The Oklahoma Accountancy Board has adopted the American Institute of Certified Public Accountants "Standards for Performing and Reporting on Peer Reviews," as its minimum standards for peer review of registrants.
The OAB established the peer review program to monitor firm's compliance with applicable standards adopted by generally recognized standard setting bodies. The program shall emphasize education, including appropriate remedial procedures,
which may be recommended or required when financial statement reports do not comply with professional standards.
In the event a firm does not comply with established professional standards, or a firm's professional work is so inadequate as to warrant disciplinary action, the OAB shall take appropriate action to protect the public interest.
Any firm (including sole-proprietors) holding a permit from the OAB that performs any audit or review engagement must participate in an OAB approved sponsoring organization's peer review program.
Effective January 1, 2011, any individual holding a permit from the OAB that performs compilation engagements must earn four (4) hours of continuing professional education directly related to compilation or;
Be enrolled in an OAB approved sponsoring organization's peer review program.
Peer Review Deadlines
Firms must enroll in the peer review program of an OAB approved sponsoring organization within twelve months of the performance of its first audit, review or agreed upon procedure engagement.
Firms must provide the OAB with proof of enrollment and peer review due date as determined by the sponsoring organization within thirty days of its assignment.
Firms must have a peer review within eighteen months of the year end of the engagement performed.
Firms must schedule and begin an additional peer review within three years of the previous peer review due date, or earlier as may be required by the sponsoring organization.
Reporting to the OAB
Any report or document required to be submitted to the OAB shall be made available to the Board by a secure website or other secure means unless the sponsoring organization does not have access to a secure website or other secure means. In such case the report may be directly submitted by the firm within 30 (thirty) days of receipt from the sponsoring organization; Such reports shall contain:
Pass reports - A copy of the report and the final letter of acceptance from the sponsoring organization
Pass With Deficiencies reports - copy of the report, the signed agreement to the conditional letter of acceptance and the final letter of acceptance from the sponsoring organization.
Fail reports - copy of the report, the signed agreement to the conditional letter of acceptance and the final letter of acceptance from the sponsoring organization.
OAB Approved Sponsoring Organizations
Peer Review Fees
There is no fee required for submission of pass reports.
A $100 fee is required for every pass with deficiencies or fail report submitted.
A complete record of the OAB peer review and Government Auditing Standard rules may be found in Subchapter 33 & Subchapter 43 of Title 10 of the Oklahoma Administrative code.
Changes in Peer Review Reporting Rules
Peer reviews commencing on or after July 1, 2010, shall be made available to the Board by a secure website or other secure means unless the sponsoring organization does not have access to a secure website or other secure means. In such case the report may be submitted by the firm directly.
If your firm is required to undergo peer review, you must make your peer review documents available to the Oklahoma Accountancy Board via the Facilitated State Board Access secure website. Ask your peer review administering entity how to sign up today