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§ 2-4A-05. Peer reviewers

West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: June 1, 2009

West's Annotated Code of Maryland
Business Occupations and Professions
Title 2. Accountants (Refs & Annos)
Subtitle 4a. Peer Review (Refs & Annos)
Effective: June 1, 2009
MD Code, Business Occupations & Professions, § 2-4A-05
§ 2-4A-05. Peer reviewers
Currentness
Approval of reviewer by Board
(a) Prior to conducting a peer review, an individual must be approved by the Board.
Requirements for approval
(b) In order to receive approval from the Board, a peer reviewer shall:
(1) have and maintain an active license as a certified public accountant in this or any other state;
(2) possess a level of knowledge of applicable professional standards acceptable to the Board;
(3) possess at least 5 years recent experience in the practice of public accounting;
(4) have received a passing report on the most recent peer review of the prospective peer reviewer; and
(5) complete an appropriate training course as determined by the Board.
Team captain of system review
(c) In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility.
Connections to licensee or permit holder
(d) A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer's independence.
Report of findings
(e) A peer reviewer shall:
(1) prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and
(2) maintain the report for a period of 3 years.
Copy of report to Board
(f) A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has:
(1) been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner;
(2) received a second consecutive report indicating pass with deficiencies; or
(3) received a failing report.
Board regulations and directives
(g) A peer reviewer shall comply with all Board regulations and directives regarding the peer review process.
Revocation of approval
(h) The Board may revoke its approval of a peer reviewer under this section if the peer reviewer:
(1) violates any provision of this title;
(2) violates any regulation adopted by the Board; or
(3) is sanctioned by any state board of accountancy or any unit of State or federal government.

Credits

Added by Acts 2005, c. 88, § 1, eff. Oct. 1, 2005. Amended by Acts 2009, c. 220, § 1, eff. June 1, 2009.
MD Code, Business Occupations & Professions, § 2-4A-05, MD BUS OCCUP & PROF § 2-4A-05
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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