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49 Pa. Code § 11.81. Definitions.


§ 11.81. Definitions.

 The following words and terms, when used in this section and § §  11.82—11.86 have the following meanings, unless the content clearly indicates otherwise:

   Administering organization—An entity that meets the standards specified by the Board for administering a peer review program.

   Audit engagement—An audit as defined in the AICPA’s Statement on Auditing Standards.

   Engagement review—A peer review process which provides the reviewer with a reasonable basis for expressing limited assurance that:

     (i)   The financial statements or information and the related accountant’s report on the accounting, review and attestation engagements submitted for review conform with the requirements of professional standards in all material respects.

     (ii)   The reviewed firm’s documentation conforms with the requirements of SSARS and SSAE applicable to those engagements in all material respects.

   Firm—A licensee who is a sole practitioner or a licensee that is a qualified association as defined in section 2 of the act (63 P.S. §  9.2).

   Peer reviewer—An individual who conducts an engagement or system review. The term includes an individual who serves as captain of a system review team.

   Review engagement—A review as defined in the AICPA’s Statement of Standards on Accounting and Review Services.

   Sole practitioner—A licensed certified public accountant or licensed public accountant who practices public accounting on his own behalf.

   System review—A peer review process which provides the reviewer with a reasonable basis for expressing an opinion on whether, during the year under review:

     (i)   The reviewed firm’s system of quality control for its accounting and auditing practice has been designed in accordance with quality control standards established by the AICPA.

     (ii)   Is being complied with to provide the firm with reasonable assurance of conforming with professional standards in all material respects.


   The provisions of this §  11.81 issued under section 8.9(c) of the CPA Law (63 P.S. §  9.8i(c)); amended under section 3(a)(10)—(12) of the CPA Law (63 P.S. §  9.3(a)(10)—(12)).


   The provisions of this §  11.81 adopted December 1, 2000, effective December 2, 2000, 30 Pa.B. 6194; amended September 22, 2017, effective January 1, 2018, 47 Pa.B. 5940. Immediately preceding text appears at serial pages (364444) to (364445).

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