2014 Idaho Statutes
Title 54 - PROFESSIONS, VOCATIONS, AND BUSINESSES
Chapter 2 - ACCOUNTANTS
Section 54-214 - FIRM REGISTRATION -- PEER REVIEW.
(2) An applicant for initial registration or renewal of a registration to practice under this section shall demonstrate that:
(3) Firms registered to practice under this section shall be required to register each office of the firm within this state with the board and to show that all attest and compilation reports rendered in this state are under the charge of a person holding a valid certificate and license issued by this state or some other state.
(4) A firm registering under this section shall list all states in which it has applied for or holds permits as a firm and list any past denial, revocation or suspension of a permit by any other state. Each firm registered under this section shall notify the board in writing, within thirty (30) days following any change in the identities of partners, officers, shareholders or members whose principal place of business is in this state, any change in the number or location of offices within this state, any change in the identity of the persons in charge of such offices, and any issuance, denial, revocation or suspension of a permit by any other state.
(5) Firms which fall out of compliance with the provisions of this section due to changes in firm ownership or personnel, after registration, shall take corrective action to bring the firm back into compliance as quickly as possible. The board may grant a reasonable period of time for a firm to take such corrective action. Failure to bring the firm back into compliance within a reasonable period as defined by the board may result in penalties as prescribed by board rule.
(6) As a condition of registration renewal under this section, the board, by rule, shall require firms to comply with peer review requirements as specified by rule. Such review shall include a verification that individuals in the firm who are responsible for supervising attest and compilation reports and who sign or authorize someone to sign a report on financial statements on the behalf of the firm meet the competency requirements set out in the professional standards for such services. The rules concerning peer review shall require:
History:
[54-214, added 1993, ch. 239, sec. 17, p. 837; am. 2002, ch. 92, sec. 13, p. 247; am. 2003, ch. 14, sec. 4, p. 38; am. 2008, ch. 128, sec. 9, p. 359.]
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