§466-36 Hawaii supplement to the peer review report. (a) A firm required to undergo a peer review under this chapter shall engage the services of a practitioner or firm holding a permit issued under section 466-7 to perform the following procedures to supplement the peer review report:
(1) Obtain from the reviewed firm a list of Hawaii attest engagements included in the scope of the peer review, in accordance with the American Institute of Certified Public Accountants Standards for Performing and Reporting on Peer Reviews;
(2) Select one or more engagements from the list of engagements obtained from the reviewed firm;
(3) Obtain from the reviewed firm, the reports, financial statements, work papers, and work product resulting from the attest engagements selected;
(4) Read and compare the reports, work papers, and work product to an appropriate disclosure checklist to evaluate the firm's compliance with professional standards; and
(5) Document all instances of noncompliance with professional standards detected while performing the procedures listed in this section.
(b) The procedures required by this section shall be performed in accordance with the Statements on Standards for Attestation Engagements adopted by the American Institute of Certified Public Accountants.
(c) The Hawaii supplement to the peer review report to the firm and to the board shall state, at a minimum, the following:
(1) Name of firm;
(2) Date the Hawaii supplement to the peer review report was completed;
(3) Period that was reviewed;
(4) Any Hawaii office or offices selected;
(5) Number and type of Hawaii engagements reviewed;
(6) Any limitations that may have been imposed upon the peer reviewer in complying with subsection (a), including the selection of Hawaii engagements and peer review standards by the peer reviewer; provided that the acceptability of the limitations shall be subject to board approval; and
(7) The procedures performed and any instances of noncompliance with professional standards found.
(d) The practitioner or firm selected to perform the procedures required by this section shall:
(1) Hold a permit to practice under section 466-7;
(2) Not be affiliated with the firm being reviewed; and
(3) Be recognized as a qualified peer reviewer by a sponsoring organization. [L 2012, c 324, pt of §1; am L 2016, c 145, §3; am L 2017, c 167, §1]
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