§ 2-4A-04. System, engagement, and report reviews

   (a) System review. -- 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) Engagement review. -- 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.

HISTORY: 2005, ch. 88; 2009, ch. 220.