(1) Each firm
location required to hold a permit to practice under Tenn. Code Ann. §
62-1-108, which performs attest
services, shall be covered by a peer review at least once every three (3) years
with a report of that review to be submitted to the Committee. However, the
initial review must be completed by August 31 of the next calendar year
following the initial date of issuance of the firm permit.
(2) Each firm that performs one or more audit
engagements shall have an on-site peer review. Firms that perform only
compilations or reviews in accordance with SSARS shall have either an on-site
or off-site peer review.
firm is responsible for having the review(s) performed at its own cost by a
reviewer approved by the Committee or in the alternative, submitting proof of
compliance with an approved peer review program.
(4) Failure of a firm to be enrolled in a
board-approved peer review program in a timely manner will result in the denial
of the firm's permit to practice.
(5) Firms with multiple locations may submit
a single peer review report covering all locations.
(6) Firm locations not providing attest
services shall not be required to undergo a peer review
(7) The Peer Review Program of the Board does
not provide for reviews of Audits of Governmental Grant Recipients, Publicly
Traded Companies, or Financial Institutions. Those reviews must be obtained
through one (1) of the other approved peer review programs.
(8) Firms receiving peer reviews under the
PCAOB program will also be required to have a peer review under an approved
peer review program that covers the portion of the firms' practice not
regulated by the U.S. Securities and Exchange Commission.
Tenn. Comp. R. & Regs.
Original rule filed August
2, 1996; effective October 16, 1996. Repeal and new rule filed June 10, 1999;
effective August 24, 1999. Amendment filed October 17, 2003; effective December
31, 2003. Amendment filed August 15, 2006; effective October 29, 2006.
Amendment filed March 26, 2012; effective June 24,
Authority: T.C.A. §§