| (a) The board at its sole discretion may require a
firm which has received a rating of pass with deficiencies or fail
to have an accelerated peer review or subject it to any other disciplinary
or corrective action under the Act.
(b) A firm, including a successor firm, which receives
two consecutive reviews on a system or engagement review with ratings
of either pass with deficiencies or fail in any order, or two pass
with deficiencies shall be required to have an accelerated review.
If that accelerated review results in a rating of pass with deficiencies
or fail:
(1) the firm may complete attest engagements for which
field work has already begun only if:
(A) prior to issuance of any report, the engagement
is reviewed and approved by a third party reviewer acceptable to the
chairman of the Technical Standards Review Committee or the Peer Review
Committee; and
(B) the engagement is completed within 60 days of the
acceptance of the peer review report and LOR by the sponsoring organization;
and
(2) the firm shall not perform any other attest services
for a period of three years or until given permission by the board
to resume this practice.
(c) A firm, including a successor firm, which receives
two consecutive reviews with a rating of fail on a system or engagement
review shall not perform any other attest services for a period of
three years or until given permission by the board to resume this
practice. The firm may complete attest engagements for which field
work has already begun only if:
(1) prior to issuance of any report, the engagement
is reviewed and approved by a third party reviewer acceptable to the
chairman of the Technical Standards Review Committee or the Peer Review
Committee; and
(2) the engagement is completed within 60 days of the
acceptance of the peer review report and LOR by the sponsoring organization.
(d) A firm may petition the board in writing for a
waiver from the provisions of this rule.
|
| Source Note: The provisions of this §527.5 adopted to be effective October 16, 2002, 27 TexReg 9579; amended to be effective October 12, 2004, 29 TexReg 9540; amended to be effective April 15, 2009, 34 TexReg 2381; amended to be effective June 13, 2013, 38 TexReg 3609; amended to be effective August 4, 2016, 41 TexReg 5553 |
