State Board Report
Twenty-three Boards of Accountancy have a Peer Review Oversight Committee (PROC) in operation or process, according to a poll recently conducted by NASBA’s Compliance Assurance Committee. The majority of the PROCs include 1-4 members, and have no limitation on the number of terms they may serve as PROC members. Most Boards have only current active CPA licensees as members of their PROC, but three include retired CPAs and two include public members. The function of the PROC is to oversee the quality of the peer review process, but two Boards also expect the PROC to oversee the qualification of peer reviewers.
Of the states that replied they had sent representatives to the August 2011 NASBA PROC Summit, most said they would send a representative again if a similar summit is offered in 2013. Among the topics proposed for discussion were: common problems, uniform standards for reviewers, suggested operating procedures and failed peer reviews and complaints filed by State Boards.
Compliance Assurance Committee Chair Janice Gray thanked the State Boards for their assistance with the survey. A NASBA PROC Summit will be held on July 10, 2013 in Nashville, TN. Registration will begin in mid-March.
- MEMBER CENTER