THE SCHEDULING AND COMPLETION OF YOUR SYSTEM PEER REVIEW MAY BE DELAYED IF YOU PLAN TO ENGAGE AN OUT-OF-STATE PEER REVIEWER.

According to the Arkansas State Board of Public Accountancy, effective September 1, 2005, any individual coming into Arkansas from other states to perform any public accounting function, including peer review, must hold a valid CPA certificate or license issued by another state, and meet the requirements of A.C.A. 17-12-101 et.seq and Board Rules regarding substantial equivalency (A.C.A. 17-12-311) in order to be granted the privilege to practice public accounting in Arkansas. If the substantial equivalency standard set out in A.C.A. 17-12-311 is not applicable, the Board shall issue a reciprocal certificate to the holder of a certificate issued by another state provided he/she has met the requirements of A.C.A. 17-12-301 and 17-12-501.

Before an out of state reviewer begins work on your system peer review inside the state of Arkansas, he/she must contact the Arkansas State Board of Public Accountancy at (501) 682-1520 to request the necessary form to file for substantial equivalency.

Peer reviewers engaged to perform a system review for a sole practitioner that qualifies to have its system review performed at a location outside the State of Arkansas (applies only to sole practitioners with no professional staff that performs a total of three or less engagements covered by the SASs, Government Auditing Standards or examinations of prospective financial statements under the SSAEs to participate in a system review at another location) may not be affected by the above noted regulation. Prior to September 1, 2005, peer reviewers engaged to commence a system review must be associated with a firm that is registered in Arkansas, as well as at least one partner of that firm registered in Arkansas, in order for any other members of that firm to qualify for substantial equivalency.

Proof of substantial equivalency or licensure must be submitted to the ASCPA prior to the commencement of any system review that is performed inside Arkansas by an out-of-state reviewer. Failure to provide such proof could result in non-acceptance of the completed peer review by the ASCPA Peer Review Committee.

IF YOU HAVE ANY QUESTIONS, PLEASE DO NOT HESITATE TO CONTACT OUR OFFICE.

Thank You
Marsha Moffitt
Peer Review Manager