SECTION 10:15-33-1. Establishment of peer review program

(a)   Pursuant to the Oklahoma Accountancy Act, §15.30, the Board establishes a peer review program to monitor firms' compliance with applicable accounting and auditing standards adopted by generally recognized standard-setting bodies. The program shall emphasize education, including appropriate remedial procedures, which may be recommended or required when financial statement reports do not comply with professional standards. In the event a firm does not comply with established professional standards, or a firm's professional work is so inadequate as to warrant disciplinary action, the Board shall take appropriate action to protect the public interest.

(b)   This subchapter shall not require any firm to become a member of any sponsoring organization.

[Source: Added at 21 Ok Reg 1981, eff 7-1-04; Amended at 22 Ok Reg 1691, eff 7-1-05; Amended at 23 Ok Reg 2123, eff 7-1-06]