South Carolina Code 40-2-255. Renewal of registration; peer reviews
(B) The application for renewal of a registration shall include:
Terms Used In South Carolina Code 40-2-255
- Board: means the South Carolina Board of Accountancy. See South Carolina Code 40-2-20
- Compilation: means providing a service of any compilation engagement to be performed in accordance with SSARS. See South Carolina Code 40-2-20
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Firm: includes a person or persons practicing public accounting in the form of a proprietorship, partnership, limited liability partnership, limited liability company, or professional corporation or association. See South Carolina Code 40-2-20
- Licensee: means the holder of a license. See South Carolina Code 40-2-20
- 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 licensee of the board or a firm registered with the board that performs attest or compilation services by a person or persons who hold certificates and who are not affiliated with the certificate holder or certified public accountant firm being reviewed. See South Carolina Code 40-2-20
- Practice of accounting: means :
(a) issuing a report on financial statements of a person, firm, organization, or governmental unit or offering to render or rendering any attest or compilation service. See South Carolina Code 40-2-20 - Professional: means arising out of or related to the specialized knowledge or skills associated with licensees. See South Carolina Code 40-2-20
- Registration: means an authorization, issued under this chapter, to practice as a firm. See South Carolina Code 40-2-20
- Renewal lapse date: is a date fifteen days subsequent to the renewal date. See South Carolina Code 40-2-20
- report: includes any form of language which disclaims an opinion when the form of language is conventionally understood to imply positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competency on the part of the person or firm issuing such language, or both; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competency, or both. See South Carolina Code 40-2-20
(1) current information concerning ownership;
(2) current information concerning the identity of the licensee in charge of the office;
(3) renewal fee, if any.
(C) As a condition of renewal of registration, an applicant who engages in attest or compilation services, or both, must provide evidence of satisfactory completion of peer review no more frequently than once every three years. Peer review must be conducted in a manner as the board specifies by regulation. This review must include a verification that individuals in the firm, who are responsible for supervising attest or compilation services, or both, and who sign or authorize someone to sign the accountant’s report on the financial statements on behalf of the firm, meet the competency requirements set out in the professional standards for these services and these regulations must:
(1) require an applicant to show that the applicant has, within the preceding three years, undergone a peer review that is a satisfactory equivalent to peer review as generally required pursuant to this subsection;
(2) require peer reviews to be subject to oversight by a body established or sanctioned by the board, which shall periodically report to the board on program review effectiveness under its charge and provide to the board a listing of firms that have participated in a peer review program;
(3) require peer reviews to be conducted and that work and documents be maintained in a manner designed to preserve confidentiality of documents furnished or generated in the course of the review.
(D) All licensees who have not filed an application for renewal by the renewal due date shall be given notification, prior to the renewal lapse date, that an application for renewal has not been received.
(E) If a registrant does not file an application for renewal on or before the renewal due date, then the registration is considered late. If a registrant does not file an application for renewal on or before the renewal lapse date, then the registration is considered lapsed. Continued practice with a lapsed registration may be sanctioned as the unlicensed practice of accounting.
(F) Renewal applications filed or completed after the renewal lapse date are subject to a reinstatement fee in the amount of five hundred dollars.