Sec.20-281-11. Review of multi-jurisdictional permit holder

(a) With respect to a multi-jurisdictional permit holder, the Board may accept a quality review based solely upon work conducted outside of this state as satisfying the requirement to undergo quality review under these Regulations, if:

(1) the quality review is conducted during the year scheduled under Sec. 20-281-3 or Sec. 20-281-5, or rescheduled under Sec. 20-281-4; and

(2) the quality review is performed in accordance with requirements equivalent to those of this state under the general supervision of a State Board of Accountancy or other agency of government having the power to license accountants;

(3) the quality review studies, evaluates and reports on the financial reporting practice of the firm as a whole; and

(4) At the conclusion of the quality review, the quality reviewer issues a report equivalent to that required by section 20-281-9 of these Regulations.

(b) A multi-jurisdictional permit holder not granted approval under subsection (a) of this section, shall undergo quality review pursuant to these Regulations which shall study, evaluate and report on the financial reporting practice of said multi-jurisdictional permit holder within this state.

(c) A multi-jurisdictional permit holder seeking approval under subsection (a) hereof shall submit an application to the Board by February 1st of the year of review establishing that the quality review it proposes to undergo meets all of the requirements of said subsection (a).

(d) All multi-jurisdictional permit holders shall submit quality review reports to the Board as required by subsection (h) of section 20-281-9.

(Effective May 16, 1990)