Sec.20-281-12. Waiver

(a) The Board, in its discretion, may grant a permit holder a waiver of the requirement of undergoing a quality review for any one of the following reasons:

(1) (A) The permit holder does not engage in financial reporting areas of practice, including audits, compilations and reviews; and

(B) The permit holder does not intend to engage in any of said financial reporting areas of practice during the next year; and

(C) The permit holder agrees to notify the Board that it has begun to engage in financial report practice immediately upon its acceptance of a single audit engagement, or review engagement, or compilation engagement;

(2) Health;

(3) Military service;

(4) The conduct of a quality review will create individual hardship;

(5) There exists other good cause, as the Board may determine.

(b) Requests for waivers shall be in writing and under oath, and shall be upon forms which the Board shall provide for that purpose.

(c) Requests for waivers shall be submitted with a permit holder's application for renewal of its permit to practice or as soon as practicable after the circumstances arise which are the basis for the request.

(d) Any permit holder which has been granted a waiver pursuant to subsection (a) (1) of this section shall immediately notify the Board upon accepting a financial reporting engagement, including an audit engagement, a compilation engagement, or a review engagement. Such permit holder shall undergo quality review during the first calendar year after accepting the first such financial reporting engagement.

(e) Any permit holder which has been granted a waiver pursuant to subsections (a) (2) through (a) (5), inclusive, shall immediately notify the Board when the basis upon which such waiver was granted has ceased to exist. When the circumstances upon which such a waiver was granted cease to exist, the Board may require the permit holder to undergo a quality review at such time as the Board deems appropriate.

(f) A waiver shall only be effective for the calendar year for which it has been granted.

(g) If the Board finds that a waiver was improperly obtained or that the circumstances upon which the waiver was granted no longer exist, it may revoke the waiver and order the permit holder to undergo a quality review at such time as the Board deems appropriate.

(h) A permit holder granted a waiver shall undergo a quality review during the next calendar year, unless a new waiver or rescheduling is granted pursuant to these Regulations.

(Effective May 16, 1990)