Section 12.04.620. Exceptions to quality review reporting requirements.

	(a)  A permit holder is exempt from the quality review requirements in 12 AAC 04.600 if the permit holder did not issue reports on audited or reviewed financial statements during the concluding permit period.  
	(b)  A permit holder who issued the permit holder's first report during the permit period on audited or reviewed financial statements within the last 12 months of the concluding permit period is not required to meet the requirements of 12 AAC 04.600(c) to renew the permit. A permit holder described in this subsection shall  
		(1) notify the board within 30 days of issuing the first report on audited or reviewed financial statements or no later than the date of filing the application for permit renewal;  
		(2) undergo a quality review that is acceptable to the board under 12 AAC 04.610 within 18 months after the date of the first completed report on audited or reviewed financial statements; and  
		(3) meet the requirements of 12 AAC 04.600(c) for subsequent renewal of the permit to practice.  
	(c)  The guidelines in Chapter 8 of the American Institute of Certified Public Accountants (AICPA) AICPA Peer Review Administrative Manual, April 1, 2009, is adopted by reference. If a firm is merged, otherwise combined, dissolved, or separated, the organization administering the quality review shall apply those guidelines to determine which firm is considered the succeeding firm. That determination is subject to review by the board under those guidelines. The succeeding firm shall retain its quality review status and its quality review due date.  

Authorities

08.04.070;08.04.426;44.62.125

Notes

Reference

12 AAC 04.189
12 AAC 04.440
12 AAC 04.600

Authority

AS 08.04.070 AS 08.04.426 Editor's note: A copy of Chapter 8 of the American Institute of Certified Public Accountants (AICPA) Peer Review Administrative Manual, April 1, 2009, adopted by reference in 12 AAC 04.620, may be obtained from the Department of Commerce, Community, and Economic Development, Division of Corporations, Business and Professional Licensing, P.O. Box 110806, Juneau, AK 99811-0806, or from the American Institute of Certified Public Accountants (AICPA), 220 Leigh Farm Road, Durham, North Carolina 27707-8110. As of Register 171 (October 2004), the regulations attorney made technical revisions under AS 44.62.125(b)(6) to reflect the name change of the Department of Community and Economic Development to the Department of Commerce, Community, and Economic Development made by ch. 47, SLA 2004 and the corresponding title change of the commissioner of community and economic development.

History

Eff. 7/27/97, Register 143; am 11/2/2001, Register 160; am 10/16/2011, Register 200

References

12.04.620