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Enforcement Newsletter

May 2015

The Compliance Assurance Committee (CAC) is pleased to announce the release of a new tool to assist Executive Directors and accountancy boards when dealing with failed peer review reports.

The Dealing with Failed Reports Guidance is a white paper that was put together from a survey of multiple boards and has been reviewed and approved by the full Compliance Assurance Committee, the AICPA Peer Review Board and NASBA leadership.

The document provides guidance to Boards of Accountancy on how to handle failed peer reviews from a first-time failed report, to a failed report following a pass with deficiency report and ending with how to handle consecutive failed reports. The white paper is a great resource that allows accountancy boards to benefit from the experience of other boards and helps provide a process that can be followed as members rotate on and off the board.

Use of this guidance among all Boards should help increase consistency from state to state.

The document is formatted into four sections:

  • Initial Reviews
  • Consecutive Review After a Review with a Pass
  • Consecutive Review After a Review with Pass with Deficiencies
  • Consecutive Review After a Review with Fail

The white paper is being shared with all Boards of Accountancy and is also available in the PROC Resources section on nasba.org. The contents are expected to be used as guidelines and are being considered for possible inclusion in the NASBA Enforcement Resource Guide. We hope you will take some time to become familiar with this new white paper and the benefits it offers to accountancy boards.

Any questions regarding the guidance document can be directed to Janice Gray, Chair of the Compliance Assurance Committee at janiceg@cpagray.com.

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