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Accy 6.002(10) (10) “SSARS" means the Statements on Standards for Accounting and Review Services issued by the accounting and review services committee of the American Institute of Certified Public Accountants.
Accy 6.002(11) (11) “System review" means a peer review in which the peer reviewer determines whether the firm's system of quality control for its accounting and auditing practice is designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including the Statements on Quality Control Standards, No. 8 of the American Institute of Certified Public Accountants, in all material respects for firms that at the firm's highest level of service, perform engagements under the SAS, Government Auditing Standards, examinations under the SSAE, or pursuant to the standards of the PCAOB not subject to permanent inspection by the PCAOB.
Accy 6.002 History History: 2015 Wis. Act 217: cr. Register May 2016 No. 725, eff. 6-1-16.
subch. II of ch. Accy 6 Subchapter II - Firm Renewal
Accy 6.101 Accy 6.101Requirement for firm license renewal.
Accy 6.101(1)(1) An application for renewal by a certified public accounting firm that provides or offers to provide attest services shall include a description of at least one peer review of the firm undergone within 3 years preceding the application for renewal. The description shall identify the peer review program administrator, if administered by a peer-review program administrator approved by a board that regulates certified public accountants in any other CPA licensing jurisdiction, the outcome of the review, and the year under review.
Accy 6.101(2) (2) A firm is exempt from the peer review requirements in this section if it does not offer or perform attest services.
Accy 6.101(3) (3) A firm that has not offered or performed an attest service within the 3-year period preceding application for renewal shall notify the department at the time of renewal that it is exempt from the peer review requirements of this section because it has not offered or performed an attest service within the 3-year period. If a firm that has claimed the exemption in this section subsequently performs an attest service, it shall notify the board by letter that it is no longer exempt from the peer review requirement within 30 days after accepting the engagement for the attest service and that it agrees to undergo a peer review within 18 months after accepting the engagement.
Accy 6.101 Note Note: The following questions are intended to assist firms in determining whether a peer review is required for renewal. An affirmative response to any part of any question means that a peer review is required. Caution: This list is not exclusive. Refer to the standards if in doubt.
Accy 6.101 Note 1. Does your firm audit SEC clients, including employer-sponsored plans required to file a form 11-K with the SEC?
Accy 6.101 Note 2. Does your firm currently perform the following types of engagements?
Accy 6.101 Note Engagements applying Statements on Auditing Standards (SASs) - Audits?
Accy 6.101 Note Agreed-upon procedures?
Accy 6.101 Note Engagements applying Statements on Standards for Accounting and Review Services (SSARS)?
Accy 6.101 Note Reviews of financial statements?
Accy 6.101 Note Compilations of financial statements with disclosures?
Accy 6.101 Note Compilations of financial statements where “Selected Information-Substantially All Disclosures Required Are Not Included?"
Accy 6.101 Note Compilations of financial statements that omit substantially all disclosures?
Accy 6.101 Note Engagements applying Statements on Standards for Attestation Engagements (SSAE)?
Accy 6.101 Note Engagements applying International Financial Reporting Standards (IFRS) or International Auditing Standards (IAS)?
Accy 6.101 Note Examinations of prospective financial statements under SAARS?
Accy 6.101 Note Compilations of prospective financial statements under SAARS?
Accy 6.101 Note Agreed-upon procedures of prospective financial statements?
Accy 6.101 Note Examinations of written assertions?
Accy 6.101 Note Reviews of written assertions?
Accy 6.101 Note Agreed-upon procedures of written assertions?
Accy 6.101 Note Engagements under Government Auditing Standards (Yellow Book)?
Accy 6.101 Note Engagements applying PCAOB Auditing Standards?
Accy 6.101 Note Engagements applying PCAOB Attestation Standards?
Accy 6.101 Note Work performed as subject to requirements of the AICPA peer-review program?
Accy 6.101 History History: CR 02-119: cr. Register July 2003 No. 571, eff. 8-1-03; 2015 Wis. Act 217: renum. from Accy 9.02 and am. (1), (2) Register May 2016 No. 725, eff. 6-1-16.
subch. III of ch. Accy 6 Subchapter III - Reports
Accy 6.201 Accy 6.201Report from peer-review program. The peer-review program described under s. Accy 6.002 (4) (a) 1. shall report the following to the board by December 1 of each even-numbered year:
Accy 6.201(1) (1) A list of the names, addresses and license numbers of all firms that have undergone peer review within the preceding 36 months.
Accy 6.201(2) (2) An evaluation of the effectiveness of the peer reviews.
Accy 6.201 History History: CR 02-119: cr. Register July 2003 No. 571, eff. 8-1-03; 2015 Wis. Act 217: renum. from Accy 9.03 and am. (title), (intro.) Register May 2016 No. 725, eff. 6-1-16.
subch. IV of ch. Accy 6 Subchapter IV - Conducting Peer Reviews
Accy 6.303 Accy 6.303Extensions. The organization administering the peer-review program may grant extensions for completing peer reviews as long as the organization is notified by the firm within 14 days prior to the due date of the peer review. Extensions may be granted for any of the following reasons:
Accy 6.303(1) (1) An adverse health condition, including an illness or injury.
Accy 6.303(2) (2) Military service.
Accy 6.303(3) (3) Other good cause clearly outside of the control of the public accounting firm.
Accy 6.303 History History: 2015 Wis. Act 217: cr. Register May 2016 No. 725, eff. 6-1-16.
Accy 6.304 Accy 6.304Firm structure changes. In the event a firm is merged, otherwise combined, dissolved, or separated, the organization administering the peer review shall determine which firm, if any, is considered to be the succeeding firm. The succeeding firm shall retain its peer review status and the review due date.
Accy 6.304 History History: 2015 Wis. Act 217: cr. Register May 2016 No. 725, eff. 6-1-16.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.