Oversight

PURPOSE: This rule establishes the requirements for the oversight of the peer review process. (1) The president of the board may appoint a Peer Review Oversight Board (PROB) to ensure that firms comply with the peer review requirements. All appointments must be approved by a majority of the board. PROB members may be removed at any time by a majority vote of the board for cause. The PROB shall meet as necessary to ascertain that participating firms are successfully undergoing peer review from an approved peer review program. (2) The PROB will consist of five (5) members who are Missouri licensed certified public accountants. The president of the board will appoint members for a three- (3-) year term, however no member shall serve more than ten (10) consecutive years. Annually, the president of the board will appoint a chairman of the PROB from the members of the PROB. (3) Members of the PROB shall— (A) Have a current, unrestricted license to practice in the state of Missouri; (B) Not be a current member of the board; (C) Have a minimum of five (5) years experience at a supervisory level in the accounting and auditing function of the firm, which was/is enrolled in an approved peer review program; and (D) Resign from the PROB if the member’s firm receives anything other than an unmodified report on its most recently accepted review. (4) Members of the PROB may bill the board for actual expenses incurred while serving, as approved by the executive director of the board. AUTHORITY: section 326.271, RSMo 2016, and sections 326.265 and 326.289.9, RSMo Supp. 2021.* This rule originally filed as 4 CSR 10-5.110. Original rule filed Nov. 3, 2003, effective June 30, 2004. Moved to 20 CSR 2010-5.110, effective Aug. 28, 2006. Amended: Filed Feb. 23, 2010, effective Aug. 30, 2010. Amended: Filed Feb. 16, 2022, effective Sept. 30, 2022. *Original authority: 326.265, RSMo 2001, amended 2008, 2017; 326.271, RSMo 2001, amended 2002; and 326.289, RSMo 2001, amended 2002, 2008, 2017, 2020.