Section 2-4A-04 - System, engagement, and report reviews(a) A system review is required for a licensee or permit holder that performs any of the following services:(1) engagements governed by the Statements on Auditing Standards of the American Institute of Certified Public Accountants; or(2) engagements governed by the government auditing standards issued by the U.S. Government Accountability Office;(3) examinations of prospective financial information under:(i) the Statements on Standards for Attestation Engagements of the American Institute of Certified Public Accountants; or(ii) the government auditing standards issued by the U.S. Government Accountability Office; or(4) audits of issuers not registered with the U.S. Securities and Exchange Commission that are performed under standards of the Public Company Accounting Oversight Board.(b) An engagement review is required for a licensee or permit holder not required to have a system review that performs any of the following services:(1) review of historical financial statements in accordance with the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants;(2) compilation of historical financial statements with disclosures performed under the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants;(3) compilation of historical financial statements that omit substantially all disclosures performed under the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants; or(4) engagements performed under the Statements on Standards for Attestation Engagements of the American Institute of Certified Public Accountants other than the examination of prospective financial statements.