061-9 Wyo. Code R. §§ 9-3 - Enrollment in Board-approved peer review program

(a) CPA firms permitted under W.S. 33-3-118(a) whose accounting and auditing practice includes one or more engagements performed under the AICPA's Statements on Auditing Standards (SAS), Statements on Standards for Accounting and Review Services (SSARS), Statements on Standards for Attestation Engagements (SSAEs), or Government Auditing Standards issued by the United States Governmental Accountability Office are subject to review under the requirements of a practice monitoring program at least once every three and one-half (3.5) years.

(i) CPA firms who perform accounting and auditing engagements as set forth in paragraph (a) above for clients with a home office in Wyoming are subject to review under the requirements of a practice monitoring program at least once every three and one-half (3.5) years.

(ii) A CPA firm is not required to enroll in a Board-approved peer review program if its only level of service is performing preparation of financial statements (with or without disclaimer reports) under SSARs. If the firm elects to enroll in a Board-approved peer review program, it is required to have a peer review that includes preparation of financial statements within the scope of the review.

(b) At the time an accounting or auditing engagement as set forth in (a), a CPA firm is subject to practice monitoring. The CPA firm's designated certificate holder (DCH) shall, within thirty (30) days of the date of the acceptance of the engagement:

(i) Notify the Board of the change in the scope of practice of the firm; and

(ii) Enroll the firm in a Board-approved peer review program and undergo a review as required under the peer review standards and administrative procedures established by the administering entity. The DCH shall send a copy of an enrollment letter to the Board office within thirty (30) days of the enrollment date.

(c) In the event that two (2) or more firms are merged or combined, the resulting firm shall have the peer review year of the firm with the largest number of accounting and auditing hours or the peer review year of the firm as otherwise directed by the AE. The DCH shall notify the Board office within thirty (30) days of any change by the AE to the firm's due date if it differs from that on record with the Board.

(d) In the event that a firm is divided due to dissolution or separation, the new firm(s) retains the review year of the former firm unless otherwise specified by the AE. The new firm(s) shall enroll in the program under the name of the new firm(s). Each firm shall notify the Board office within thirty (30) days of any change by the AE to the firm's due date if it differs from that on record with the Board.

Notes

061-9 Wyo. Code R. §§ 9-3

Amended, Eff. 4/7/2022.