OAR 801-050-0010: Definitions

As used in OAR 801-050 the following terms have the following meanings: (1) Acceptance of Engagement : The date the engagement letter is signed by the client. (2) Peer Review Board : The Peer Review Board is responsible for maintaining, promoting and governing the activities of the American Institute of Certified Public Accountants Peer Review Program, including the issuance of Peer Review Standards, and peer review guidance. (3) Board : Oregon Board of Accountancy. (4) Client records : Supporting documents relating to financial statements that are the subject of peer review and that may contain confidential financial or personal information about a client of the firm. (5) Firm : A registered public accounting firm or a CPA or PA doing business as a sole proprietor, if such firm or sole proprietor performs attest or compilation services in Oregon or for Oregon clients and is subject to the peer review requirement. (6) Minimum standards for performing and reporting on peer reviews : Standards described in OAR 801-050-0080 that are required for approved peer review programs. (7) PCAOB : Public Company Accounting Oversight Board that conducts firm inspections of public accounting firms that perform audits for publicly-held companies. (8) Peer Review : A study, appraisal or review conducted in accordance with Peer Review Standards of one or more aspects of the public accountancy work of a firm or a license holder under ORS 673.150 who performs attest or compilation services. (a) Systems Review : Required of firms that perform engagements under the auditing and examination attest professional standards. It is a professional service intended to provide the reviewer with a reasonable basis for expressing an opinion on whether, during the year under review: (A) The reviewed firm’s system of quality control for its accounting and auditing practice has been designed in accordance with quality control standards established by the American Institute of Certified Public Accountants. (B) The reviewed firm’s quality control policies and procedures were being complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards in all material respects. (b) Engagement Review: Required of firms that only perform engagements under the compilation, review, non-examination attestation, and agreed upon procedures professional standards. It is a professional service intended to evaluate whether engagements submitted for review are performed and reported in conformity with applicable professional standards in all material aspects. (9) Peer Review Standards : Standards issued by the Peer Review Board and used by peer review program sponsors for performing and reporting on peer reviews of public accounting firms that provide attest and compilation services. (10) Peer Reviewer : A qualified public accountant as defined in this rule, or a certified public accountant licensed in any state, who is trained and qualified to perform peer review for an approved peer review program and who is independent of the firm under review. (11) Qualified Public Accountant : A public accountant licensed under ORS 673.100 who was required to pass the audit section of the Uniform CPA Exam as a requirement for licensing. (12) Report Acceptance Body (RAB) : An independent report acceptance body associated with an approved peer review program. The purpose of the RAB is to consider and accept the results of each peer review and to require corrective actions of firms who receive a pass with deficiencies or a fail report as identified in the peer review process. (13) Sponsor : An organization that administers a Board-approved peer review program. Sponsor may also be referred to as administrating entity.