Maryland § 2-4A-05

§ 2-4A-05.

    (a)    Prior to conducting a peer review, an individual must be approved by the Board.

    (b)    In order to receive approval from the Board, a peer reviewer shall:

        (1)    have and maintain an active license as a certified public accountant in this or any other state;

        (2)    possess a level of knowledge of applicable professional standards acceptable to the Board;

        (3)    possess at least 5 years recent experience in the practice of public accounting;

        (4)    have received a passing report on the most recent peer review of the prospective peer reviewer; and

        (5)    complete an appropriate training course as determined by the Board.

    (c)    In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility.

    (d)    A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer’s independence.

    (e)    A peer reviewer shall:

        (1)    prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and

        (2)    maintain the report for a period of 3 years.

    (f)    A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has:

        (1)    been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner;

        (2)    received a second consecutive report indicating pass with deficiencies; or

        (3)    received a failing report.

    (g)    A peer reviewer shall comply with all Board regulations and directives regarding the peer review process.

    (h)    The Board may revoke its approval of a peer reviewer under this section if the peer reviewer:

        (1)    violates any provision of this title;

        (2)    violates any regulation adopted by the Board; or

        (3)    is sanctioned by any state board of accountancy or any unit of State or federal government.