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South Dakota Board of Accountancy
Peer Review
As specified in Administrative Rule of South Dakota (ARSD) 20:75:07:04, "A new firm providing certified public accounting services, if it engages in the financial reporting area of practice in South Dakota, must undergo a peer review after it has been in business for one year." These areas include audits, review, compilations, accounting services on prospective financial information and any examination, review or agreed upon procedures engagement to be performed in accordance with SSAE. On an ongoing basis, those qualifying firms must undergo a peer review once every three years, as mandated in ARSD 20:75:07:02. Please visit each of the ARSD links above for specifics.
When your firm's peer review has been completed and you receive your final acceptance letter from the administering entity (Oklahoma Society, another state society, etc.), you must send the Board office a copy of the acceptance letter, the reviewer's report, the reviewer's findings for further consideration, and the firm's response to the findings for further consideration. The administering entity will not automatically send this to our office. The Peer Review Facilitated State Board Access Program is not an acceptable form of submission to the Board. Your firm may participate in this program, but the Board rules currently require the firm to submit the documentation.
Please be advised that the final acceptance letter, reviewer's report, reviewer's findings for further consideration, and the firm's response to the findings for further consideration are due in the Board office within 30 days of the date of the final acceptance letter.
If your peer review cannot be completed by the due date, due to extenuating circumstances, you must contact the administering entity to obtain an extension. A copy of the extension letter must be sent to the Board office. As with the acceptance letter, the administering entity will not automatically send this.