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FIRM PERMITS

Section 62-1-108 of the Tennessee Code Annotated requires that each firm or branch office maintained by each sole proprietor, partnership or professional corporation of certified public accountants or licensed public accountants engaging in the practice of public accountancy, in this state, shall register annually with the State Board of Accountancy. An annual permit fee of $50.00 is required and should accompany your Firm Permit Application or Renewal when returned to this office.

Firm permit applicants must have a Resident Manager who is an Active CPA/PA Licensee certified by the Tennessee State Board of Accountancy. The Board will approve firm names which are not false or misleading. If the firm wants to use the terms "and Associates," "Group" "Company"  or any similar type wording in its name, the firm must have multiple CPA's employed. Questions regarding firm permits should be directed to the board office in writing since telephone conversations are not considered binding.

The firm will be subject to a Peer Review once every three years if audit, review or compilation services are rendered. The firm will be notified as to what action the Board requires of firms in the Boards Peer Review Program unless the firm submits evidence of its enrollment in the AICPA Peer Review Program.

Download the Firm Permit Application now!

PEER REVIEW PROGRAM

INSTRUCTIONS FOR FIRMS HAVING A PEER REVIEW UNDER THE TNSBA PEER REVIEW PROGRAM

General

• An on-site peer review is required for all firms that perform one or more audits of historical or prospective financial statements because of the public interest in the quality of such audits and the importance to the accounting profession of maintaining the quality of those services. Firms that issue only compilations or review reports may have an off-site peer review. The TNSBA Peer Review Program is not approved by GAO for Yellow Book audits or by REA for audits of that program.
• It is the reviewed firm's responsibility to contract with a qualified reviewer to perform the review. Click Here to see the list of firms approved to perform peer reviews. Your firm is responsible for these costs.

Prior to the Review

• Agree with the reviewer on the date the review will be performed. The date established must meet the deadline established by the TNSBA Peer Review Committee.
• Notify the TNSBA Peer Review Committee of the name of the approved reviewer and the date the review is scheduled to begin.
• All engagements to be reviewed will be selected by the approved reviewer.

During the Review

• Make sure firm personnel will be available for discussion with the reviewer(s) as necessary. The reviewers will endeavor to have these discussions and interviews without disrupting the firm's operation.
• The firm is required to respond to the reviewer and to the Board regarding any determinations and recommendations noted by the reviewer.

After the Review

• Prior to issuing the schedule of determinations and recommendations, the reviewer must communicate its findings to the reviewed firm in an "Exit Conference". This may be via telephone. If the firm disagrees with any of the reviewer's determinations and recommendations, this is the appropriate time for discussion and suggestions.
• Within 15 days of the date of completion of the review, the reviewer should supply the reviewed firm and the Board office with a copy of the schedule of determinations and recommendations signed by both the reviewer and the reviewed firm.
• If the reviewed firm does not agree with the schedule of determinations and recommendations, it should submit a response letter to the TNSBA Peer Review Committee within 15 days of receipt of the schedule.
• The TNSBA Peer Review Committee will notify the reviewed firm of acceptance and/or of any required follow-up actions to be taken by the firm resulting from the peer review.
• The results of the firm's peer review is confidential and shall not be made available to the public.

RENEWAL PROCESS

Renewal applications are issued in late October.

• Renewal fee of $50.00 must be submitted with the renewal application form.
• Firms who have not submitted their renewal form and fee by December 31st will be assessed a late penalty of $50.00.
• Firms that have not renewed their permit with this Board within ninety (90) days of the beginning of each calendar year will be considered to be in violation of the Accountancy Act and subject to disciplinary action by the Board.
• Firms who do not wish to renew their permit must notify the Board in writing.

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