Rules & Regulations of the State of Tennessee
Title 0020 - Accountancy
Chapter 0020-06 - Peer Review Program
Section 0020-06-.05 - REVIEWERS AND REVIEWS

Universal Citation: TN Comp Rules and Regs 0020-06-.05

Current through September 24, 2024

(1) All individuals desiring to perform peer reviews within the scope of this chapter must be approved by the Committee prior to undertaking such performance. Approval shall be granted upon proof that the individual:

(a) is a licensee in good standing, actively engaged in providing attest services, possesses adequate accounting and/or attest experience and has a current knowledge of applicable professional standards, and

(b) has completed a peer review training course(s) that has been approved by the Committee and completes a refresher review course every three (3) years hereafter.

(2) Each reviewer shall determine and report to the Committee with respect to each engagement that is reviewed:

(a) Whether or not the engagement is in general conformity with applicable professional standards, and

(b) If not, in what regard the engagement contains significant departures from professional standards, and

(c) Any recommendations concerning the possible improvement of the quality of the firm location's professional services.

(3) The review shall be performed and the report issued in a manner and form approved by the Committee.

(4) Any firm location under review may submit to the Committee a response to the determinations and recommendations contained in the review report.

(5) The identities of the sources of financial statements, reports and workpapers, received by the reviewer from a firm location, shall be preserved in confidence.

(6) Reports submitted for review and the comments and workpapers related thereto of reviewers and of the Committee shall be retained for a period of at least three (3) years or until acceptance of the firm location's next peer review, whichever is greater in time. These items and documents shall be preserved in confidence except to the extent that they are communicated to the licensee and firm location which issued the report(s) and to the extent that consideration of remedial or disciplinary action is appropriate pursuant to Rule 0020-06-.06.

Authority: T.C.A. §§ 62-1-105(e)(6), 62-1-111(a)(12) and (14), 62-1-201, and 62-1-202.

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