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Florida Administrative Code (Last Updated: March 13, 2024) |
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61. Department of Business and Professional Regulation |
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61H1. Board of Accountancy |
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61H1-39. Peer Review |
1(1) “Board” means the Florida Board of Accountancy.
9(2) “Compilation” means an engagement that applies limited procedures to assist management in the presentation of financial statements and report on those statements without providing any assurance that there are no material modifications that should be made to the financial statements in order for them to be in accordance with the applicable financial reporting framework.
64(3) “Firm” means a sole proprietor, partnership, corporation, limited liability company, or any other firm required to be licensed under Section 85473.3101, F.S.
87(4) “Peer Review Administering Entity” or “AE” means an organization approved by the board to facilitate and administer a peer review program in accordance with the peer review standards established by the board.
120(5) “Peer Review Program” means the entire peer review process of a peer review administering organization.
136(6) “Review” means an engagement that obtains limited assurance as a basis for reporting whether the certified public accountant firm (CPA firm) is aware of any material modifications that should be made to the financial statements in order for the statements to be in accordance with the applicable financial reporting framework. A review includes primarily analytical procedures to financial data and inquiries of management. A review engagement does not contemplate obtaining an understanding of the entity’s internal control, assessing fraud risk, testing accounting records by inspection, observation confirmation or examination of source documents or other procedures ordinarily performed in an audit engagement and accordingly does not include an expression of an opinion on the financial statements.
252Rulemaking Authority 254473.3125, 255473.304 FS. 257Law Implemented 259473.3125(4) FS. 261History262‒New 5-4-14, Amended 3-1-16.
