Basic Requirements

(1) Enrollment in an approved peer review program is a condition for renewal of a permit for firms that issue attest work as defined in T.C.A. § 62-1-103(1). Each firm location required to hold a permit to practice under T.C.A. § 62-1-108, which performs attest services, shall be covered by a peer review at least once every three (3) years with a report of that review to be submitted to the Board pursuant to Rule 0020-06-.07. (2) Firms with multiple locations may submit a single peer review report covering all locations. (3) Firm locations not providing attest services shall not be required to enroll in an approved peer review program until the issuance of the first report provided to the client. A firm shall enroll in PEER REVIEW PROGRAM CHAPTER 0020-06 an approved peer review program within thirty (30) days of the issuance of the first report provided to a client. (4) A firm is not required to enroll in an approved peer review program if its only level of service is performing preparation of financial statements (with or without disclaimer reports) under Statements on Standards for Accounting and Review Services (“SSARS”). (5) Firms required to be registered with and subject to inspection by the Public Company Accounting Oversight Board (“PCAOB”) will also be required to have a peer review under an approved peer review program that covers the portion of the firms’ practice not subject to the PCAOB permanent inspection. (6) A firm shall schedule, undergo, and complete its initial and subsequent peer reviews in compliance with the sponsoring organization’s peer review standards and related guidance. A firm’s initial peer review is due eighteen (18) months from the date it enrolled or should have enrolled in the peer review program, with subsequent peer reviews being due every three (3) years thereafter, unless an extension has been granted by the administering entity. (7) For good cause shown, the Board may grant or renew permits for a reasonable period pending completion of the firm’s peer review. (8) A firm or individual that does not have offices in Tennessee and that has provided attest services as defined by T.C.A. § 62-1-103(1) to Tennessee clients shall participate in an approved peer review program.