§ 5-3.1-10 - Peer reviews.
SECTION 5-3.1-10
§ 5-3.1-10 Peer reviews. – (a) The board shall require, as a condition to the renewal of permits forpractice units under § 5-3.1-9, that applicants undergo peer reviewsconducted no more frequently than one every three (3) years in any manner andwith any satisfactory result that the board specifies. The review shall includeverification that the individuals in the firm who are responsible forsupervising attest and compilation services and sign or authorize someone tosign the accountant's report on the financial statements on behalf of the firmmeet competency requirements set out in the professional standards for suchservices. Any requirements established by the board regarding power reviewsshall:
(1) Be promulgated reasonably in advance of the time when itmust first be met; and
(2) Provide for compliance by an applicant upon the showingthat it has undergone a satisfactory peer review performed for other purposes,such as those performed by the American Institute of Certified PublicAccountants in connection with its peer review programs, which wassubstantially equivalent to the review required under this subsection, and thatthis review was completed within the three (3) years immediately preceding therenewal period.
(b) The proceedings, records, and work papers of a peerreview committee appointed by the board for the purpose of conducting peerreviews under this subsection shall be privileged and shall not be subject todiscovery, subpoena, or other means of legal process or introduction intoevidence in any civil action, arbitration, administrative proceeding, or stateaccountancy board proceeding. No member of the peer review committee or otherperson involved in the peer review process shall be permitted or required totestify in the civil action, arbitration, administrative proceeding, or stateaccountancy board proceeding as to any matters produced, presented, disclosed,or discussed during or in connection with the peer review process, or as to anyfindings, recommendations, evaluations, opinions, or other actions of thecommittees or any members of the committees. Information, documents, or recordsthat are publicly available shall not be construed as immune from discovery oruse in civil actions, arbitration proceedings, administrative proceedings, orstate accountancy board proceedings merely because they were presented orconsidered in connection with the peer review process. The privilege created bythis statute also does not apply to materials prepared in connection with aparticular engagement merely because they are subsequently presented orconsidered as part of the peer review process; nor does it apply to disputesbetween review committees and practice units subject to a peer review arisingfrom the performance of the review. The privilege similarly does not apply,notwithstanding any provision in this section to the contrary, to the board orits members, who, so long as they are acting in their official capacities, haveaccess to any and all records, reports, work papers and other documents andmaterials which may at any time have been in the possession of or prepared by apeer review committee during the performance of its duties.