(a) Upon the completion of a peer review, each reviewed firm shall submit a peer review compliance reporting form to the board pursuant to § 466-38. The peer review compliance reporting form shall include the following:

Terms Used In Hawaii Revised Statutes 466-35

  • Attest: means providing the following financial statement services:

    (1) Any audit or other engagement to be performed in accordance with the statements on auditing standards of the American Institute of Certified Public Accountants;

    (2) Any compilation or review of a financial statement to be performed in accordance with the statements on standards for accounting and review services of the American Institute of Certified Public Accountants;

    (3) Any examination of prospective financial information to be performed in accordance with the statements on standards for attestation engagements of the American Institute of Certified Public Accountants;

    (4) Any engagement to be performed in accordance with the government auditing standards, also known as the Yellow Book, issued by the United States Government Accountability Office; and

    (5) Any engagement to be performed in accordance with the standards of the Public Company Accounting Oversight Board. See Hawaii Revised Statutes 466-3

  • Board: means the state board of public accountancy established under § 466-4. See Hawaii Revised Statutes 466-3
  • Firm: means a sole proprietorship, a corporation, a partnership, a limited liability company, or a limited liability partnership. See Hawaii Revised Statutes 466-3
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Peer review: means a study, appraisal, or review of one or more aspects of the professional work of a firm that issues attest reports by a person or persons who hold permits to practice public accountancy under § 466-7 or are licensed to practice public accountancy in any other state and who are not affiliated with the firm being reviewed. See Hawaii Revised Statutes 466-3
  • Rating: means the type of report issued following a peer review. See Hawaii Revised Statutes 466-31
  • Report: when used with reference to financial statements, means an opinion, report, or other form of language that states or implies the measure of assurance as to the reliability of any financial statements, and that also includes, or is accompanied by, any statement or implication that the firm issuing it has special knowledge or competence in accounting or auditing. See Hawaii Revised Statutes 466-3
  • Sponsoring organization: means a third-party entity that meets the standards specified by this part for administering a peer review. See Hawaii Revised Statutes 466-31
  • State: means any state, territory, or insular possession of the United States, except that "this State" means the State of Hawaii. See Hawaii Revised Statutes 466-3
(1) The name of the firm conducting the peer review;
(2) The name of the approved sponsoring organization;
(3) Except for public company accounting oversight board inspections, the name of the team captain or peer reviewer or reviewers, who shall not be affiliated with the firm being reviewed;
(4) The rating issued to the firm as a result of the review, which shall be clearly indicated in the review report;
(5) The date of completion of the peer review; and
(6) A representation that the peer review or the inspection by the public company accounting oversight board firm inspection program includes the firm’s Hawaii attest engagements within the scope of the review or the inspection.
(b) A firm shall include, with the peer review compliance reporting form, the contemporaneous Hawaii supplement to the peer review report pursuant to § 466-36, if:

(1) A peer review report from an approved sponsoring organization does not include the selection of a Hawaii office or Hawaii attest engagement;
(2) The peer reviewer does not hold permits to practice public accountancy under § 466-7 or is not licensed to practice public accountancy in any other state, except inspectors for the public company accounting oversight board; or
(3) The final report resulting from any inspection by the public company accounting oversight board firm inspection program does not include the firm’s Hawaii offices, if any, and Hawaii attest engagements in the scope of the inspection, and the firm is not required to enroll in another peer review program under § 466-34.
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