(b) Dissolutions or separations: If a firm is divided, the new firms shall retain the year of review of the former firm. If this period is less than 12 months, a new year shall be assigned so that the review occurs after 12 months of operation.
(c) Upon application to the administering organization and a showing of hardship caused solely by compliance with R156-26a-303a(10), the Division may authorize a change in a firm's year of review.
(10) If a firm can demonstrate that the time established for the conduct of a peer review will create an unreasonable hardship upon the firm, the Division may approve an extension not to exceed 180 days from the date the peer review was originally scheduled, as follows:
(a) A request for extension shall be addressed in writing by the firm to the Division with a copy to the administering organization responsible for administration of that firm's peer review.
(b) The written request for extension shall be received by both the Division and the administering organization at least 30 days prior to the date of scheduled review or the request will not be considered.
(c) The Division shall inform the administering organization of the approval of any extension.
(11) Retention of Documents Relating to Peer Reviews.
(a) All documentation necessary to establish that each peer review was performed in conformity with peer review standards adopted by the Board, including the peer review working papers, the peer review report, comment letters and related correspondence indicating the firm's concurrence or nonconcurrence, and any proposed remedial actions and related implementation, shall be retained for the relevant administering organization's designated retention period or 120 days, whichever is longer.
(12) Costs and Fees for Peer Review.
(a) All costs associated with firm-on-firm reviews will be negotiated between the firm and the reviewer and paid directly to the reviewer. All costs associated with committee assigned review team (CART) reviews will be set by the administering organization. The administering organization will collect the fees associated with CART reviews and pay the reviewer.
(b) All costs associated with the administration of the review process shall be paid from fees charged to the firms. The fees shall be collected by the administering organization. The schedule of fees shall be included in the administering organization's proposal. The fee schedule shall specify how much is to be paid each year and shall be based on the firm size.
(13) All financial statements, working papers, or other documents reviewed are confidential. Access to those documents shall be limited to being made available, upon request, to the Peer Review Committee or the technical reviewer for purposes of assuring that peer reviews are performed according to professional standards.
R156-26a-303b. Continuing Professional Education (CPE).
The continuing professional education (CPE requirements in Section 58-26a-304 are defined, clarified, or established as follows:
(1) A CPA shall complete at least 80 CPE hours in each two-year licensure cycle ending on December 31 of each even-numbered year, except that no CPE hours are required at a first renewal after initial licensure.
(2) CPE hours shall include at least:
(a) one hour of CPE that covers Title 58, Chapter 26a, the Certified Public Accountant Licensing Act, and Rule R156-26a, the Certified Public Accountant Licensing Act Rule; and
(b) three hours of ethics education that cover one or more of the following areas:
(i) the AICPA Code of Professional Conduct;
(ii) case-based instruction focusing on real-life situational learning;
(iii) ethical dilemmas faced by accounting professionals; or
(iv) business ethics.
(3) A CPA shall maintain current knowledge, skills, and abilities in all areas in which the CPA provides services, in order to provide services in a competent manner. To maintain or to obtain the knowledge, skills, and abilities to competently provide services, a CPA may be required to obtain CPE above and beyond the 80 minimum CPE credits specified in Section 58-26a-304.
(4) The Division incorporates and adopts by reference the AICPA/NASBA Statement on Standards for Continuing Professional Education (CPE) Programs, revised August 2016. These standards have been broadly stated in recognition of the diversity of practice and experience among CPAs. They establish a framework for the development, presentation, measurement, and reporting of CPE programs and thereby help to ensure that CPAs maintain the required knowledge, skills, and abilities necessary to competently provide services and to enable the CPA to provide evidence of meeting the minimum CPE requirements.
(5) Reporting Requirements.
(a) The license renewal deadling and the CPE reporting period deadline shall have the same date of December 31 of even-numbered years.
(b) Except as otherwise authorized by the Division, CPE shall be reported online on the Division website.
(c) A licensee applying for license renewal shall report by December 31 of each even-numbered year, demonstrating completion of at least the minimum number of CPE hours required under Section 58-26a-304 and this Section.
(d) Each person applying for license reinstatement shall report to the Division at the time of application, demonstrating completion of the CPE required under Section R156-26a-307.
(e) If a licensee reports required CPE and renews their license prior to December 31 of an even-numbered year, any additional CPE completed by that licensee through the remainder of the even-numbered year may be reported and carried forward toward the next succeeding CPE reporting period.
(6) Carry Forward Provision.