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1. When is my Peer Review due and what is the procedure in having one completed and approved by the Board?
2. If I perform mostly write up work, is my firm subject to a peer review?
3. If I am the sole proprietor and have a permit to practice do I still have to have a registered firm?
4. If I want to do tax returns part-time do I need to register myself as a firm? If so, will I be subject to a peer review?
5. If my practice consists mainly of tax or consulting work and I perform just one review for someone applying for a contractors license, will I be subject to peer review?
6. If I have a CPA firm in which I am the only CPA owner and/or employee but I form my firm as a PC with the Secretary of State can I include "& Associate(s),"  "Company" or "Group"  in the name of my firm?

Q: When is my Peer Review due and what is the procedure in having one completed and approved by the Board?

Answer » All Tennessee registered firms that perform attest functions (audits, reviews, compilations or agreed upon procedures) must have a peer review completed once every three years.  The initial review is due during the next calendar year following registration or the issuance of the firms 1st attest report.

Answer » All firms in the TSBA Peer Review Program must complete its peer review by August 31 of its assigned due date year to comply with the Board's law and rules.  The TNSBA Peer Review Manual and a list of board approved reviewers are provided on the board's website. Once the review is completed, form 700-701 of the TNSBA Peer Review Manual must be submitted, along with any letters of comment/response to the Board.  The Board's Peer Review Oversight Committee will meet to review and approve the peer reviews performed under the TNSBA program.  Letters of acceptance or follow-up will be issued to the reviewed firm.

Answer » If your firm is enrolled in the AICPA/TSCPA Peer Review Program, the TSCPA will provide the Board with the information regarding your enrollment in or withdrawl from their peer review program, the due date for your review, and the date of completion. If your firm is enrolled in the AICPA Peer Review Program through a state other than Tennessee, you must provide the board with proof of current enrollment in that peer review program.

Note: If you have any questions regarding the Board's Peer Review Program, please contact Leona Johnson, Firm Permit Coordinator, at (615) 741-2550. If you have questions concerning the AICPA/TSCPA's Peer Review program, please contact their Peer Review Coordinator, at (615) 377-3825.

Q: If I perform mostly write up work, is my firm subject to a peer review?

Answer » Yes, the issuance of a financial statement requires a minimum of a compilation report unless it is a SSARS 8 engagement; therefore your firm is due a peer review. If you render only SSARS 8 engagements you are not subject to a peer review.

Q: If I am the sole proprietor and have a permit to practice do I still have to have a registered firm?

Answer » Yes, every individual practicing public accounting in the State of Tennessee should be practicing through a registered office or firm. This would include individuals practicing as sole proprietors.

Q: If I want to do tax returns part-time do I need to register myself as a firm? If so, will I be subject to a peer review?

Answer » If you plan to do any side work, including tax returns, as a CPA you must register as a firm. You will not be subject to a peer eview as long as you do not perform any write-up work including financial statements, compilations, reviews, or audits.

Q: If my practice consists mainly of tax or consulting work and I perform just one review for someone applying for a contractors license, will I be subject to peer review?

Answer » Yes, if you perform any attest work including financial statements, compilations, reviews, or audits, even if it's just one, you will be subject to peer review.

Q: If I have a CPA firm in which I am the only CPA owner and/or employee but I form my firm as a PC with the Secretary of State can I include "& Associate(s),"  "Company" or "Group"  in the name of my firm?

Answer » No, a firm with only one CPA owner and/or employee may not use the terms "& Associate(s)," "Company" or "Group" in the name of the firm.  Accountancy law prohibits the use of names that are false or misleading.  A firm must have more than one CPA owner or employee to use such terms.  Firm names should be approved by the Board prior to registration with the Secretary of State's Office.

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