N.J. Admin. Code § 13:29-5.1

Current through Register Vol. 56, No. 23, December 2, 2024

Section 13:29-5.1 - Purpose and scope

(a) Pursuant to 45:2B-67, the Board establishes a Peer Review Program (Program) to monitor licensee compliance with applicable accounting and auditing standards adopted by generally recognized standard-setting bodies. The purpose of the Program is to improve the quality of financial reporting and to promote the fairness of presentation and the dependability of information on which the public relies for guidance in financial transactions, accounting and business performance. The Program shall emphasize education and rehabilitation rather than disciplinary action. Appropriate educational programs or remedial procedures shall be recommended or required where reporting does not comply with appropriate professional standards. However, when a licensee is unwilling or unable to comply with those standards, or a licensee's professional work is so inadequate as to warrant disciplinary action, the Board shall take appropriate action to protect the public interest.

(b) The rules in this subchapter shall not require any licensee or firm to become a member of any sponsoring organization.

Repeal and New Rule, R.2010 d.181, effective 9/7/2010.
See: 41 N.J.R. 3018(a), 42 N.J.R. 2130(a).
Section was "Purpose and scope".