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1105.7400 PEER REVIEW AS CONDITION FOR RENEWAL OF PERMIT.

A.

The board has established in parts 1105.4600 to 1105.5500 procedures to perform the following functions:

(1)

review of financial statements and the reports of registrants on financial statements, to assess their compliance with applicable professional standards;

(2)

improvement of reporting practices of licensees through educational and rehabilitative measures;

(3)

referrals to the complaint committee of cases requiring further investigation; and

(4)

other functions necessary to carry out the peer review process.

B.

RAP firms are subject to the peer review requirements imposed on CPA firms.

Statutory Authority:

MS s 197.4552; 326.18; 326A.02

History:

27 SR 1425; 40 SR 953

Published Electronically:

February 15, 2016