Idaho Admin. Code r. 24.30.01.511 - PEER REVIEW OVERSIGHT COMMITTEE

Current through August 30, 2021

01. Appointment. The Board appoints an Oversight Committee consisting of no more than seven (7) members who are active licensees and possess extensive current experience in accounting and auditing services. No committee member may be a current member of the Board. (7-1-21)T
02. Responsibilities. The committee acts in an advisory capacity to the Board with the following duties: (7-1-21)T
a. Monitoring administrating organizations to provide reasonable assurance that peer reviews are being conducted and reported in accordance with the peer review minimum standards. (7-1-21)T
i. Visit annually the administering organizations to examine their procedures for administering the peer review program and meet with the organization's peer review committee during the consideration of peer review documents. (7-1-21)T
ii. Review, on the basis of random selection, a number of reviews performed by the administering organization which include, at a minimum, a review of the peer review report, the letter of comments (if any), the firm's response to the matters discussed in the letter of comments, the organization's acceptance letter outlining any additional corrective or monitoring procedures, and working papers on the selected review. The review of documents may be expanded if significant deficiencies, problems, or inconsistencies are discovered. (7-1-21)T
b. Reports to the Board on conclusions reached and makes recommendations to the adherence to Peer Review Standards. Alternatively, for those organizations participating in the AICPA oversight program in connection with involved state societies, the committee may obtain and review the oversight program report to ensure that reviews are being conducted and reported on in accordance with the standards. Reports submitted may not contain information concerning specific firms or reviewers. (7-1-21)T
c. Based on the result of the foregoing procedures, the committee will make recommendation to the Board as to the continuing qualifications of the approved administering organizations. (7-1-21)T

Notes

Idaho Admin. Code r. 24.30.01.511

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