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17-12-507. Quality review of each practice unit.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-507. Quality review of each practice unit.
(a) The Arkansas State Board of Public Accountancy may by rule require as a condition for the renewal of a license a quality review of each practice unit maintained in this state.
(b)(1) The board may charge the accountant or firm reviewed a fee for each:
(A) Quality review of each practice unit; and
(B) Follow-up action to a quality review that is not in conformity with applicable professional standards.
(2) The amount of the fee shall be established by board rule.
(c)(1) The quality review shall consist of either a uniform or random annual submission by each licensee of the following kinds of reports issued by that licensee during the twelve-month period immediately preceding the date of submission, if reports were issued during the period:
(A) A compilation report;
(B) A review report;
(C) An agreed-upon procedures report;
(D) An audit report;
(E) An audit report under a federal grant program or other government program; and
(F) An examination of prospective financial information.
(2) If none of the above reports were issued during the twelve (12) months immediately preceding the date of submission, a licensee is required to submit reports issued since the date of its last quality review survey submission.
(d) All persons acting on behalf of the board in a quality review program under this section shall be considered officers or employees of the State of Arkansas for purposes of:
(1) Immunity from civil liability pursuant to § 19-10-301 et seq.; and
(2) Payment of actual damages on behalf of state officers or employees pursuant to § 21-9-201 et seq.
(e) All financial statements, working papers, or other documents obtained from applicants for quality review shall be confidential and sha
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-507
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-12-507
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 67ab24df9863b1a289cbd651013fee51beb121eaa11eb9bd6f9beaec5b515c0d
Source location: content.xml paragraph 1524
Stored source content
17-12-507. Quality review of each practice unit.
(a) The Arkansas State Board of Public Accountancy may by rule require as a condition for the renewal of a license a quality review of each practice unit maintained in this state.
(b)(1) The board may charge the accountant or firm reviewed a fee for each:
(A) Quality review of each practice unit; and
(B) Follow-up action to a quality review that is not in conformity with applicable professional standards.
(2) The amount of the fee shall be established by board rule.
(c)(1) The quality review shall consist of either a uniform or random annual submission by each licensee of the following kinds of reports issued by that licensee during the twelve-month period immediately preceding the date of submission, if reports were issued during the period:
(A) A compilation report;
(B) A review report;
(C) An agreed-upon procedures report;
(D) An audit report;
(E) An audit report under a federal grant program or other government program; and
(F) An examination of prospective financial information.
(2) If none of the above reports were issued during the twelve (12) months immediately preceding the date of submission, a licensee is required to submit reports issued since the date of its last quality review survey submission.
(d) All persons acting on behalf of the board in a quality review program under this section shall be considered officers or employees of the State of Arkansas for purposes of:
(1) Immunity from civil liability pursuant to § 19-10-301 et seq.; and
(2) Payment of actual damages on behalf of state officers or employees pursuant to § 21-9-201 et seq.
(e) All financial statements, working papers, or other documents obtained from applicants for quality review shall be confidential and shall not be subject to public inspection except pursuant to an order of a court of competent jurisdiction. However, the documents may be introduced as evidence in any relevant proceedings before the board.
(f) For purposes of this section, a “practice unit” shall be deemed to be any firm registered with the board under § 17-12-401 et seq., and any licensee not employed by or associated with any firm registered with the board under § 17-12-401 et seq. but who has issued one (1) or more compilation reports.
(g)(1) Notwithstanding any provision to the contrary in this chapter, a certified public accountant, public accountant, or firm of certified public accountants or public accountants currently licensed by another state or foreign country shall not be required to obtain a license under this chapter for the sole purpose of conducting peer review as defined by board rule of a licensee in this state and may use the applicable title “certified public accountant” or “public accountant” or abbreviation “CPA” or “PA” solely in conjunction with the peer review activities.
(2) Any certified public accountant, public accountant, or firm of certified public accountants or public accountants, whether licensed in this state or in another jurisdiction, shall meet standards adopted by the board to accomplish the goals of this chapter in order to qualify to perform peer review of licensees under this chapter.
(h) Effective January 1, 2019, licensees that are required to enroll in peer review under § 17-12-508 are exempt from the requirements of this section and the rules of the board implementing this section.
(i) The requirements of subdivisions (c)(1)(B)-(F) of this section expire on December 31, 2018.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-401. Professional partnerships, corporations, limited liability companies, and sole proprietorships of certified public accountants.
(a) The Arkansas State Board of Public Accountancy shall grant or renew a registration as a CPA firm to an applicant that meets the qualifications of this section.
(b)(1) A firm shall hold a registration under this section if the firm:
(A) Has an office in this state:
(i) Engaged in the practice of public accounting; or
(ii) That uses the title “CPA” or “CPA firm”; or
(B) Does not have an office in this state but performs attest services described in § 17-12-103(a)(2)(A), § 17-12-103(a)(2)(C), or § 17-12-103(a)(2)(D) for a client having its home office in this state.
(2) A firm that does not have an office in this state may perform services under § 17-12-103(a)(2)(B), § 17-12-103(a)(2)(E), or § 17-12-103(a)(5) for a client having its home office in this state and may use the title “CPA” or “CPA firm” without registering under this section only if the firm:
(A) Meets the applicable qualifications of this section and § 17-12-507;
(B) Performs the services through an individual with practice privileges under § 17-12-311; and
(C) Meets the peer review requirements under § 17-12-508.
(3) A firm that is not subject to the requirements of subdivision (b)(1)(B) or subdivision (b)(2) of this section may perform other professional services while using the title “CPA” or “CPA firm” in this state without registering under this section only if the firm:
(A) Performs the services through an individual with practice privileges under § 17-12-311; and
(B) Can lawfully perform the services in the state where the individuals with practice privileges have their principal place of business.
(c) If required to register under su
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-508. Peer review.
(a)(1) Beginning January 1, 2019, the Arkansas State Board of Public Accountancy shall by rule require licensees who perform attest services to enroll in an approved peer review program and have a peer review one (1) time every three (3) years.
(2) Licensees who perform compilation or preparation of financial statements as their highest level of service shall be excluded from the peer review requirement under this section.
(b) Peer reviews shall be conducted in accordance with standards that the board sets by rule.
(c) Licensees who fail to obtain peer review ratings required by the board or who otherwise fail to comply with peer review standards established or adopted by the board are subject to sanctions under § 17-12-602.
(d)(1) All financial statements, working papers, or other documents obtained from licensees or applicants for peer review shall be confidential and shall not be subject to public inspection except under an order of a court of competent jurisdiction.
(2)(A) The documents deemed confidential under subdivision (d)(1) of this section shall be exempt from disclosure under the Freedom of Information Act of 1967, § 25-19-101 et seq.
(B) Documents exempted under subdivision (d)(2)(A) of this section may be introduced as evidence in any relevant proceeding before the board.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-508
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-508. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-10-301. Definitions.
As used in this subchapter, unless the context otherwise requires:
(1) “Insurer” means every person engaged as indemnitor, surety, or contractor in the business of entering into contracts of insurance; and
(2) “Subrogation claim” means any claim filed with the Arkansas State Claims Commission by an insurer or its insured, or both, to recover money paid or owed by an insurer to any individual under a contract of insurance.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-10-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 19-10-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
21-9-201. Definition.
For the purpose of this subchapter, elected state officials and members of commissions, boards, or other governing bodies of agencies are officers of the State of Arkansas.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 21-9-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 21-9-201. This identifies an authority to review, not proof of applicability.