62-1-201 - Peer review.
62-1-201. Peer review.
(a) As used in this part, unless the context otherwise requires, review committee means any person or persons carrying out, administering or overseeing peer review.
(b) The board shall require, by rule, as a condition to renewal of permits under this section, that applicants undergo, no more frequently than once every three (3) years, peer reviews conducted in the manner that the board specifies. The review shall include a verification that individuals in the firm who are responsible for supervising attest services and sign or authorize someone to sign the accountant's report on the financial statements on behalf of the firm meet the experience requirements set out in the professional standards for those services; provided, that the rule:
(1) Shall include reasonable provision for compliance by an applicant showing that it has, within the preceding three (3) years, undergone a peer review that is a satisfactory equivalent to peer review generally required pursuant to this subsection (b);
(2) Shall require, with respect to peer reviews contemplated by subdivision (b)(1), that they be subject to oversight by an oversight body established or sanctioned by board rule, which body shall periodically report to the board on the effectiveness of the review program under its charge and provide to the board a listing of firms that have participated in a peer review program that is satisfactory to the board; and
(3) Shall require, with respect to peer reviews contemplated by subdivision (b)(1), that the peer review processes be operated and documents maintained in a manner designed to preserve confidentiality pursuant to §§ 62-1-116 and 62-1-202 and that neither the board nor any third party, other than the oversight body, shall have access to documents furnished or generated in the course of the review.
[Acts 1998, ch. 700, § 13.]