Connecticut Administrative Code › Title 20 - Professional and Occupational Licensing, Certification › 281 - Require That Permit Holders, as a Condition for the Renewal of a Permit to Practice, Undergo a Quality Review › Section 20-281-9 - Results of review

Current through July 10, 2024
(a) In the case of
			 a permit holder which performed one or more audit engagements during the year
			 under review, upon completion of the review, the reviewer shall issue a report
			 which, at a minimum, shall consist of an opinion letter setting forth the scope
			 of the quality review, including any limitations thereon; identifying the
			 comprehensive set of standards under which the quality review was performed;
			 stating an opinion on whether, during the year under review, the system of
			 quality control for the accounting and auditing practice of the permit holder
			 under quality review met the objectives of quality control standards generally
			 recognized in the profession as authoritative, and whether that system of
			 quality control was being complied with so as to provide the permit holder with
			 reasonable assurance of conforming with professional standards. That opinion
			 letter shall also describe the reason(s) for any modification, qualification or
			 limitation of the opinion set forth in subsection (c) of this
			 section.
(b) In the case of a
			 permit holder which performed no audit engagements, but did perform one or more
			 compilation engagements or one or more review engagements during the year under
			 review, upon completion of the quality review, the quality reviewer shall issue
			 a report which, at minimum, consists of an opinion letter describing the
			 limited scope of the quality review and disclaiming an opinion or any form of
			 assurance about the permit holder's quality control policies and procedures for
			 its accounting practice; identifying the comprehensive set of standards under
			 which the quality review was conducted; stating whether anything came to the
			 quality reviewer's attention that caused the quality reviewer to believe that
			 the review or compilation reports submitted for quality review did not conform
			 with the requirement of professional standards in all material respects; and,
			 if applicable, that opinion letter shall describe the general nature of
			 significant departures from professional standards disclosed by the quality
			 review; and also, if the departures from professional standards disclosed by
			 the quality review are sufficiently numerous or serious, the opinion letter
			 shall set forth the quality reviewer's conclusion that the permit holder did
			 not have reasonable assurance of conforming with professional standards in the
			 conduct of its accounting practice during the year under review.
(c) In the case of a permit holder which
			 performed one or more audits during the year under review, an "unqualified"
			 report shall be any report in which the quality reviewer expresses the opinion
			 that the system of quality control for the accounting and auditing practice of
			 the permit holder met the objectives of quality control stards generally
			 recognized in the profession and was being complied with during the year
			 reviewed so as to provide the permit holder with reasonable assurance of
			 conforming with professional standards.
(d) In the case of a permit holder which
			 performed one or more audits during the year under review, any report which
			 sets forth an opinion other than the opinion described in subsection (c) of
			 this section or which qualifies, limits or changes that opinion shall be a
			 "modified report."
(e) In the case
			 of a permit holder which performed no audit engagements, but did perform one or
			 more review engagement or one or more compilation engagement during the year
			 under review, an "unqualified" report shall be a report which states that
			 nothing came to the quality reviewer's attention that caused the quality
			 reviewer to believe that the review or compilation reports submitted for review
			 did not conform with the requirements of professional standards in all material
			 respects.
(f) In the case of a
			 permit holder which performed no audit engagements, but did perform one or more
			 review engagements or one or more compilation engagements during the year under
			 review, any report which sets forth a statement other than the one described in
			 subsection (e) of this section or which limits, qualifies or changes that
			 statement shall be a "modified" report.
(g) The quality reviewer may also issue to
			 the permit holder under review, if appropriate, a letter of comments suggesting
			 any areas where improvement can be made. Said letter of comments shall not be
			 filed with the Board.
(h) The
			 permit holder shall file the final opinion letter issued by the quality
			 reviewer with the Board within thirty (30) days after the receipt of that
			 report.