Tenn. Comp. R. & Regs. 0020-06-.05 - REVIEWERS AND REVIEWS

(1) All individuals desiring to perform peer reviews within the scope of this chapter must be approved by the Committee prior to undertaking such performance. Approval shall be granted upon proof that the individual:

(a) is a licensee in good standing, actively engaged in providing attest services, possesses adequate accounting and/or attest experience and has a current knowledge of applicable professional standards, and

(b) has completed a peer review training course(s) that has been approved by the Committee and completes a refresher review course every three (3) years hereafter.

(2) Each reviewer shall determine and report to the Committee with respect to each engagement that is reviewed:

(a) Whether or not the engagement is in general conformity with applicable professional standards, and

(b) If not, in what regard the engagement contains significant departures from professional standards, and

(c) Any recommendations concerning the possible improvement of the quality of the firm location's professional services.

(3) The review shall be performed and the report issued in a manner and form approved by the Committee.

(4) Any firm location under review may submit to the Committee a response to the determinations and recommendations contained in the review report.

(5) The identities of the sources of financial statements, reports and workpapers, received by the reviewer from a firm location, shall be preserved in confidence.

(6) Reports submitted for review and the comments and workpapers related thereto of reviewers and of the Committee shall be retained for a period of at least three (3) years or until acceptance of the firm location's next peer review, whichever is greater in time. These items and documents shall be preserved in confidence except to the extent that they are communicated to the licensee and firm location which issued the report(s) and to the extent that consideration of remedial or disciplinary action is appropriate pursuant to Rule 0020-06-.06.

Notes

Tenn. Comp. R. & Regs. 0020-06-.05

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.

Authority: T.C.A. §§ 62-1-105(e)(6), 62-1-111(a)(12) and (14), 62-1-201, and 62-1-202.