Board Updates Two Rules

After holding a public rule-making hearing on July 26, 2012, the Board amended the following rules:

  1. WAC 4-30-130 What are the requirements for participating in quality assurance review (QAR)? 

    The Board amended this rule to require all CPA firms that issue any attestation or compilation reports on financial statements to participate in a Board approved peer review program. 

  2. WAC 4-30-132(4)  What are the program standards for CPE? 

    The Board amended this rule to:
    • Allow additional continuing professional education (CPE) for volunteer service on the Board and its committees and volunteer service on Board approved peer review committees. Currently, the Board allows up to 32 hours of technical CPE each calendar year for actual time spent on these activities.
    • Clarify the definition of interactive self-study CPE Programs.

Where may I find the changes to the rule?
The Board’s Rule Making Orders (CR-103s) with the text of the amended rules will be available from the Washington State Register (WSR 12-17-053 and 054) on September 5, 2012.  Or, you may request a copy from Board staff.

When will the changes take effect?
The changes will take effect on September 10, 2012.  CPA firms that issue attestation or compilation reports on financial statements  will be required to be enrolled in a Board-approved peer review program as a condition of renewing their CPA firm license.  The peer review program administrator will establish the schedule. 

The Board thanks everyone who commented during the rule-making process.