SECTION 10:15-33-5. Effect of consecutive deficient reports

(a)   Peer reviews for a firm, including a succeeding firm which receives two (2) consecutive pass with deficiencies reports and/or one (1) fail report, may be required by the Board or its designee to have an accelerated peer review The year-end and due date of such peer review is to be determined by the Board giving consideration of the time required for the firm to implement remedial actions.

(b)   If the accelerated review required by subsection (a) above results in a deficient report:

(1)   The firm may complete any service requiring a peer review for which field work has already begun only if:

(A)   Prior to issuance of any report, the engagement is reviewed and approved by a third party reviewer acceptable to the Board or its designee; and

(B)   The engagement is completed within ninety (90) days of the acceptance of the peer review report, and letter of response (when applicable) by the sponsoring organization;

(2)   The firm shall be referred to the Vice Chair of the Board for enforcement investigation.

(3)   A firm may petition the Board for a waiver from the provisions of this rule.

[Source: Added at 21 Ok Reg 1981, eff 7-1-04; Amended at 31 Ok Reg 710, eff 9-12-14; Amended at 22 Ok Reg 1691, eff 7-1-05; Amended at 23 Ok Reg 2123, eff 7-1-06; Amended at 25 Ok Reg 1513, eff 7-1-08; Amended at 26 Ok Reg 1373, eff 7-1-09; Amended at 31 Ok Reg 710, eff 9-12-14]