Do you have a firm permit to practice? Firms with no financial reporting/attest practice MUST submit a peer review waiver form annually.

State Board of Accountancy (SBOA) staff has recently confirmed that firms that are not performing audits, compilations, or reviews must specifically submit a waiver from peer review requirements annually as part of the firm permit renewal process.

If your firm no longer does or has never performed audits, compilations, or reviews, you must submit the Quality Review Waiver Form annually to be in compliance.

Firm Permit Renewal Form – Question 29

Question 29 of the Connecticut firm permit renewal process asks, “Has your firm been granted a quality review waiver from the CT Board of Accountancy or would you like your firm to be considered for a quality review waiver?"

PLEASE NOTE THAT THE WORDING HAS CHANGED DURING THIS YEAR'S RENEWAL PROCESS. Department of Consumer Protection staff has indicated that the answer should now be “Yes.” The waiver request form must be submitted as part of the firm permit application/renewal process.

According to SBOA staff, once a waiver request is submitted with the application:

1. If the waiver is approved, the firm permit will be renewed. (The firm will not receive a response.); or
2. The firm may receive a notification that their waiver request will be presented to the Board for consideration.

If a firm can’t upload the form with the renewal application, it can be emailed to DCP.Accounting@ct.gov and staff will upload it to the firm’s records.

Statutory Requirements

Connecticut General Statute 20-281 requires that every firm, as a condition of renewal, undergo a peer review, with no exceptions. Therefore, every firm must either upload a copy of their last peer review report or a waiver request specifying the reason for the waiver.