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:
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.
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
(3) The review
shall be performed and the report issued in a manner and form approved by the
(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.
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
Authority: T.C.A. §§
(14), 62-1-201, and 62-1-202.