Chapter 4 Oregon Laws 2003

AN ACT

SB 148

Relating to accountancy; amending ORS 673.455.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 673.455 is amended to read:

673.455. (1) The Oregon Board of Accountancy shall appoint a Peer Review Oversight Committee. The board may also approve applications for operation of alternative peer review programs such as programs provided by the American Institute of Certified Public Accountants and the National Society of Accountants.

(2) Each holder of a permit under ORS 673.150 and each business organization registered under ORS 673.160 that performs attestation or compilation services shall participate in a peer review program described in this section. The peer review shall be conducted by the board or by an alternative peer review program approved by the board under subsection (1) of this section.

(3) The members of the committee serve at the pleasure of the board.

(4) A member of the committee appointed under this section is entitled to [compensation and] expenses as provided in ORS 292.495.

(5) The committee also may review:

(a) Any financial statement or report filed with the state or any political subdivision and prepared by a certified public accountant or public accountant; and

(b) Any procedure, working paper or supporting document relating to the financial statement or report.

(6) If the client grants permission or if all information identifying the client has been removed, the committee also may review any financial statement not described in subsection (5) of this section and prepared by a licensee, or any procedure, working paper or supporting document relating to the financial statement.

(7) The failure or refusal by any licensee to comply with a request for review or explanation, or both, of such financial statement as set forth in this section constitutes a violation of ORS 673.170 (2)(b).

Approved by the Governor February 26, 2003

Filed in the office of Secretary of State February 26, 2003

Effective date January 1, 2004

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