§ 2-4A-05
331 words·~2 min read·
/md/business-occupations-and-professions/2-4a-05·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§2–4A–05.
(a)Prior to conducting a peer review, an individual must be approved by the Board.
(b)In order to receive approval from the Board, a peer reviewer shall:
(1)have and maintain an active license as a certified public accountant in this or any other state;
(2)possess a level of knowledge of applicable professional standards acceptable to the Board;
(3)possess at least 5 years recent experience in the practice of public accounting;
(4)have received a passing report on the most recent peer review of the prospective peer reviewer; and
(5)complete an appropriate training course as determined by the Board.
(c)In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility.
(d)A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer’s independence.
(e)A peer reviewer shall:
(1)prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and
(2)maintain the report for a period of 3 years.
(f)A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has:
(1)been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner;
(2)received a second consecutive report indicating pass with deficiencies; or
(3)received a failing report.
(g)A peer reviewer shall comply with all Board regulations and directives regarding the peer review process.
(h)The Board may revoke its approval of a peer reviewer under this section if the peer reviewer:
(1)violates any provision of this title;
(2)violates any regulation adopted by the Board; or
(3)is sanctioned by any state board of accountancy or any unit of State or federal government.