§ 2-4A-01. Definitions
West's Annotated Code of MarylandBusiness Occupations and ProfessionsEffective: March 27, 2019
Effective: March 27, 2019
MD Code, Business Occupations & Professions, § 2-4A-01
§ 2-4A-01. Definitions
(b) “Engagement review” means a peer review that evaluates whether there is a reasonable basis for expressing limited assurance that:
(c) “Fail” means, in connection with a report of a peer reviewer, one or more significant deficiencies in performing or reporting in conformity with professional standards in the individual or the firm being reviewed.
(d) “Peer review” means a study, appraisal, or review of one or more aspects of the professional work of an individual or firm performed by a person licensed as a certified public accountant.
(e) “Report indicating pass with deficiencies” means a report of a peer reviewer that indicates one or more deficiencies in performing or reporting in conformity with professional standards in the individual or firm being reviewed.
(f) “Review” means the analysis of a financial statement that:
(2) provides a licensee with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the statement in order for it to be in accordance with generally accepted accounting principles, or, if applicable, with any other comprehensive basis of accounting.
(g) “System review” means a peer review evaluating whether there is reasonable assurance that:
Credits
Added by Acts 2005, c. 88, § 1, eff. Oct. 1, 2005. Amended by Acts 2009, c. 220, § 1, eff. June 1, 2009; Acts 2010, c. 72, § 1, eff. April 13, 2010; Acts 2011, c. 228, § 1, eff. Oct. 1, 2011; Acts 2011, c. 229, § 1, eff. Oct. 1, 2011; Acts 2019, c. 8, § 1, eff. March 27, 2019.
MD Code, Business Occupations & Professions, § 2-4A-01, MD BUS OCCUP & PROF § 2-4A-01
Current with all legislation from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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