Change to Peer Review Exemption Request Process
The rules for New Jersey CPA firms to request an exemption from peer review were changed last fall. Firms now only have to file for exemption with the New Jersey State Board of Accountancy once per triennial instead of annually.
Firms that filed an exemption last year are covered for the remainder of the triennial. When firms renews their firm license next year, they will be able to request an exemption that will cover them for the next three years.
Below are the updated regulations:
13:29-5.4 ENROLLMENT AND PARTICIPATION; EXEMPTIONS
- Participation in the Peer Review Program is required of each firm licensed with the Board that performs any attest service or any accounting and/or auditing engagements, including audits, reviews, compilations, forecasts, projections or special reports performed under professional standards. A firm that issues only compilations where no report is required under the Statements on Standards for Accounting and Review Services is not required to participate in the program.
- A firm that does not perform services as set forth in (a) above shall, no later than June 30 of the first year the exemption is sought and for each subsequent triennial renewal period, submit a request for an exemption from the Program in writing to the Board with an explanation of the services offered by the firm. A firm with an exemption that begins providing services set forth in (a) above shall notify the Board of the change in status within 30 days and provide the Board with enrollment information within 12 months of the date the services were first provided. The firm shall have a review within 18 months of the date the services were first provided.