Section 872IAC1-6-9. Requirements for firms

   (a) This section applies to renewal of firm permits that expire on or after June 30, 2006.

  (b) During the three (3) year period preceding a firm's application for renewal of a permit under IC 25-2.1-5, a firm shall complete a peer review in compliance with this rule, unless the firm is not required to have a peer review under subsection (d)(2) or (d)(3). Failure of a firm to complete a peer review may result in the denial of the renewal of the firm's permit under IC 25-2.1-5.

  (c) Each firm where attest or compilation services are performed shall be covered by a peer review. A single peer review report covering all locations may be submitted for firms with multiple firm locations.

  (d) Each application for renewal of a permit under IC 25-2.1-5 shall certify:

(1) under the penalty of perjury, acceptance of the peer review report issued to the firm by the administering entity;

(2) that the firm is not required to have a peer review to renew its permit because it has not performed any attest or compilation engagements:

(A) since the last expiration of the firm permit; or

(B) if the firm permit was initially issued subsequent to the last renewal, since the initial issuance of the firm permit; or

(3) that the firm is not required to have a peer review to renew its firm permit because it:

(A) did not perform any attest or compilation engagement within the first eighteen (18) months of the three (3) year period preceding the firm's application for renewal of its permit; or

(B) obtained the initial issuance of its firm permit within the last eighteen (18) months of the three (3) year period preceding the firm's application for renewal of its permit.

  (e) Before commencement of an attest or compilation engagement, a firm that was not required to obtain a peer review under subsection (d)(2) shall:

(1) notify the board; and

(2) complete a peer review within eighteen (18) months of the notification.

  (f) A firm that was not required to obtain a peer review under subsection (d)(3) shall:

(1) at the time of renewal, notify the board of the date the first attest or compilation engagement was commenced; and

(2) complete a peer review within eighteen (18) months of that date.

  (g) In order to renew an expired firm permit, a firm shall complete a peer review in compliance with this rule. An exemption under subsection (d)(2) or (d)(3) shall be calculated as if the firm permit had been renewed before its expiration.

  (h) Each firm is responsible for the cost of the peer reviews under this rule. (Indiana Board of Accountancy; 872 IAC 1-6-9; filed Oct 13, 2004, 11:30 a.m.: 28 IR 967; filed Dec 5, 2008, 10:29 a.m.: 20081231-IR-872070306FRA; readopted filed Nov 12, 2010, 10:07 a.m.: 20101208-IR-872100410RFA; filed Jan 2, 2013, 3:43 p.m.: 20130130-IR-872120264FRA)