801-050-0020 Peer Review Enrollment and Participation in Peer Review Program (1) Enrollment Requirement . Every firm that performs attest as defined by OAR 801-005-0010(4) or compilation as defined by 801-005-0010(14) services in Oregon or for Oregon clients, is required to participate in an approved peer review program as a condition of registration under ORS 673.160 and for each renewal thereof. (2) Public accounting services subject to peer review . Attest and compilation services as defined in OAR 801-005-0010(4) and (14) that require participation in a peer review program. (a) Firms that prepare financial statements which do not require reports under Statements on Standards for Accounting and Review Services and that perform no other attest or compilation services, are not required to participate in a peer review program; however, such engagements conducted by a firm that is otherwise required to participate in a peer review program shall be included in the selection of engagements subject to peer review. (b) Individual licensees may participate in a peer review program through their firms. If the licensee has an individual practice apart from the firm in which the licensee performs attest or compilation services, the individual practice is also subject to the requirement to participate in a peer review program. (c) Each firm that is required to participate in a peer review program under this rule shall enroll in an approved program before issuing a report on attest and compilation services as defined by OAR 801-005-0010(4 and (14). The firm must send proof of enrollment and the date for initial review to the Board before the report is issued. The schedule for the firm’s peer review shall be established according to the program standards. (d) Firms that do not have a physical location in this state, but nevertheless perform attestation services in this state, are required to participate in a peer review program that is performed in accordance with the minimum standards for performing and reporting on peer reviews described in OAR 801-050-0080, and may be required to demonstrate that the out-of-state office(s) through which the services are being provided follows the same quality control policies and procedures established by the firm that has been subjected to peer review in the other state. (3) Exemption from Enrollment Requirement . Firms that do not perform attest or compilation services as defined in OAR 801-005-0010(4) and (14) are not required to participate in a peer review program, and shall notify the Board of such exemption on the initial firm registration application and on each firm renewal application. (4) Peer Review Participation . Every firm that is required to participate in a peer review program shall have a peer review in accordance with the peer review program standards. (a) It is the responsibility of the firm to anticipate its needs for review services in sufficient time to enable the reviewer to complete the review by the assigned review date. (b) Any firm that is rejected, dropped, terminated or otherwise not enrolled by a sponsor for any reason shall have 21 days to provide written notice to the Board of such action. The firm must request authorization from the Board to enroll in an approved peer review program. (c) In the event a firm is merged, otherwise combined, dissolved or separated, the sponsor shall determine which firm is considered the succeeding firm. The succeeding firm shall retain its peer review status and the review due date. (d) A firm choosing to change to another sponsor may do so only if there is not an open active peer review and if the peer review is performed in accordance with the minimum standards for performing and reporting on peer reviews described in OAR 801-050-0080. (e) With respect to firms that perform attest or compilation services in more than one state, the Board may accept a peer review based solely on work conducted outside this state if the peer review is performed in accordance with the minimum standards for performing and reporting on peer reviews described in OAR 801-050-0080. (f) On request of the firm, the Board may specify that a peer review program that is administered by another state board of accountancy satisfies the requirements of OAR Chapter 801, Division 050 if the Board determines that the program substantially meets or exceeds the minimum standards described in this rule. (g) Extensions: Firms may request an extension of time for completion of the peer review report from the Peer Review Sponsor. If a firm is granted an extension by the peer review program administrator, a copy of such extension must be sent to the Board office within 21-days of the date the extension was granted. (h) Peer Review Hearing: Firms that are referred for hearing by the RAB are required to provide notification to the Board within 21-days from the initial notification of hearing and the final resolution. Statutory/Other Authority: ORS 673.455 & OL 2001, Ch. 638 & Sec. 12 Statutes/Other Implemented: ORS 673.455 History: BOA 1-2019, amend filed 12/19/2019, effective 01/01/2020 BOA 1-2017, f. & cert. ef. 1-4-17 BOA 5-2011, f. 12-28-11, cert. ef. 1-1-12 BOA 7-2009, f. 12-15-09 cert. ef. 1-1-10 BOA 11-2005, f. 11-22-05, cert. ef. 12-15-05 BOA 6-2001, f. 12-28-01, cert. ef. 1-1-02 BOA 6-1999, f. 12-21-99, cert. ef. 1-1-00 BOA 6-1998, f. & cert. ef. 7-29-98 AB 2-1994, f. & cert. ef. 4-28-94