2013 Maryland Code
BUSINESS OCCUPATIONS AND PROFESSIONS
§ 2-4A-05 - Approval, qualifications, and duties of peer reviewers

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

(b) Qualifications. -- 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 received a passing report on the most recent peer review of the prospective peer reviewer; and

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

(c) Team captain. -- In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility.

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

(e) Reports. -- 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.

(f) When report to provide report to Board. -- 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 report indicating pass with deficiencies; or

(3) received a failing report.

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

(h) Revocation of approval. -- 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.