Section 288-13-004 - Practice Unit Responsibilities004.01 A practice unit which performs attest engagements and/or performs compilations shall enroll in a program that meets Board-approved peer review program standards and shall satisfactorily complete the same.004.02 A practice unit shall cooperate with the Board-approved peer review program sponsoring organization with which it is enrolled to arrange, schedule, and complete a peer review. A practice unit shall take all educational/remedial actions prescribed by the sponsoring organization. In addition, the practice unit shall cooperate with the Board in all matters related to its peer review and take all actions necessary to timely comply with the peer review requirements.004.03 Each practice unit is required to provide the following information with each application for a permit: 004.03A Certify whether the practice unit is or is not required to participate in a peer review program; and004.03B If the practice unit is required to participate in a peer review program, furnish in connection with its renewal application satisfactory evidence of participation in peer review, provide the name of the approved sponsoring organization's peer review program in which the firm is enrolled, and the period covered by the practice unit's most recently accepted peer review.004.04 Practice units enrolled in a Board-approved peer review program shall schedule, undergo and complete its subsequent peer reviews in compliance with the sponsoring organizations' peer review standards and related guidance. Ordinarily, subsequent peer reviews shall be performed such that the peer review has taken place and all peer review materials are submitted to the sponsoring organization within three years and six months from the peer review year end of the previous peer review.004.05 The practice unit shall not be required to become a member of any organization administering a board-approved peer review program.004.06Practice Units Registered with the Public Company Accounting Oversight Board. 004.06A Practice units receiving inspections under the PCAOB are required to undergo a peer review under a Board-approved peer review program that covers the portion of the practice unit's professional work not subject to the Public Company Accounting Oversight Board (PCAOB) inspection process; and 004.06B However, for practice units required to be registered with and inspected by the PCAOB, the PRC may exempt the practice unit from the Board's peer review program only if all of the practice unit's professional work is subject to the PCAOB inspection process.004.07Practice Units Performing Preparation Engagement. A practice unit that only performs preparation engagements as defined under AICPA Statements on Standards for Accounting and Review Services (SSARS), as of 1 September 8, 2023, is not subject to peer review.004.08Submission of Documents by Practice Units. 004.08A Practice units required to participate in peer review shall submit to the Board the following documents, as applicable: 1. Peer review report which has been accepted by the sponsoring organization;2. The practice unit's letter of response which has been accepted by the sponsoring organization;3. The acceptance letter from the sponsoring organization.4. Letters) accepting the documents signed by the practice unit with the understanding that the practice unit agrees to take any actions required by the sponsoring organization.5. Letter signed by the sponsoring organization notifying the practice unit that required actions have been appropriately completed, if applicable.004.08B Peer review documents required in section 004.09A(1-5) shall be submitted by the practice unit within 30 days of the issuance of the same, or with submission of the practice unit's renewal application, whichever occurs first. The practice unit shall provide copies of such documents via a website, or regular mail as permitted by the Board.004.08C Practice units may also satisfy the above document submission requirements by having the sponsoring organization make the documents in section 004.09A accessible to the Board via the AICPA Facilitated State Board Access (FSBA) secure website process.288 Neb. Admin. Code, ch. 13, § 004
Amended effective 5/5/2024