{"id":374,"date":"2021-02-09T19:56:58","date_gmt":"2021-02-09T19:56:58","guid":{"rendered":"https:\/\/sites.sandiego.edu\/cpil-blog\/?p=374"},"modified":"2021-02-09T19:56:58","modified_gmt":"2021-02-09T19:56:58","slug":"oal-approves-california-board-of-accountancys-peer-review-reporting-regulations","status":"publish","type":"post","link":"https:\/\/sites.sandiego.edu\/cpil-blog\/2021\/02\/09\/oal-approves-california-board-of-accountancys-peer-review-reporting-regulations\/","title":{"rendered":"OAL Approves California Board of Accountancy\u2019s Peer Review Reporting Regulations"},"content":{"rendered":"<h3>By Connor Greth<\/h3>\n<p>On December 3, 2020, <a href=\"https:\/\/perma.cc\/NJ3X-X5SS\">approved<\/a> CBA\u2019s proposal to amend section 45, Title 16 of the CCR, to clarify that only accounting firms, as opposed to individual licensees, are required to report peer review information to the Board. Additionally, the rulemaking package amends Form PR-1 to remove questions designed to capture statistical information and to conform with the amendments to section 45.<\/p>\n<p>CBA originally <a href=\"https:\/\/perma.cc\/JS5C-QYPA\">noticed<\/a> its proposed amendments on July 12, 2019, to clarify the peer review reporting requirements. <em>[<a href=\"https:\/\/digital.sandiego.edu\/cgi\/viewcontent.cgi?article=3044&amp;context=crlr\">25:1 CRLR 116\u2013117<\/a>; <a href=\"https:\/\/digital.sandiego.edu\/cgi\/viewcontent.cgi?article=3062&amp;context=crlr\">25:2 CRLR 80\u201381<\/a>]<\/em> According to the <a href=\"https:\/\/perma.cc\/9S6M-L7HB\">initial statement of reasons<\/a>, these amendments will improve reporting, compliance, monitoring, and enforcement of the peer review requirement. \u201cPeer review is a systematic review of a firm&#8217;s accounting and auditing services performed by a CPA peer reviewer who is unaffiliated with the firm being reviewed to ensure work performed conforms to professional standards.\u201d (<em>See<\/em> Initial Statement of Reasons, at p. 1).<\/p>\n<p>The amended peer review reporting regulations will take effect April 1, 2021.<\/p>\n<a class=\"synved-social-button synved-social-button-follow synved-social-size-32 synved-social-resolution-single synved-social-provider-facebook nolightbox\" data-provider=\"facebook\" target=\"_blank\" rel=\"nofollow\" title=\"Follow us on Facebook\" href=\"https:\/\/www.facebook.com\/CPILUSD\" style=\"font-size: 0px;width:32px;height:32px;margin:0;margin-bottom:5px;margin-right:5px\"><img loading=\"lazy\" decoding=\"async\" alt=\"Facebook\" title=\"Follow us on Facebook\" class=\"synved-share-image synved-social-image synved-social-image-follow\" width=\"32\" height=\"32\" style=\"display: inline;width:32px;height:32px;margin: 0;padding: 0;border: none;box-shadow: none\" src=\"https:\/\/sites.sandiego.edu\/cpil-blog\/wp-content\/plugins\/social-media-feather\/synved-social\/addons\/extra-icons\/image\/social\/circle\/64x64\/facebook.png\" \/><\/a><a class=\"synved-social-button synved-social-button-follow synved-social-size-32 synved-social-resolution-single synved-social-provider-twitter nolightbox\" data-provider=\"twitter\" target=\"_blank\" rel=\"nofollow\" title=\"Follow us on Twitter\" href=\"https:\/\/twitter.com\/cpilusd\" style=\"font-size: 0px;width:32px;height:32px;margin:0;margin-bottom:5px\"><img loading=\"lazy\" decoding=\"async\" alt=\"twitter\" title=\"Follow us on Twitter\" class=\"synved-share-image synved-social-image synved-social-image-follow\" width=\"32\" height=\"32\" style=\"display: inline;width:32px;height:32px;margin: 0;padding: 0;border: none;box-shadow: none\" src=\"https:\/\/sites.sandiego.edu\/cpil-blog\/wp-content\/plugins\/social-media-feather\/synved-social\/addons\/extra-icons\/image\/social\/circle\/64x64\/twitter.png\" \/><\/a>","protected":false},"excerpt":{"rendered":"<p>By Connor Greth On December 3, 2020, approved CBA\u2019s proposal to amend section 45, Title 16 of the CCR, to clarify that only accounting firms, as opposed to individual licensees, are required to report peer review information to the Board. <a class=\"more-link\" href=\"https:\/\/sites.sandiego.edu\/cpil-blog\/2021\/02\/09\/oal-approves-california-board-of-accountancys-peer-review-reporting-regulations\/\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1013,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[132904,134316],"tags":[137122,133036,7756,134398,132860],"coauthors":[132864],"class_list":["post-374","post","type-post","status-publish","format-standard","hentry","category-board-of-accountancy","category-rulemaking-board-of-accountancy","tag-board-of-accounting","tag-cba","tag-cpa","tag-licensees","tag-rulemaking"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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