D.C. Mun. Regs. tit. 17, r. 17-2550

Current through Register 71, No. 45, November 7, 2024

Rule 17-2550 - PEER REVIEW REQUIREMENTS FOR APPLICANTS FOR INITIAL FIRM LICENSURE

2550.1

If a firm applies to receive an initial license, it shall advise the Board if it performs any engagements that are subject to peer review in accordance with § 2548. A firm that indicates it will perform any of these services shall submit with its license application:

(a) Proof from a sponsoring organization that it is currently enrolled in a peer review program;

(b) The approximate due date of the firm's next peer review report; and

(c) A copy of the firm's most recent peer review report and the sponsoring organization's acceptance letter that was received by the firm within three (3) years prior to submitting the application. If the firm has not received a peer review report and acceptance letter within the three (3) year time period, it shall notify the Board of that fact.

2550.2

Failure to submit proof of enrollment and, if applicable, a copy of the peer review report and acceptance letter shall result in the applicant firm being deemed ineligible to perform audits, reviews, or compilations until the Board receives the appropriate documents. If a firm fails to notify the Board in writing at the time of application for licensure or renewal of licensure that it performs audits, reviews, or compilations, the license of the firm may be revoked.

2550.3

A firm that is applying for an initial license that received a peer review report classified as adverse, fail, second successive modified, or second successive pass with deficiencies within three (3) years prior to submitting its application, shall also submit with its license application a copy of:

(a) All documents received from the sponsoring organization detailing any remedial or corrective action required;

(b) All of the firm's written responses to any of the reports listed above;

(c) A letter from the firm describing the current status of deficiencies that comprised the basis for any of the reports listed above; and

(d) If available, a letter from the sponsoring organization notifying the firm that required actions have been appropriately completed.

2550.4

For any firm subject to § 2550.3:

(a) The Board shall review and consider the reported deficiencies and any remedial action taken by an applicant firm to determine if the firm shall be issued a license; and

(b) If the Board decides to issue a license, it may impose restrictions on the firm after taking into consideration the reported deficiencies and any remedial action since the issuance of any adverse reports.

D.C. Mun. Regs. tit. 17, r. 17-2550

Notice of Final Rulemaking published at 59 DCR 5186, 5187 (May 18, 2012)

Authority: The Director of the Department of Consumer and Regulatory Affairs, pursuant to the authority set forth in D.C. Official Code § 47-2853.08(1) (2005 Repl.) and D.C. Official Code 47-2853.10(a)(12) (2005 Repl.)), and Mayor's Order 2000-70, dated May 2, 2000.