Wisconsin Administrative Code
Accounting Examining Board
Chapter Accy 6 - Peer Review
Subchapter II - Firm Renewal
Section Accy 6.101 - Requirement for firm license renewal
Current through August 26, 2024
(1) An application for renewal by a certified public accounting firm that provides or offers to provide attest services shall include a description of at least one peer review of the firm undergone within 3 years preceding the application for renewal. The description shall identify the peer review program administrator, if administered by a peer-review program administrator approved by a board that regulates certified public accountants in any other CPA licensing jurisdiction, the outcome of the review, and the year under review.
(2) A firm is exempt from the peer review requirements in this section if it does not offer or perform attest services.
(3) A firm that has not offered or performed an attest service within the 3-year period preceding application for renewal shall notify the department at the time of renewal that it is exempt from the peer review requirements of this section because it has not offered or performed an attest service within the 3-year period. If a firm that has claimed the exemption in this section subsequently performs an attest service, it shall notify the board by letter that it is no longer exempt from the peer review requirement within 30 days after accepting the engagement for the attest service and that it agrees to undergo a peer review within 18 months after accepting the engagement.
The following questions are intended to assist firms in determining whether a peer review is required for renewal. An affirmative response to any part of any question means that a peer review is required. Caution: This list is not exclusive. Refer to the standards if in doubt.
1. Does your firm audit SEC clients, including employer-sponsored plans required to file a form 11-K with the SEC?
2. Does your firm currently perform the following types of engagements?
* Engagements applying Statements on Auditing Standards (SASs) - Audits? . Agreed-upon procedures?
* Engagements applying Statements on Standards for Accounting and Review Services (SSARS)?
* Reviews of financial statements?
* Compilations of financial statements with disclosures?
* Compilations of financial statements where "Selected Information-Substantially All Disclosures Required Are Not Included?"
* Compilations of financial statements that omit substantially all disclosures?
* Engagements applying Statements on Standards for Attestation Engagements (SSAE)?
* Engagements applying International Financial Reporting Standards (IFRS) or International Auditing Standards (IAS)?
* Examinations of prospective financial statements under SAARS?
* Compilations of prospective financial statements under SAARS?
* Agreed-upon procedures of prospective financial statements?
* Examinations of written assertions?
* Reviews of written assertions?
* Agreed-upon procedures of written assertions?
* Engagements under Government Auditing Standards (Yellow Book)?
* Engagements applying PCAOB Auditing Standards?
* Engagements applying PCAOB Attestation Standards?
* Work performed as subject to requirements of the AICPA peer-review program?
