872 IAC 1-6-9.5 Submission of peer review documents and objective information

Sec. 9.5. (a) The objective of this reporting rule is to reinforce the board's efforts to ensure that only appropriately qualified CPA firms are engaged in offering and rendering services based on peer review. Based on its review of the documents submitted under this rule, the board may consider, by hearing or consent, additional corrective actions, such as probation, practice limits, additional continuing education, preissuance reviews, more frequent peer reviews, and other measures, including, in severe cases, discipline against the reviewed firm and any individual licensees employed or contracted by the reviewed firm, other than peer reviewers or their staffs. (b) For peer reviews scheduled on or after April 30, 2025, the firm is required to submit a copy of the results of its most recently accepted peer review to the board, which includes the following documents: (1) The peer review report that has been accepted by the administering entity. (2) The firm's letter of response accepted by the administering entity, if applicable. (3) The acceptance letter from the administering entity. (4) The letter or letters accepting the documents signed by the firm with the understanding that the firm agrees to take any actions required by the administering entity, if applicable. (5) A letter signed by the administering entity notifying the firm that required actions have been appropriately completed, if applicable. (c) The firm shall submit the peer review documents in subsection (b)(1) through (b)(3) to the board within thirty (30) days after the administering entity's acceptance. The firm shall submit the document in subsection (b)(4) to the board within thirty (30) days after the date the letter is signed by the firm, or with submission of the firm's renewal application, whichever occurs first. The firm shall submit the document in subsection (b)(5) to the board within thirty (30) days of the date of the letter, or with submission of the firm's renewal application, whichever occurs first. (d) For peer reviews scheduled after April 30, 2025, the firm is required to provide the following additional documents and objective information: (1) The most current peer review program enrollment or reenrollment letter, if the enrollment or reenrollment occurred after January 1, 2020. (2) The firm's representation to the administering entity that it has not performed engagements based on peer review in the last twelve (12) months. (3) Identification of the due date of the current peer review and on any open corrective action or actions. (4) The peer review or corrective action extension letter or letters. (5) Date of the letter acknowledging the peer review was scheduled. (6) Identification of the estimated dates the peer review begins and is presented to a report acceptance body. (e) The firm shall allow the administering entity to give the board access to the documents and objective information specified in this section through a secure website process, such as the AICPA's Facilitated State Board Access.