IMPORTANT Notice from the Hawaii Board of Public Accountancy
Posted on October 29, 2015 View More News
ATTENTION ALL CPA FIRMS
If your CPA firm performs Hawaii attest engagements, it must comply with the PEER REVIEW LAW, as outlined in Hawaii Revised Statutes ("HRS") sections 466-31 to 466-43.
The Hawaii Society of Certified Public Accountants ("HSCPA") has been approved by the Board of Public Accountancy ("Board") as a sponsoring organization to administer a qualified peer review program.
A Hawaii CPA firm permit holder performing Hawaii attest work as of December 31, 2014 must:
Enroll in HSCPA’s peer review program and notify the Board of its enrollment by December 31, 2015 by submitting Form CPA-PR1; and
- Complete its peer review by December 31, 2017.
A Hawaii CPA firm permit holder that first performed attest work after December 31, 2014 must:
- Within 30 days of beginning the performance of attest work, notify the Board that it is now subject to the peer review law by submitting Form CPA-PR2;
- Within 1 year of its initial licensing date or of the performance of Hawaii attest work that required a peer review, enroll with HSCPA’s peer review program and notify the Board of its enrollment by submitting Form CPA-PR3;
- Notify the Board of the peer review due date assigned by the HSCPA within 30 days of assignment; and
- Complete the initial peer review within 18 months of the date the Hawaii attest work was first performed.
Be sure to visit the Board’s website to review HRS sections 466-31 to 466-43 for guidance on your CPA firm’s peer review requirements. All forms and instructions are also available on the website (http://cca.hawaii.gov/pvl/boards/accountancy/application_publications) or by calling the Board’s office at 808-586-2696.