§ 2-4A-04
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/md/business-occupations-and-professions/2-4a-04·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§2–4A–04.
(a)A system review is required for a licensee or permit holder that performs any of the following services:
(1)engagements governed by the Statements on Auditing Standards of the American Institute of Certified Public Accountants; or
(2)engagements governed by the government auditing standards issued by the U.S. Government Accountability Office;
(3)examinations of prospective financial information under:
(i)the Statements on Standards for Attestation Engagements of the American Institute of Certified Public Accountants; or
(ii)the government auditing standards issued by the U.S. Government Accountability Office; or
(4)audits of issuers not registered with the U.S. Securities and Exchange Commission that are performed under standards of the Public Company Accounting Oversight Board.
(b)An engagement review is required for a licensee or permit holder not required to have a system review that performs any of the following services:
(1)review of historical financial statements in accordance with the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants;
(2)compilation of historical financial statements with disclosures performed under the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants;
(3)compilation of historical financial statements that omit substantially all disclosures performed under the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants; or
(4)engagements performed under the Statements on Standards for Attestation Engagements of the American Institute of Certified Public Accountants other than the examination of prospective financial statements.