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Peer Review

Peer review is a review performed pursuant to a set of rules established by the Board. The peer review process monitors certain firms’ compliance with applicable accounting and auditing standards adopted by generally recognized standard-setting bodies. The Oklahoma Accountancy Board has adopted the American Institute of Certified Public Accountants’ "Standards for Performing and Reporting on Peer Reviews," as its minimum standards for peer review of registrants.

Any firm (including sole proprietors) holding a permit from the OAB that performs any audit, review, agreed-upon procedures, or compilation engagement must participate in an OAB approved sponsoring organization's peer review program or complete the compilation carve-out. Firms must schedule and begin an additional peer review within three years of the previous peer review due date, or earlier as may be required by the sponsoring organization. Registrants who are actively involved only in the supervision or review of compilations engagements must complete 4 hours of Compilations only activities annually OR be enrolled in a Board-approved peer review program. This does not negate the need to be enrolled in a peer review program if the registrant also performs other attest services.

In the event a firm does not comply with established professional standards, or a firm's professional work is so inadequate as to warrant disciplinary action, the OAB shall take appropriate action to protect the public interest.

Any report or document required to be submitted to the OAB shall be made available to the Board by a secure website or other secure means unless the sponsoring organization does not have access to a secure website or other secure means. In such case the report may be directly submitted by the firm within 30 (thirty) days of receipt from the sponsoring organization.

  • There is no fee required for submission of pass reports.
  • A $100 fee is required for every pass with deficiencies or fail report submitted.

  • Pass reports - A copy of the report and the final letter of acceptance from the sponsoring organization.
  • Pass With Deficiencies reports – A copy of the report, letter of response, conditional letter of acceptance outlining prescribed corrective actions and their due dates, and the final letter of acceptance from the sponsoring organization.
  • Fail reports – A copy of the report, letter of response, conditional letter of acceptance outlining prescribed corrective actions and their due dates, and the final letter of acceptance from the sponsoring organization.

  • Enroll in Peer Review Program - Within 12 months of first attest engagement.
  • Provide OAB with first peer review report due date - Within 30 days of receiving peer review due date from sponsoring organization.
  • Have a peer review completed - Within 18 months of the year end of the year when the first engagement was performed.

AICPA Center For Public Company Audit Firms
Alabama Society of Certified Public Accountants
Arkansas Society of Certified Public Accountants
California Society of Certified Public Accountants
Colorado Society of Certified Public Accountants
Connecticut Society of Certified Public Accountants
Florida Institute of Certified Public Accountants
Georgia Society of Certified Public Accountants
Illinois Society of Certified Public Accountants
Indiana Certified Public Accountant Society
Iowa Society of Certified Public Accountants
Kansas Society of Certified Public Accountants
Michigan Society of Certified Public Accountants
Massachusetts Society of Certified Public Accountants
Minnesota Society of Certified Public Accountants
Mississippi Society of Certified Public Accountants
Missouri Society of Certified Public Accountants
Montana Society of Certified Public Accountants
National Peer Review Committee
Nevada Society of Certified Public Accountants
New York State Society of Certified Public Accountants
Ohio Society of Certified Public Accountants
Oklahoma Society of Certified Public Accountants
Oregon Society of Certified Public Accountants
Pennsylvania Society of Certified Public Accountants
Society of Louisiana Certified Public Accountants
South Carolina Association of Certified Public Accountants
Tennessee Society of Certified Public Accountants
Texas Society of Certified Public Accountants
Virginia Society of Certified Public Accountants
Washington Society of Certified Public Accountants

Title 74 Oklahoma Statues, Section 212A.B. requires individuals and firms to satisfy the Oklahoma Accountancy Board that they have met the requirements of Government Auditing Standards for continuing education and participation in an external quality review program. The registrants are also required to hold valid permits to practice. The Government Audit list reflects the registrants who have made such a declaration to the Board. This list is then provided to the State Auditor & Inspector.

This declaration must be done yearly with a renewal period running from November through December. Interim registration is allowed. There is no fee to register.

Registrants Performing Audits for Oklahoma Governmental Entities
 

Last Modified on Mar 06, 2024
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