DLLR's Division of Occupational and Professional Licensing

 

Peer Review Mandated Services - Peer Review - Maryland Board of Public Accountancy

 

Peer review mandated services are set forth in § 2-4A-04 of the Maryland Public Accountancy Act, which states, in pertinent part:

(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) 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.

(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) engagements in accordance with the statements on standards for accounting and review services of the American Institute of Certified Public Accountants; or Article – Business Occupations and Professions 32

     (2) review engagements in accordance with the statements on standards for attestation engagements of the American Institute of Certified Public Accountants.

(c) A report review is required for a licensee or permit holder that is not required to have an engagement review and issues reports only on compilations omitting all disclosures.

Note: Report Reviews were repealed by the Peer Review Standards & Guidance Effective for Peer Reviews (Commencing on or after January 1, 2009). Licensees can continue to claim credit for Report Reviews performed prior to December 31, 2008 until December 31, 2011.