date;

b. Peer review year end date;

c. Peer review acceptance letter from peer review program.

2. A peer review is not complete until the peer review acceptance letter is issued by the peer review program.

3. If a firm fails to complete peer review in a timely fashion, the Board may refuse to renew the firm registration and/or take disciplinary action as appropriate.

G. Ethical duties of reviewer

1. A reviewer shall be independent with respect to the reviewed registered firm and comply with the AICPA Standards for Performing and Reporting on Peer Reviews.

2. Information concerning the participating CPA firm or its clients or personnel that is obtained as a consequence of the review is confidential and shall not be disclosed to anyone not involved in the peer review process.

HISTORY: Added by State Register Volume 31, Issue No. 5, eff May 25, 2007. Amended by State Register Volume 36, Issue No. 5, eff May 25, 2012; SCSR 44-6 Doc. No. 4923, eff June 26, 2020.

Disclaimer: These regulations may not be the most recent version. South Carolina 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.