Wisconsin Administrative Code › Accounting Examining Board › Chapter Accy 6 - Peer Review › Subchapter II - Firm Renewal › Section Accy 6.101 - Requirement for firm license renewal

Current through June 24, 2024
(1) An application
						for renewal by a certified public accounting firm that provides or offers to
						provide attest services shall include a description of at least one peer review
						of the firm undergone within 3 years preceding the application for renewal. The
						description shall identify the peer review program administrator, if
						administered by a peer-review program administrator approved by a board that
						regulates certified public accountants in any other CPA licensing jurisdiction,
						the outcome of the review, and the year under review.
(2) A firm is exempt from the peer review
						requirements in this section if it does not offer or perform attest
						services.
(3) A firm that has not
						offered or performed an attest service within the 3-year period preceding
						application for renewal shall notify the department at the time of renewal that
						it is exempt from the peer review requirements of this section because it has
						not offered or performed an attest service within the 3-year period. If a firm
						that has claimed the exemption in this section subsequently performs an attest
						service, it shall notify the board by letter that it is no longer exempt from
						the peer review requirement within 30 days after accepting the engagement for
						the attest service and that it agrees to undergo a peer review within 18 months
						after accepting the engagement.
The following questions are intended to assist firms in
								determining whether a peer review is required for renewal. An affirmative
								response to any part of any question means that a peer review is required.
								Caution: This list is not exclusive. Refer to the standards if in doubt.
1. Does your firm audit SEC clients, including
								employer-sponsored plans required to file a form 11-K with the SEC?
2. Does your firm currently perform the following types of
								engagements?
* Engagements applying Statements on Auditing Standards
								(SASs) - Audits? . Agreed-upon procedures?
* Engagements applying Statements on Standards for
								Accounting and Review Services (SSARS)?
* Reviews of financial statements?
* Compilations of financial statements with
								disclosures?
* Compilations of financial statements where "Selected
								Information-Substantially All Disclosures Required Are Not Included?"
* Compilations of financial statements that omit
								substantially all disclosures?
* Engagements applying Statements on Standards for
								Attestation Engagements (SSAE)?
* Engagements applying International Financial Reporting
								Standards (IFRS) or International Auditing Standards (IAS)?
* Examinations of prospective financial statements under
								SAARS?
* Compilations of prospective financial statements under
								SAARS?
* Agreed-upon procedures of prospective financial
								statements?
* Examinations of written assertions?
* Reviews of written assertions?
* Agreed-upon procedures of written assertions?
* Engagements under Government Auditing Standards (Yellow
								Book)?
* Engagements applying PCAOB Auditing Standards?
* Engagements applying PCAOB Attestation Standards?
* Work performed as subject to requirements of the AICPA
								peer-review program?