Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1 - Mississippi State Board of Public Accountancy Rules and Regulations Appendix; Schedule of Fees › Chapter 5 - Compliance Assurance Program › Rule 30-1-5.7 - Board Oversight

Current through June 25, 2024
Rule 5.7.1. The Board shall appoint a Board Oversight
				  Committee (BOC) whose function shall be the oversight and monitoring of
				  sponsoring organizations for compliance and implementation of the minimum
				  standards for peer review performance and reporting on reviews. Oversight
				  procedures to be followed by the BOC shall be provided for by rules promulgated
				  by the board. Information concerning a specific practice unit or reviewer
				  obtained by the BOC during oversight activities shall be confidential, and the
				  practice unit's or reviewer's identity shall not be reported to the board. The
				  BOC shall consist of three members, none of whom are current members of the
				  board. The Board shall designate and have control over who sits on the
				  committee within the following guidelines:
(a) No member of the Board Oversight
				Committee shall be a current member of the Board, an employee of the Board, the
				sponsoring organization, or the ethics committees of the AICPA or CPA
				Society.
(b) Members of the Board
				Oversight Committee shall be appointed by the Board to serve terms of service
				no less than three years and no more than five years.
(c) All members of the Board Oversight
				Committee shall be licensees in the State of Mississippi, with extensive
				experience in accounting and auditing, currently in practice at the partner (or
				equivalent) level, and shall be members of the Society or the AICPA. The
				member's practice unit must have received an unqualified opinion from its last
				peer review.
Rule 5.7.2. Operation and Function.
(a) At least one member of the BOC may attend
				all meetings of the Society Peer Review Committee. Attendance is integral to
				the oversight of the program because of the necessity to hear the deliberations
				and considerations made by the Peer Review Committee. Certain Peer Review
				Committee meetings may be conducted by telephone. In those instances, the
				oversight committee may join the conference call.
(b) The Board shall be responsible for the
				travel cost of the BOC member attending the PRC meetings.
(c) The BOC shall meet at its discretion to
				compile an annual report to the Board as to the continued reliance on the
				sponsoring organization review reports as grounds for excluding CPAs from
				undergoing Board initiated reviews. However, in no case shall the BOC report
				any matters to the Board that could divulge the identity of a practice unit or
				a CPA.
(d) The sponsoring
				organization PRC will address all items of feedback from the oversight
				committee.
(e) In order for the BOC
				to function appropriately, the sponsoring organization will make available to
				the BOC the following:
(1)Standards,
				procedures, guidelines, training materials and similar documents prepared for
				the use of reviewers, reviewed practice units, and administering
				entities.
(2)Information concerning
				the extent to which the PRC has reviewed the quality of reviewers" working
				papers in connection with the acceptance of reviews.
(3)Statistical data concerning the results of
				reviews including number and type of corrective actions required and the
				number, nature and extent of the monitoring procedures applied.
(4)The following documents on a reasonable
				sample of reviews that have been accepted by the PRC:
a. The report and letter of comments, if any,
				on the review and the practice unit's letter of response.
b. The firm-wide summary review
				memorandum.
c. The team captain
				checklist.
d. Any working papers,
				notes, or other documentation, including reviewer working papers prepared or
				reviewed by the Peer Review Committee in connection with the scheduling,
				performance, or acceptance of the review.
e. Correspondence or other documentation
				concerning acceptance of the review, the imposition of required corrective
				actions, the monitoring procedures applied, and the results thereof.
f. The Oversight Committee shall predetermine
				the number of reviews to be selected each year and shall select the specific
				reviews using random sampling.
(5) The sponsoring organizations" PRC
				meetings and all minutes of such meetings, including meetings during which peer
				review reports are considered.