Important Update to Peer Review Exemption Process
The New Jersey State Board of Accountancy has informed us that the Affidavit for Exemption from Peer Review no longer needs to be notarized. It is unclear if/when the existing form will be updated to remove the notary section. But the guidance we received is that the notary section can remain blank. The form can be submitted electronically along with your firm renewal by June 30.
As a reminder, the Affidavit for Exemption from Peer Review, once originally filed and continuing to be appropriate, no longer needs to be submitted annually. Submission of the form in conjunction with the firm license renewal covers you for three years.
The Affidavit for Exemption from Peer Review is available here.
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.