Hawaii Revised Statutes 466-31 – Definitions
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Terms Used In Hawaii Revised Statutes 466-31
- Peer review: means a study, appraisal, or review of one or more aspects of the professional work of a firm that issues attest reports by a person or persons who hold permits to practice public accountancy under § 466-7 or are licensed to practice public accountancy in any other state and who are not affiliated with the firm being reviewed. See Hawaii Revised Statutes 466-3
- Rating: means the type of report issued following a peer review. See Hawaii Revised Statutes 466-31
- Report: when used with reference to financial statements, means an opinion, report, or other form of language that states or implies the measure of assurance as to the reliability of any financial statements, and that also includes, or is accompanied by, any statement or implication that the firm issuing it has special knowledge or competence in accounting or auditing. See Hawaii Revised Statutes 466-3
As used in this part, unless the context clearly indicates otherwise:
“Rating” means the type of report issued following a peer review. Rating shall be “pass”, “pass with deficiency”, or “fail”.
“Sponsoring organization” means a third-party entity that meets the standards specified by this part for administering a peer review.