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 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:
ii) Military Service; or
iii) Other good cause outside of the control of the reviewed firm
Reporting to the Board
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
Firms No longer Providing Peer Reviewable Services
In the event that the firm is no longer providing services required to be peer-reviewed by this chapter, the DCH shall:
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;
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
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.