LICENSED CERTIFIED PUBLIC ACCOUNTANT
PROFESSION CODE 065
PEER REVIEW REQUIREMENT FOR 2012 LICENSE RENEWAL
The Illinois Public Accounting Act requires licensees to satisfactorily complete a peer review as a “condition for granting a renewal license to firms and sole practitioners who provide services requiring a license under this Act” 225 ILCS 450/16(e). This requirement applies to all renewals on or after July 1, 2012.
All sole practitioners who provided services requiring an Illinois license (i.e. audits or reviews of historical financial statements or examinations of prospective financial statements) and issued reports under their own name (i.e. separate and apart from a firm) within the two years immediately preceding the expiration date of their license must satisfactorily complete a peer review prior to renewing their license. Failure to satisfactorily complete a required peer review shall result in non-renewal of the individual’s license and may also result in further discipline.
Newly licensed sole practitioners are not immediately subject to the peer review requirement and instead must undergo their first peer review during the first full renewal cycle after they are granted their initial license.
The following questions are meant to assist in determining whether you are required to complete a peer review prior to renewing your Licensed Certified Public Accountant license.
- “Have you provided services requiring an Illinois license (audits or reviews of historical financial statements or examinations of prospective financial statements) and issued reports under your own name (e.g., John Jones, CPA) within the two years immediately preceding the expiration date of your Licensed Certified Public Accountant license?”
If “yes,” go to question D. If “no,” go to question B.
- “Have you provided services requiring an Illinois license (audits or reviews of historical financial statements or examinations of prospective financial statements) as an owner or employee of a firm and issued reports under a firm or assumed name (e.g., Jones & Associates, Jones & Company, John Jones CPA, Ltd., Smith & Jones LLP, Smith & Jones, LLC, etc.) within the two years immediately preceding the expiration date for firm licenses?”
If “yes,” go to question C. If “no,” you are not required to complete a peer review and may proceed with the renewal of your license.
- “Have you provided services requiring an Illinois license (audits or reviews of historical financial statements or examinations of prospective financial statements) separate and apart from any firm with which you might be affiliated within the two years immediately preceding the expiration date of your Licensed Certified Public Accountant license?”
If “yes,” go to question D. If “no,” you are not required to complete a peer review and may proceed with the renewal of your license.
- “Have you satisfactorily completed a peer review within the three years immediately preceding the expiration date of your Licensed Certified Public Accountant license?”
If “yes,” you have complied with the peer review requirement and may proceed with the renewal of your license. If “no,” you have not complied with the peer review requirement and you may not renew your license until you receive an acceptance letter from an approved Peer Review Administrator verifying acceptance. |
