Section Ac 302.07 - CPA Firms(a) A CPA firm shall be granted a permit to practice as a CPA firm in New Hampshire if the applicant CPA firm meets the requirements of this section.(b) The applicant CPA firm shall file with the board a CPA Firm Application Form as described in Ac 301.11 and any supporting data, documents, or information, required pursuant to Ac 301.10 through Ac 301.12. Such documentation shall demonstrate that the firm meets all statutory and rule requirements without demonstrating that any basis for denial of the permit exists.(c) The applicant CPA firm shall demonstrate, pursuant to RSA 309-B:8, I, that it has or will have a physical presence in New Hampshire by a date certain specified by the applicant CPA firm. Each CPA firms' primary office doing business in New Hampshire shall be registered with the board.(d) If the applicant CPA firm specifies a date by which it will have a physical presence in New Hampshire, pursuant to (c) above, the permit shall become effective on the date of issuance of the permit or the date that the applicant specifies that it will have a physical presence in New Hampshire, whichever is later.(e) The applicant CPA firm shall demonstrate that at least a simple majority of the ownership of the firm belongs to those who are certified in New Hampshire or have practice privileges under RSA 309-B:6, I.(f) The applicant CPA firm shall demonstrate that any individual CPA who is responsible for supervising attest services or authorizes someone to sign the accountant's report on the financial statements on behalf of the firm, meets the experience requirements set forth in RSA 309-B:8, III(c).(g) The applicant CPA firm shall demonstrate, through the peer review affidavit required pursuant to Ac 301.12, that it is in compliance with any applicable provision of Ac 405 relative to peer review.(h) The applicant CPA firm shall submit a copy of the most recent peer review letter obtained in compliance with Ac 405.02, if the CPA firm has been issuing reports for 3 or more years. If the letter indicates that the CPA firm has received an unqualified peer review report, the CPA firm shall be determined by the board to be in compliance with Ac 405.(i) If the applicant CPA firm has received an adverse or qualified peer review report, the affidavit required pursuant to (g) above shall indicate that fact as well as the date by which the CPA firm expects to be able to submit to the board an unqualified peer review report after taking the steps necessary to address the bases of the adverse or qualified peer review report. The board shall issue a conditional permit that shall become unconditional upon the CPA firm timely submitting the subsequent unqualified peer review letter. However, no conditional permit shall remain in effect for longer than one year.(j) The applicant CPA firm shall submit the application fee required pursuant to RSA 309-B:8, V and as specified in Ac 301.13.(k) The board shall conclude that a basis for denial exists if any of the following are determined by the board to be true: (1) Any CPA who will service clients in New Hampshire is not of good character as set forth in Ac 302.04;(2) The CPA firm is not of good character as set forth in Ac 302.04;(3) The CPA firm has engaged in activities that subject it to the peer review requirements of Ac 405 but: a.The CPA firm has submitted a peer review report letter that indicated that the firm has received either an adverse or qualified peer review report; andb.The peer review report indicates that corrective action cannot be expected to be completed within 18 months of the issuance of such adverse or qualified peer review report;(4) The CPA firm has submitted materially inaccurate or materially incomplete application materials; and(5) The CPA firm has failed to submit the required fee.N.H. Admin. Code § Ac 302.07
#9051, eff 12-27-07; amd by #10054, eff 1-1-12
Amended by Volume XXXV Number 01, Filed January 8, 2015, Proposed by #10746, Effective 1/1/2015, Expires1/1/2025.