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(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 7, section V of the American Institute of Certified Public Accountants (AICPA) State CPA Society, AICPA Peer Review Program, Administrative Manual, 4th edition (2000), 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.
History: Eff. 7/27/97, Register 143; am 11/2/2001, Register 160
Authority: AS 08.04.070
Editor's note: A copy of Chapter 7, section V, of the State CPA Society, AICPA Peer Review Program, Administrative Manual, adopted by reference in 12 AAC 04.620, may be obtained from the Department of Commerce, Community, and Economic Development, Division of Occupational Licensing, P.O. Box 110806, Juneau, AK 99811-0806, or from the American Institute of Certified Public Accountants (AICPA), Harborside Financial Center, 201 Plaza Three, Jersey City, NJ 07311-3881.
As of Register 171 (October 2004), the regulations attorney made technical revisions under AS\n 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.
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Last modified 7/05/2006