State Board ReportJune 2015Guidance on how a State Board should handle reports of failed peer reviews has been issued by the NASBA Compliance Assurance Committee. "Failed Reports Guidance" recommends practices for eight scenarios:
The paper advises that a firm receiving two consecutive "fails" should be sent to the Board’s enforcement arm. In most cases, when a "fail" occurs in a consecutive review after a "pass with deficiencies," the paper advises that firm should also be referred to the enforcement arm of the Board. On July 10 the PROC (Peer Review Oversight Committee) Summit will be held at the Omni Nashville. Short-term and long-term changes to the Peer Review Program will be outlined by AICPA Vice President Jim Brackens, including how those changes may affect the State Boards’ PROCs. Breakout sessions designed for those states that have established PROCs as well as those intending to form or just starting PROCs will be held. Common problems faced by PROCs and how to deal with peer reviewers will also be addressed. Among the speakers will be Jim Gero, Janice Gray, Mark Hobbs, Henry Krostich, Alan Long, Rick Reisig and Colonel Francis X. Ryan. All PROC members, Board of Accountancy executive directors and staff are invited to attend this biennial one-day event free of charge. For Summit details and registration, check out the PROC Summit page. |
Related NewsFull Issue |
- MEMBER CENTER
- EXAMS
- CPA Exam
- International Qualification Examination (IQEX)
- CPA Australia
- Chartered Accountants Australia and New Zealand (CAANZ)
- Instituto Mexicano de Contadores Publicos (IMCP)
- Hong Kong Institute of Certified Public Accountants (HKICPA)
- Institute of Chartered Accountants of Scotland (ICAS)
- South African Institute of Chartered Accountants (SAICA)
- Chartered Accountants Ireland (CAI)
- CPA Canada (CPAC)
- NASBA International Evaluation Services
- Exam News
- Products and Services
- LICENSURE
- EDUCATION