(a) The Arkansas State Board of Public Accountancy may by rule require as a condition for the renewal of a license a practice review of every certified public accountant and firm licensed in this state.
(b) The practice review shall identify any type of report issued by a licensee including without limitation:(1) Compilation services; or(2) Attest services as defined under § 17-12-103.
(1) Compilation services; or
(2) Attest services as defined under § 17-12-103.
(c) The practice review shall be conducted annually on one-third (1/3) of the active licensees on a rotating basis.
(d) (1) A licensee that is selected for a practice review and whose highest level of report issuance is a compilation report shall also be subject to a quality review.(2) The board may charge the licensee a fee for a:(A) Quality review of each practice unit; and(B) Follow-up action to a quality review that is not in conformity with applicable professional standards.(3) The amount of the fee shall be established by board rule.(4) The licensee shall submit the latest report issued after the date of his or her last quality review submission for each type of compilation report.(5) A person acting on behalf of the board in a quality review program under this section shall be an officer or employee of the State of Arkansas for the purpose of:(A) Immunity from civil liability under § 25-44-301 et seq.; and(B) Payment of actual damages on behalf of state officers or employees under § 21-9-201 et seq.(6) (A) Except as provided under subdivision (d)(6)(B) of this section, all financial statements, working papers, and other documents obtained from an applicant for quality review shall be confidential and shall not be subject to public inspection, including without limitation documents exempt under the Freedom of Information Act of 1967, § 25-19-101 et seq.(B) A document under subdivision (d)(6)(A) of this section may be:(i) Disclosed pursuant to a court order; or(ii) Introduced as evidence in a relevant proceeding before the board.
(1) A licensee that is selected for a practice review and whose highest level of report issuance is a compilation report shall also be subject to a quality review.
(2) The board may charge the licensee a fee for a:(A) Quality review of each practice unit; and(B) Follow-up action to a quality review that is not in conformity with applicable professional standards.
(A) Quality review of each practice unit; and
(B) Follow-up action to a quality review that is not in conformity with applicable professional standards.
(3) The amount of the fee shall be established by board rule.
(4) The licensee shall submit the latest report issued after the date of his or her last quality review submission for each type of compilation report.
(5) A person acting on behalf of the board in a quality review program under this section shall be an officer or employee of the State of Arkansas for the purpose of:(A) Immunity from civil liability under § 25-44-301 et seq.; and(B) Payment of actual damages on behalf of state officers or employees under § 21-9-201 et seq.
(A) Immunity from civil liability under § 25-44-301 et seq.; and
(B) Payment of actual damages on behalf of state officers or employees under § 21-9-201 et seq.
(6) (A) Except as provided under subdivision (d)(6)(B) of this section, all financial statements, working papers, and other documents obtained from an applicant for quality review shall be confidential and shall not be subject to public inspection, including without limitation documents exempt under the Freedom of Information Act of 1967, § 25-19-101 et seq.(B) A document under subdivision (d)(6)(A) of this section may be:(i) Disclosed pursuant to a court order; or(ii) Introduced as evidence in a relevant proceeding before the board.
(A) Except as provided under subdivision (d)(6)(B) of this section, all financial statements, working papers, and other documents obtained from an applicant for quality review shall be confidential and shall not be subject to public inspection, including without limitation documents exempt under the Freedom of Information Act of 1967, § 25-19-101 et seq.
(B) A document under subdivision (d)(6)(A) of this section may be:(i) Disclosed pursuant to a court order; or(ii) Introduced as evidence in a relevant proceeding before the board.
(i) Disclosed pursuant to a court order; or
(ii) Introduced as evidence in a relevant proceeding before the board.
(e) A peer review shall be obtained by a licensee who issues a report identified under subdivision (b)(2) of this section.
(f) (1) (A) Notwithstanding any provision to the contrary in this chapter, a certified public accountant or firm of certified public accountants currently licensed by another state or a foreign country shall not be required to obtain a license under this chapter for the purpose of conducting a peer review of a licensee in this state as defined by board rule.(B) A certified public accountant or firm of certified public accountants under subdivision (f)(1)(A) of this section may use the applicable title of “certified public accountant” or the abbreviation “CPA” only in conjunction with the peer review activities identified under subdivision (f)(1)(A) of this section.(2) A certified public accountant or firm of certified public accountants licensed in this state or in another jurisdiction shall meet the standards adopted by the board to accomplish the goals of this chapter in order to perform a peer review of a licensee under this chapter.
(1) (A) Notwithstanding any provision to the contrary in this chapter, a certified public accountant or firm of certified public accountants currently licensed by another state or a foreign country shall not be required to obtain a license under this chapter for the purpose of conducting a peer review of a licensee in this state as defined by board rule.(B) A certified public accountant or firm of certified public accountants under subdivision (f)(1)(A) of this section may use the applicable title of “certified public accountant” or the abbreviation “CPA” only in conjunction with the peer review activities identified under subdivision (f)(1)(A) of this section.
(A) Notwithstanding any provision to the contrary in this chapter, a certified public accountant or firm of certified public accountants currently licensed by another state or a foreign country shall not be required to obtain a license under this chapter for the purpose of conducting a peer review of a licensee in this state as defined by board rule.
(B) A certified public accountant or firm of certified public accountants under subdivision (f)(1)(A) of this section may use the applicable title of “certified public accountant” or the abbreviation “CPA” only in conjunction with the peer review activities identified under subdivision (f)(1)(A) of this section.
(2) A certified public accountant or firm of certified public accountants licensed in this state or in another jurisdiction shall meet the standards adopted by the board to accomplish the goals of this chapter in order to perform a peer review of a licensee under this chapter.