(a) A firm shall submit to the board:

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Terms Used In Hawaii Revised Statutes 466-38

  • Board: means the state board of public accountancy established under § 466-4. See Hawaii Revised Statutes 466-3
  • Firm: means a sole proprietorship, a corporation, a partnership, a limited liability company, or a limited liability partnership. See Hawaii Revised Statutes 466-3
  • Oversight: Committee review of the activities of a Federal agency or program.
  • 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
  • Sponsoring organization: means a third-party entity that meets the standards specified by this part for administering a peer review. See Hawaii Revised Statutes 466-31
(1) A copy of the peer review report and the final letter of acceptance from the sponsoring organization, if the report has a rating of “pass”;
(2) A copy of the peer review report, the firm’s letter of response, the corrective action letter, and the final letter of acceptance if the report has a rating of “pass with deficiency” or “fail”; or
(3) A copy of any report or Part I and any other public portion of the report resulting from any inspection by the public company accounting oversight board firm inspection program together with documentation of any significant deficiencies, findings, and the firm’s response.
(b) For peer reviews scheduled after December 31, 2014, any report or document required to be submitted under subsection (a) shall be filed with the board as follows:

(1) Firms enrolled in the American Institute of Certified Public Accountants and Hawaii Society of Certified Public Accountants peer review programs and administered by the Hawaii Society of Certified Public Accountants, within thirty calendar days of receipt of the notice of completion from the Hawaii Society of Certified Public Accountants, shall complete the peer review compliance reporting form under § 466-35 and submit the form to the board along with the required documents;
(2) Firms otherwise enrolled in the American Institute of Certified Public Accountants peer review program, including those whose peer reviews are administered by the National Peer Review Committee, within thirty calendar days of receipt of the notice of completion from the sponsoring organization, shall complete the peer review compliance reporting form under § 466-35 and submit the form to the board along with the required documents;
(3) Firms enrolled in the public company accounting oversight board inspection program shall, within thirty calendar days of receipt of the issuance of the Part I report from the public company accounting oversight board, complete the peer review compliance reporting form required by § 466-35 and submit the form to the board along with the required documents; and
(4) Firms enrolled in any other peer review program approved by this part shall submit the report generated by that review process and all associated documentation to the board in a form acceptable to the board.
(c) Any report or document submitted to the board under this section, including the board’s peer review compliance reporting form, shall be confidential.

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