Board of Certified Public Accountants
Peer Review Procedures
PEER REVIEW PROCEDURES
Requirements for Review
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 or the PCAOB's firm inspection standards.
Reviews must be carried out under the supervision of one of the following administering entities:
(i) the AICPA Peer Review’ Board’s National Peer Review Committee (PRC);
(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 must within sixty (60) days notify the Board of the acceptance of an engagement, enroll in a Board approved peer review program, and undergo a review as required under the peer review standards and administrative procedures established by the administering entity.
The Board may accept extensions for registrants or CPA firms undergoing peer reviews granted by administering entities provided that the Board is notified by the registrant or CPA firm within fourteen (14) days from the date of the letter from the administering entity granting the extension. Ordinarily, extensions are granted for the following reasons:
ii) Military Service; or
iii) Other good cause clearly outside of the control of the reviewed firm
Reporting to the Board
No later than June 30 of each year, registrants or CPA firms with reviews scheduled in the prior calendar year must submit to the Board a copy of peer review documents as follows:
(i) If the report is designated "Pass", a copy of the report and acceptance letter;
(ii) If the report is designated "Pass with Deficiencies"or "Fail", a copy of the report, reviewed firm’s letter of response, and letter(s) signed by the firm accepting the documents with the understanding that the firm agrees to take any actions required by the sponsoring organization; and the letter signed by the sponsoring organization notifying the firm that required actions have been appropriately completed;
(iii) If an inspection report by the PCAOB, a copy of any final report, documentation of any significant issues and findings, and the registranfs or CPA firms response.
(iv) Firms may meet the requirement in Section 4 (a)(i)-(ii) by participating in the AICPA Facilitated State Board Access (FSBA) program which authorizes the administering entity to release peer review results to the state boards of accountancy.
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