Section 338.5503. Peer review standards; change in sponsoring organization; deficient peer review reports; documentation.

(1) If a firm is merged, otherwise combined, dissolved, or separated, the sponsoring organization shall determine which firm is considered the succeeding firm. The succeeding firm shall retain its peer review status and the review due date.

(2)   A firm choosing to change to another sponsoring organization may do so provided that the firm authorizes the previous sponsoring organization to communicate to the

succeeding sponsoring organization any outstanding corrective actions related  to the firm's most recent review.

(3)   The department may rely on a fail peer review report or a second consecutive pass with deficiencies peer review report as prima facie evidence of a violation of professional standards.

(4)   Each peer review and reviewer must comply with the applicable review standards in place at the time of the review.  The following apply:

(a)  Documents related to a peer review shall be retained in accordance with the AICPA's retention policies pursuant to R 338.5102(1)(a), or until final adjudication of a complaint related to a peer review, whichever is later.

(b)    The documents described in subdivision (a) of this subrule shall be available for inspection by the department during regular business hours with reasonable notice.

History: 2007 AACS; 2013 AACS.