What is the process for having a Peer Review? All Tennessee registered firms that perform attest functions must have a peer review completed once every three years. Compliance with the peer review requirement is mandatory for a firm to renew a permit to practice.
- 1. Contact the TSCPA at 1-800-762-0272 or 615-377-3825 to register for your Peer Review. If your firm is enrolled in the AICPA/TSCPA Peer Review Program, the TSCPA will provide the Board with the information regarding your enrollment in or withdrawal from their peer review program, the due date for your review, and the date of completion. If your firm is enrolled in the AICPA Peer Review Program through a state other than Tennessee, you must provide the board with proof of current enrollment in that peer review program.
- 2. If you have questions regarding the Peer Review Program, please contact the TNSBA Firm Permit Coordinator, Karen Condon, at karen.condon@tn.gov.
Has the nature of your practice changed? If your firm no longer offers attest services, please submit to the Board an affidavit for exemption from peer review requirements. Firms beginning or resuming attest services should contact TSCPA for enrollment information.
What services are considered to be attestation in Tennessee, and therefore subject to Peer Review? TCA §62-1-103 (1) defines “attest” as follows:
(A) Any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);
(B) Any review to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);
(C) Any examination to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE);
(D) The issuance of any report, including compilation reports, prescribed by the SASs, the SSARSs or the SSAEs on any services to which those statements on standards apply, indicating that the service was performed in accordance with standards established by the American Institute of Certified Public Accountants (AICPA); and
(E) The statements on standards specified in this subdivision (1) shall be adopted by reference by the board pursuant to rulemaking and shall be those developed for general application by recognized national accountancy organizations such as the AICPA;
If my practice consists mainly of tax or consulting work and I perform just one review for someone applying for a contractor's license, will I be subject to peer review? Yes, if you perform any attest work including financial statements, compilations, reviews, or audits, even if it's just one, you will be subject to peer review.