<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><title></title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s33c31769-090c-439c-aaf1-4e0fb493da47P0 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: justify; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } span.s33c31769-090c-439c-aaf1-4e0fb493da47C0 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s33c31769-090c-439c-aaf1-4e0fb493da47C0-000000 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001 { color: black; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002 { color: #0000FF; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s33c31769-090c-439c-aaf1-4e0fb493da47000003 { color: black; background: white; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s33c31769-090c-439c-aaf1-4e0fb493da47P0-000004 { margin-top: 0; margin-bottom: 0; margin-left: 0; margin-right: 0; text-indent: 0.00in; text-align: left; background: white; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; } </style></head><body><div><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    </span><a href="https://sdlegislature.gov/Rules?Rule=20:75:07:02"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000000">20:75:07:02</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001">.  Requirement for review -- Fee -- Areas to be reviewed.</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> A </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">permitted</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> firm, as a condition </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">for</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> renewal of its </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">permit</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> pursuant to SDCL chapter </span><a href="https://sdlegislature.gov/Statutes?Statute=36-20B"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">36-20B</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">, must undergo a peer review</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">,</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> in accordance with this chapter</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">,</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> once every three years unless prior approval is granted by the board for special circumstances. Special circumstances </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">consist of</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> a requirement by another reviewing body which would cause a firm's review to be outside the three</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">-</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">year cycle.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    The board may waive or adjust the peer review requirements for a firm that has entered into a consent agreement as a result of a pass with deficiency or fail report.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    The administrative fee for a peer review is </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">one hundred twenty-five dollars</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">. </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">T</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">he administrative fee must be accompanied by a Request for Acceptance of Equivalent Review form and received by the board by June </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">first of the year in which the peer review is due.</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> If the Request for Acceptance of Equivalent Review form is submitted late, the </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">late</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> fee is </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">an additional seventy-five dollars</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    If a firm filing a Request for Acceptance of Equivalent Review form has not engaged a reviewer by June </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">first</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">, the firm must file a copy of the Request for Acceptance of Equivalent Review form by June </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">first</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> with the </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">one hundred twenty-five dollar</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> fee. The original Request for Acceptance of Equivalent Review signed by the firm and reviewer must then be filed within </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">thirty</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> days after the reviewer is engaged. If the original Request for Acceptance of Equivalent Review form is not filed within </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">thirty</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> days after the reviewer is engaged, the firm must submit an additional </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">seventy-five dollars</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    The peer review is limited to the firm's accounting and auditing practice and, if </span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">if relevant, </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">its related quality control system.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001">Source:</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> 29 SDR 16, effective August 14, 2002; 39 SDR 33, effective September 5, 2012; 45 SDR 84, effective December 20, 2018</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> (effective January 1, 2020); 51 SDR 141, effective July 1, 2025</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001">General Authority:</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=36-20B-12"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">36-20B-12</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001">Law Implemented:</span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0"> SDCL </span><a href="https://sdlegislature.gov/Statutes?Statute=36-20B-36"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">36-20B-36</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    </span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000001">Cross-References:</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    Discretion to waive certain requirements, § </span><a href="https://sdlegislature.gov/Rules?Rule=20:75:01:07"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">20:75:01:07</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">    Equivalent review, </span><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">§ </span><a href="https://sdlegislature.gov/Rules?Rule=20:75:07:05"><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">20:75:0</span><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0-000002">7:05</span></a><span class="s33c31769-090c-439c-aaf1-4e0fb493da47C0">.</span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p><p dir="ltr" class="s33c31769-090c-439c-aaf1-4e0fb493da47P0-000004"><span xml:space="preserve" class="s33c31769-090c-439c-aaf1-4e0fb493da47000003"> </span></p></div></body></html>