Maryland Business Occupations and Professions Section 2-4A-05

      (a)      Prior to conducting a peer review, an individual must be approved by the Board.

      (b)      In order to receive approval from the Board, a peer reviewer shall:

            (1)      have and maintain an active license as a certified public accountant in this or any other state;

            (2)      possess a level of knowledge of applicable professional standards acceptable to the Board;

            (3)      possess at least 5 years recent experience in the practice of public accounting;

            (4)      have and maintain ownership or management of a firm, or comparable responsibility;

            (5)      have received an unmodified report on the most recent peer review of the prospective peer reviewer; and

            (6)      complete an appropriate training course as determined by the Board.

      (c)      A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer's independence.

      (d)      A peer reviewer shall:

            (1)      prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and

            (2)      maintain the report for a period of 3 years.

      (e)      A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has:

            (1)      been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner;

            (2)      received a second consecutive modified report; or

            (3)      received an adverse report.

      (f)      A peer reviewer shall comply with all Board regulations and directives regarding the peer review process.

      (g)      The Board may revoke its approval of a peer reviewer under this section if the peer reviewer:

            (1)      violates any provision of this title;

            (2)      violates any regulation adopted by the Board; or

            (3)      is sanctioned by any state board of accountancy or any unit of State or federal government.