| (a) To qualify as a sponsoring organization, an entity
must submit a peer review administration plan to the board for review
and approval by the PROB. The plan of administration must:
(1) establish a PRRC and subcommittees as needed, and
provide professional staff as needed for the operation of the peer
review program;
(2) establish a program to communicate to firms participating
in the peer review program the latest developments in peer review
standards and the most common findings in the peer reviews conducted
by the sponsoring organization;
(3) establish procedures for resolving any disagreement
which may arise out of the performance of a peer review;
(4) establish procedures to resolve matters which may
lead to the dismissal of a firm from the peer review program, and
conduct hearings pursuant to those procedures;
(5) establish procedures to evaluate and document the
performance of each reviewer, and conduct hearings, which may lead
to the disqualification of a reviewer who does not meet the AICPA
standards;
(6) require the maintenance of records of peer reviews
conducted under the program in accordance with the records retention
rules of the AICPA; and
(7) provide for periodic reports to the PROB on the
results of the peer review program.
(b) A sponsoring organization is subject to review
by the board and the PROB.
|
| Source Note: The provisions of this §527.9 adopted to be effective October 16, 2002, 27 TexReg 9579; amended to be effective October 12, 2004, 29 TexReg 9540; amended to be effective June 13, 2013, 38 TexReg 3610; amended to be effective June 8, 2022, 47 TexReg 3265 |
