Instructions for Firm Registration and Peer Review Program - Idaho

This document was released by Idaho State Board of Accountancy and contains the most recent official instructions for Firm Registration and Peer Review Program .

FAQ

Q: What is the Firm Registration and Peer Review Program in Idaho?
A: The Firm Registration and Peer Review Program in Idaho is a program designed to ensure that accounting firms meet certain standards and undergo regular reviews to maintain their registration.

Q: What is the purpose of the program?
A: The purpose of the program is to protect the public interest by ensuring that accounting firms maintain high quality standards and provide reliable and competent services.

Q: Who needs to register under this program?
A: All accounting firms that offer services in Idaho, including those with offices outside the state, need to register under this program.

Q: How can an accounting firm register?
A: To register, an accounting firm needs to submit an application to the Idaho State Board of Accountancy along with the required fees and documentation.

Q: What are the requirements for registration?
A: The requirements for registration include having a CPA as the firm's owner or a designated responsible person, maintaining professional liability insurance, and complying with the peer review process.

Q: What is a peer review?
A: A peer review is a process where an accounting firm's practices, procedures, and quality control systems are assessed by other qualified professionals to ensure compliance with professional standards.

Q: How often does an accounting firm need to undergo a peer review?
A: Accounting firms generally need to undergo a peer review at least once every three years.

Q: What happens if an accounting firm fails the peer review?
A: If an accounting firm fails the peer review, it must take corrective actions to address the deficiencies identified during the review.

Q: Are there any exemptions from the peer review requirement?
A: Yes, there are exemptions for certain types of accounting firms based on factors such as the size of the firm and the type of services provided.

Q: What are the consequences of not registering or complying with the program requirements?
A: Failure to register or comply with the program requirements may result in penalties, fines, or the suspension of an accounting firm's registration.