N.J. Admin. Code § 13:29-5.5

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

Section 13:29-5.5 - Effect of successive review ratings of pass with deficiencies or fail

(a) A firm, including a succeeding firm, that receives two consecutive review ratings of pass with deficiencies or fail in a system or engagement review or any combination thereof shall have an accelerated review within 18 months of the firm's last review.

(b) If an accelerated review results in a review rating of pass with deficiencies or fail, the Board shall conduct a review to determine whether the firm:

1. May complete attest engagements for which field work has already begun. The firm may complete attest engagements for which field work has already begun only if:

i. Prior to issuance of any report, the engagement is reviewed and approved before it is issued by a third-party reviewer acceptable to the Board; and

ii. The engagement is completed within 30 days of the acceptance of the peer review report and the letter of response by the firm; or

2. Shall not perform any other attest service, including any accounting and/or auditing engagements, audits, reviews, compilations (as well as compilations where no report is required), forecasts, projections or other special reports for a period of three years or until given permission by the Board, whichever is sooner.

N.J. Admin. Code § 13:29-5.5

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 "Exceptions".