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