Definitions

Definitions The following words and phrases, when used in this chapter and the peer review program, shall have the following meanings: (a) “Administering Entity (AE)” means an entity approved by a Board- approved sponsoring organization to administer the Board-approved peer review program. (b)“Enrollment in a peer review program” means a firm is required to follow all requirements of the peer review process, cooperate with those performing and administering the peer review, comply with the peer review standards and inform Administering Entities when firm changes occur. (c) “Peer Review Program” means the sponsoring organization’s entire peer review process, including but not limited to the standards for administering, performing, and reporting on peer reviews, oversight procedures, training, and related guidance materials. (d) “Peer Review Oversight Committee” (“PROC”) means a Board-appointed committee for monitoring the Board-approved peer review program, including sponsoring organizations’ Administering Entities, to provide reasonable assurance that Administering Entities and respective Peer Review Committee and Report Acceptance Bodies are functioning in a manner that effectively enforces the performance and reporting of peer review in accordance with peer review standards. (e) “Peer Review Standards” means the Board-approved professional standards and guidance for administering, performing and reporting on peer reviews. (f) “Peer Reviewer/Reviewing Firm” means a certified public accountant/ accounting firm responsible for conducting the peer review, holding a valid and active license to practice public accounting in good standing issued by this state or some other state, and meeting the peer reviewer qualifications to perform peer reviews established in the Board-approved peer review standards. (g) “Practice Unit” means a CPA firm as defined by the definitions of these regulations and required to be Board registered with a firm permit for the purpose of the practice of public accountancy including a sole proprietor, and licensees aggregated by the Board into a practice unit. (h) “Sponsoring Organization” means a Board-approved professional association, society, or other organization responsible for the facilitation and administration of peer reviews directly or through its Administering Entities and responsible for the oversight of the Administering Entities pursuant to the sponsoring organization’s peer review standards.