Firms Subject to Peer Review Requirements

PURPOSE: This rule establishes requirements for firms that are subject to peer review. (1) Any firm which has performed one (1) or more attest engagements, reviews, or compilations, in any calendar year, shall enroll in an approved peer review program. (2) The firm must enroll in an approved peer review program within ninety (90) days after entering into an engagement for its first attest, review, or compilation service. (3) The firm’s initial peer review shall be completed within eighteen (18) months of enrollment. Peer reviews shall occur at least once every three (3) years. (4) The firm shall verify that it is enrolled in an approved peer review program. (5) The firm shall verify that any member of the firm who is responsible for supervising attest or review services, or who signs, or authorizes someone to sign, the firm’s report on attest or review engagements on behalf of the firm, has met the competency requirements as prescribed in 20 CSR 2010-2.061. (6) For firms that are enrolled in an approved peer review program in another state, the firm shall verify that the office follows the same quality control policies and procedures established by the firm that has been subjected to the peer review process in the other state. (7) The peer review standards, requirements, administration, and oversight set forth in 20 CSR 2010-5.070 through 20 CSR 2010-5.110 shall not be applicable to any peer review proceedings conducted pursuant to section 326.310.3, RSMo, unless the board so authorizes on a case-by-case determination. In conducting a peer review pursuant to section 326.310.3, RSMo, the board shall have complete oversight of and access to the peer review process and report. AUTHORITY: section 326.271, RSMo 2016, and section 326.289.9, RSMo Supp. 2021.* This rule originally filed as 4 CSR 10-5.080. Original rule filed Nov. 3, 2003, effective June 30, 2004. Moved to 20 CSR 2010-5.080, effective Aug. 28, 2006. Amended: Filed Feb. 23, 2010, effective Aug. 30, 2010. Amended: Filed Feb. 16, 2022, effective Sept. 30, 2022. *Original authority: 326.271, RSMo 2001, amended 2002, and 326.289, RSMo 2001, amended 2002, 2008, 2017, 2020.