The Iowa Accountancy Act of 2001
Adopted Rules

CHAPTER 11
PEER REVIEW

193A-11.1(79GA,ch 55) Peer review required. As a condition of renewal for a CPA or LPA who issues compilation reports other than through a CPA or LPA firm which holds a permit to practice and, as a condition of permit renewal for LPA firms which issue compilation reports or CPA firms which provide attest services or issue compilation reports, the applicant shall submit certification of completion of a peer review issued pursuant to this chapter. Such review shall be completed at the highest level of service provided by the firm or licensee.

193A-11.2(79GA,ch 55) How often required. During the three-year period ending December 31 preceding the application for renewal of a certificate, license, or permit to practice, the firm shall have completed a peer review in accordance with this chapter. A peer review shall be completed no less often than once every three years.

193A-11.3(79GA,ch 55) System of internal quality control. If the firm has not issued reports on financial statements prior to the application for renewal, the firm shall have in place a system of internal quality control prior to the commencement of a financial reporting engagement and shall come into compliance within 18 months of completion of a financial reporting engagement.

193A-11.4(79GA, Ch55) Peer review programs that qualify. A firm's completion of a peer review program endorsed or supported by the AICPA, National Society of Accountants or other substantially similar review programs in Iowa or other states approved by the board shall satisfy the requirements of this chapter.

193A-11.5(79GA, ch 55) Waiver of peer review requirement. At the time of renewal a licensee or firm may request, in writing upon a form provided by the board, a waiver from the requirements of this chapter, as provided in 2001 Iowa Acts, chapter 55, sections 7(9) and 8(19).

These rules are intended to implement 2001 Iowa Acts, chapter 55.