PEER REVIEW PROCEDURES

• Understanding the Difference - Board vs. Society

  • The Wyoming Board of Certified Public Accountants (Board) is the licensing agency that regulates the license to practice and utilize the CPA designation in Wyoming. 

  • The Wyoming Society of CPAs (WYSCPA) is the professional membership organization to which CPAs may choose to belong. 

  • The Nevada State Board of Accountancy is the licensing agency that regulates the license to practice and utilize the CPA designation in Nevada. 

  • The Nevada Society of CPAs (NVSCPA) is the Peer Review administering entity (AE) for Wyoming.

The following is a summary of the steps involved for licensees new to the peer-review process.

Step 1: Enroll with Peer Review Administering Entity

• For a new firm that needs to enroll in peer review, or if your firm has changes such as a merger, sale, name change, dissolution, etc., please visit the Firm Peer Review Process page on NVCPA's website. The page lists details on the peer review process, as well as links to PRIMA help articles and other useful information. If you need additional assistance, you may contact the Nevada Society dierctly with the details below:

Nevada Society of CPAs contact information:

Heather Francis

Peer Review Program & Membership Manager

3983 S. McCarran #512

Reno NV 89502

(775) 826-6800

hfrancis@nevadacpa.org

Licensees must complete enrollment (based on the membership type) and submit to the NVSCPA.

Once the agency has reviewed and processed the enrollment, the licensee will receive an Enrollment Letter or Notice of Date of Initial Peer Review. This letter identifies the date by which the peer review must be completed.

Step 2: Year in Review

The Peer Review Due Date is based on 18 months (1 ½ years) from the date of the enrollment or the licensee's first engagement.

For Example:

Enrollment Date = August 19, 2008

Due Date = February 28, 2010

The 18 months is based on the following timeline to allow a year to pass in which the licensee will be under review then 6 months following the year of review for actual peer review and report approval process

For Example:

Year of Review = September 1, 2008 - August 31, 2009

Peer Review Scheduled & Conducted after September 1, 2009

Peer Review Approval Process

Note: THE PEER REVIEW CAN NOT BE CONDUCTED PRIOR TO THE YEAR IN REVIEW ENDING DATE.

Step 3: Background Information Required

6 - 9 months prior to the peer review due date, the AE will send the licensee a background form titled "Information Required for Scheduling Reviews". This form must be completed and returned to the AE within 30 days. Delays often occur when the licensee does not return the background form by the deadline date. Due process letters are sometimes sent to the licensee by the AE to assure completion of the required form.

For Example:

Due Date = February 28, 2010

Background Form Sent to Licensee = July / August 2009

Step 4: Schedule Peer Review

The licensee can schedule their peer review anytime after their year in review has completed (e.g. September 1, 2008) from the AICPA and State Society list of individual reviewers.

A list of reviewers can be obtained by visiting the AICPA website at www.aicpa.org - Professional resources>peer review>aicpa peer review program>reviewer search

It is noted that Wyoming currently has two approved reviewers. In the event a licensee does not wish to select a reviewer from Wyoming, the licensee can choose another reviewer from out of state.

Step 5: Peer Review Conducted - Approval Process

Once the peer review has been conducted by one of the approved reviewers, a report is made by the reviewer and submitted to the administering agency.

The report is then sent to a Technical Reviewer for their review of the report. The report is then returned to the administering entity.

The administering entity then sends the report for additional review/approval to committee members of the Review Approval Board (RAB). Each committee member is assigned specific reviews based on their area of expertise. Three members look at each consent review and the non-consents are assigned to specific members to present individually during the RAB meeting.

The committee member(s) will then recommend or concur with the peer reviewer the additional course of action the licensee must follow if deficiencies were found in the peer review. Course of action can include a concurrent year peer review, continuing education, updated library reference material, modifications to correspondence, post or pre-issuance review of reports prior to client release, and any other recommendation to resolve the issue identified.

The RAB meetings are generally held 4-5 times per year. Once the report has received final approval the Letter of Acceptance is sent to the licensee by the administering entity.

Requirements for Review

• Registrants or CPA firms with a principal place of business in Wyoming or clients whose home office is in Wyoming,  whose accounting and auditing practice includes one or more engagements performed under the AICPA’s Statements on Auditing Standards (SAS); Statements on Standards for Accounting and Review Services (SSARS); Statements on Standards for Attestation Engagements (SSAEs); Government Auditing Standards issued by the United States Governmental Accountability Office are subject to review under the requirements of a practice monitoring program at least once every three and one-half years. 

• All reviews must be carried out in conformity with the AICPA’s Standards for Performing and Reporting on Peer Reviews as of June 1, 2021 with Peer Review Standards Interpretations issued through  June 1, 2021 or the PCAOB's firm inspection standards.  

• Reviews shall be carried out under the supervision of one of the following administering entities (AE): 

  • (i) the AICPA Peer Review Board’s National Peer Review Committee; 

  • (ii) a CPA Society or group of state CPA societies fully involved in the administration of the AICPAs peer review program; 

  • (iii) other entities fully involved in the administration of the AICPA’s peer review program approved by the AICPA Peer Review Board; or 

  • (iv) any other entities whose Board approved Peer Review Program is governed by the AICPA Standards for Performing and Reporting on Peer Reviews or 

  • (v) the PCAOB. 

• With the acceptance of an accounting and/or auditing engagement as set forth in this Chapter, a registrant or CPA firm is subject to practice monitoring and its designated certificate holder (DCH) must within thirty (30) days:

  • Notify the Board of the acceptance of an engagement and the change in the scope of practice of the firm; and 

  • Enroll the firm in a Board-approved peer review program, and undergo a review as required under the peer review standards and administrative procedures established by the AE. The DCH shall send a copy of an enrollment letter to the Board office within thirty (30) days of the enrollment date.

• The Board may accept extensions for CPA firms undergoing peer reviews granted by administering entities provided that the Board is notified in writing and the AE extension letter is provided by the DCH within thirty (30) days from the date that the AE granted the extension.  The DCH shall submit requests for extensions of time to undergo a peer review not already granted by the AE, to the Board in writing no later than the earlier of a firm's renewal date or original peer review due date.  The DCH shall notify the AE of any BOard-approved extensions.  The Board may grant an extension for the following reasons: 

  • i) Health; 

  • ii) Military Service; or 

  • iii) Other good cause outside of the control of the reviewed firm 

Reporting to the Board

• Firms must OPT INTO the AICPA Facilitated State Board Access (FSBA) program which authorizes the administering entity to release peer review results to the state boards of accountancy. 

• CPA firms must submit to the Board a copy of peer review documents as follows: 

  •  If the report is designated "Pass", a copy of the report and acceptance letter, no later than sixty (60) days after a CPA firm is notified of the AE's acceptance; 

  •  If the report is designated "Pass with Deficiencies"or "Fail" the CPA firm shall notify the Board of the rating, in writing, no later than thirty (30) days after a CPA firm is notified of the rating or notified of the AE's acceptance, whichever occurs first and provide: 

    • A copy of the peer review report that has been accepted by the AE within thirty (30) days of the AE’s acceptance; 

    • The firm’s letter of response accepted by the AE, if applicable, within thirty (30) days of the AE’s acceptance;

    •  The acceptance letter from the AE, within thirty (30) days of the AE’s acceptance;

    • Letter(s) signed by the firm accepting the documents with the understanding that the firm agrees to take any actions required by the AE, within thirty (30) days from the date the letter is signed by the firm; and

    • The letter signed by AE notifying the firm that required actions have been appropriately completed, if applicable, within thirty (30) days from the date of the letter.

  • CPA firms that are required to register with and are subject to inspection by the PCAOB and receive an inspection report by the PCAOB, shall provide no later than sixty (60) days after the report is issued:

    • A copy of any final report; 

    • Documentation of any significant issues and findings; and

    •  The registrant’s or CPA firm’s response 

• A registrant who is employed by state or federal government or political subdivision thereof and who provides services that subject him to peer review under this chapter is not required to submit reports to the Board under this section 

In the event that the firm is no longer providing services required to be peer-reviewed by this chapter, the DCH shall:

1. Notify the Board that the firm’s scope of practice has changed and provide the date of the last service required to be peer-reviewed was performed;

2. Notify the AE of the scope of practice change and submit any final peer review that the AE requires before the firm withdraws from the program; and

3. Complete a final peer review if services required to be peer-reviewed were provided by the CPA firm during the period which would be under review if the firm continued with the program.