Section 2-4A-05 - Approval, qualifications, and duties of peer reviewers(a) Prior to conducting a peer review, an individual must be approved by the Board.(b) In order to receive approval from the Board, a peer reviewer shall:(1) have and maintain an active license as a certified public accountant in this or any other state;(2) possess a level of knowledge of applicable professional standards acceptable to the Board;(3) possess at least 5 years recent experience in the practice of public accounting;(4) have received a passing report on the most recent peer review of the prospective peer reviewer; and(5) complete an appropriate training course as determined by the Board.(c) In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility.(d) A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer's independence.(e) A peer reviewer shall:(1) prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and(2) maintain the report for a period of 3 years.(f) A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has: (1) been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner;(2) received a second consecutive report indicating pass with deficiencies; or(3) received a failing report.(g) A peer reviewer shall comply with all Board regulations and directives regarding the peer review process.(h) The Board may revoke its approval of a peer reviewer under this section if the peer reviewer: (1) violates any provision of this title;(2) violates any regulation adopted by the Board; or(3) is sanctioned by any state board of accountancy or any unit of State or federal government.