Section 6.002. Definitions.

  As used in this chapter:

(1)  "Engagement review" means a peer review in which the peer reviewer evaluates and reports on engagements submitted by a firm that performs at its highest level of service, only services under SSARS, or services under the SSAE that are not included in a system review in order for the peer reviewer to determine whether the engagements submitted for review conform to applicable professional standards in all material respects.

(2)  "PCAOB" means the Public Company Accounting Oversight Board that conducts firm inspection of certified public accounting firms' Securities and Exchange Commission issuer practices and other engagements subject to its inspection process.

(3)  "Peer review" means a study, appraisal, or review of one or more aspects of the attest services work of a licensee of a registered firm in the practice of public accounting, in accordance with a peer-review program, by a person or persons who hold licenses in this jurisdiction or another jurisdiction and who are not affiliated with the person or firm being reviewed.

(4)  

(a) "Peer-review program" means the peer-review process developed and maintained by the American Institute of Certified Professional Accountants and administered by any of the following:

1. The Wisconsin Institute of Certified Professional Accountants.

2. A peer-review program administrator approved by a board that regulates certified public accountants in any other CPA licensing jurisdiction.

(b) "Peer-review program" includes the standards for administering, performing, and reporting on peer reviews, oversight procedures, and training and related guidance materials.

(5)  "Peer-review reports" means reports issued by the peer reviewer or peer-reviewing firm in accordance with a peer-review program and that program's peer-review standards.

(6)  "Peer-review standards" means professional standards for administering, performing, and reporting on peer reviews under a peer-review program.

(7)  "Peer reviewer" means a certified public accountant or accounting firm responsible for conducting the peer review holding a valid and active license to practice public accounting in good standing issued by this jurisdiction or another jurisdiction who meets the peer reviewer requirements established in the peer-review standards.

(8)  "SAS" means the Statements on Auditing Standards issued by the auditing standards board of the American Institute of Certified Public Accountants.

(9)  "SSAE" means the Statements on Standards for Attestation Engagements issued by the auditing standards board of the American Institute of Certified Public Accountants.

(10)  "SSARS" means the Statements on Standards for Accounting and Review Services issued by the accounting and review services committee of the American Institute of Certified Public Accountants.

(11)  "System review" means a peer review in which the peer reviewer determines whether the firm's system of quality control for its accounting and auditing practice is designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including the Statements on Quality Control Standards, No. 8 of the American Institute of Certified Public Accountants, in all material respects for firms that at the firm's highest level of service, perform engagements under the SAS, Government Auditing Standards, examinations under the SSAE, or pursuant to the standards of the PCAOB not subject to permanent inspection by the PCAOB.

2015 Wis. Act 217 : cr. Register May 2016 No. 725 , eff. 6-1-16.

Note

The AICPA Standards for Performing and Reporting on Peer Reviews are available on the Internet at http://www.aicpa.org/Research/Standards/PeerReview/DownloadableDocuments/PeerReviewStandards.pdf . Microsoft Windows NT 6.1.7601 Service Pack 1