US Laws, Codes, Statutes & Cases

      (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

            (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.