Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-06 - Peer review program standards

Current through all regulations passed and filed through July 1, 2024
(A) The board hereby adopts "Standards for
			 Performing and Reporting on Peer Reviews" promulgated by the "American
			 Institute of Certified Public Accountants" and published on that organization's
			 website (
www.aicpa.org
) as its
			 minimum standards for peer review of public accounting firms. No public
			 accounting firm shall be required to become a member of any peer review
			 sponsoring organization.
(B) Peer
			 review sponsoring organizations shall include the "American Institute of
			 Certified Public Accountants" peer review program, "The Ohio Society of
			 Certified Public Accountants" peer review program, and other such organizations
			 which register with and are approved by the board based upon their adherence to
			 the peer review standards defined in paragraph (A) of this rule.
(C) The firm or entity selected to conduct a
			 peer review for any public accounting firm not currently enrolled in an
			 approved peer review program must be approved to conduct the peer review by the
			 board or its authorized peer review program administrator
			 prior to commencement of the peer
			 review.
(D)
								The peer review program administrator may charge a fee
			 to firms required to participate in the peer review program in order to cover
			 the costs of program administration. The board shall approve this fee
			 annually.
(E) Any peer review completed in accordance with the
			 standards defined in paragraph (A) of this rule must be submitted
			 for approval to the board's
			 authorized peer review program administrator . The 
								board's authorized peer review program
			 administrator shall issue an acceptance letter to the public accounting firm
			 for which a peer review was performed if the designated peer review committee,
			 defined in rule 4701-13-01 of the Administrative Code,
			 deems
			 the firm's peer review completed.
(F)
			 Based upon the peer review outcome as stated in the acceptance letter, the
			 board or its authorized peer review program administrator may impose remedial
			 actions
								pursuant to division (H)(1) (a)
			 of section 4701.04 of the Revised Code,
			 which the public accounting firm must complete as a condition for
			 continued registration under this chapter.
(1)
									After the firm
			 completes the required remedial actions, the board's authorized peer review
			 program administrator will issue a completion letter to the firm. Only a
			 completion letter issued by the board's authorized peer review program
			 administrator will qualify a public accounting firm for continued registration
			 under this chapter.
(2)
									Any request for an extension of time to complete
			 remedial actions must be submitted in writing and approved by the peer review
			 program administrator. Any approved extension of time must be submitted to the
			 board in order to extend a conditional firm registration
			 deadline.
(3)
									The completion date for remedial actions contained in
			 the conditional acceptance letter may be extended for good cause by the
			 executive director, subject to board approval, for the purpose of maintaining a
			 conditional firm registration.