Peer Review Administration in South Carolina 

The South Carolina Association of CPAs (SCACPA) is the only approved administrator of peer reviews in South Carolina.  SCACPA administers the American Institute of CPAs (AICPA) Peer Review Program for members of the Institute, and provides program administration to non-members as a service to the State Board of Accountancy.

All peer reviews will conform to the AICPA’s requirements described in the AICPA Standards for Performing and Reporting on Peer Reviews.  Non-member firms enrolled in the SCACPA Peer Review Program receive program administration and must abide by the decision of the SCACPA Peer Review Committee in accordance with the program requirements established by the AICPA.

If you have any questions on the Peer Review process, please feel free to call the SCACPA Office for assistance at 803-791-4181, or contact Glenna Osier, Peer Review Manager at gosier@scacpa.org.

South Carolina Mandatory Peer Review . . . .

Regulation 1-09. Peer Review of the Board of Accountancy requires:

As a condition of firm registration and/or renewal (including those firms registered in other jurisdictions operating in this state under practice privilege), a licensed firm providing any of the following services to the public shall enroll in a qualified peer review program.

A licensed firm not providing any of the services listed above is exempt from peer review.  Upon the issuance of the first report provided to a client, the firm must enroll in a qualified peer review program.  As long as these services are provided, continued participation in a qualified peer review program is required.

 

The Board of Accountancy requires a registered firm enrolled in peer review to provide to the Board upon request the peer review due date, peer review year end date and Final Letter of Acceptance (LOA) from the peer review program and a package to include the Peer Review Report, Letter of Comments (LOC), Letter of Response (LOR) and FLOA for all adverse and second consecutive modified reports issued by a peer review program.

 

A peer review is not completed until the final letter of acceptance is issued by the peer review program.

If a firm fails to complete peer review in a timely fashion, the Board may refuse to renew the firm registration and/or take other disciplinary action as appropriate.

REMEMBER:  IT IS YOUR RESPONSIBILITY TO SCHEDULE YOUR PEER REVIEW, RETAIN YOUR PEER REVIEW ACCEPTANCE LETTER, REPORT, LETTER OF COMMENTS AND RESPONSE, IF ANY; AND ANY OTHER DOCUMENTS RELATING TO YOUR PEER REVIEW AND FURNISH COPIES TO THE BOARD OF ACCOUNTANCY.