288 Neb. Admin. Code, ch. 13, § 003

Current through September 17, 2024

Section 288-13-003 - Committees

003.01Peer Review Committee. The Board will annually appoint a Peer Review Committee (hereinafter the PRC) to assist the Board with the administration of peer review. The PRC will consist of no fewer than five members who will include at least one member of the Board who will serve as liaison between the Board and the PRC. The remaining members of the PRC shall be appointed by the Board and must be holders of current valid Nebraska permits to practice public accountancy and shall, to the extent practical, represent a cross-section of the different sized firms in Nebraska.

003.02Responsibilities of the PRC.

003.02A A Recommending to the Board appointments to the Peer Review Oversight Committee (hereinafter PROC) which will assist in the direct oversight of approved sponsoring organizations;

003.02B Recommending to the Board the approval of sponsoring organizations and their peer review programs and peer review standards;

003.02C Monitoring and assessing the effectiveness of the sponsoring organizations, peer review programs and peer review standards;

003.02D Reporting to the Board on the performance of the sponsoring organizations; and

003.02E Assisting the Board with the review of the documents set forth in 004.09.

003.03Peer Review Oversight Committee (PROC).

003.03A The PROC shall include one to three members appointed when the Board determines the need for a PROC based on the recommendations of the PRC.

003.03B The PROC members shall not be members of the Board or perform any enforcement related work for regulatory or governmental bodies, professional organizations (including, but not limited to, an AICPA ethics committee, AICPA Joint Trial Board or any state professional ethics committee) or similar groups or subgroups, including consultants and other similar arrangements for the Board;

003.03C Each PROC member shall have received a peer review report with a rating of "Pass" on their own practice unit's most recently accepted peer review;

003.03D The PROC members may be compensated as independent contractors for their duties as established by the Board:

003.03E Each PROC member shall sign a letter of confidentiality agreeing not to divulge any information that would identify any firm, licensee, or peer reviewer firm to any non-PROC member, including, but not limited to members of the Board and the PRC. The letter of confidentiality shall not include fraud or misrepresentation by a firm or licensee in obtaining peer review; and

003.03F Responsibilities of the PROC include, but are not limited to:

(i) reviewing the sponsoring organizations' administration of their programs;

(ii) the direct oversight of the approved sponsoring organizations; and

(iii) if deemed necessary by the Board, visiting the sponsoring organization of an approved peer review program for the purposes of review and oversight.

003.04Authority of the PRC and PROC. The PRC and the PROC are advisory committees to assist the Board. The PRC and the PROC do not have enforcement or disciplinary powers or any quasi-judicial authority.

288 Neb. Admin. Code, ch. 13, § 003

Amended effective 5/5/2024