In-State Firm (firm who has a location in West Virginia)
Click the video to review the perils of taking on an engagement outside your area of practice or expertise. Note the consequences for a firm or individual practitioner who does not meet Board regulatory requirements to perform attest services.
A firm authorization is required if your firm is performing or offering to perform attest or compilation services.
Attest services consist of:
- Any audit or other engagement to be performed in accordance with Statements on Auditing Standards (SAS),
- Any review of a financial statement to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS),
- Any examination of prospective financial information to be performed in accordance with applicable Statements on Standards for Attestation Engagements (SSAE),
- Any engagement to be performed in accordance with the Auditing Standards of the Public Company Accounting Oversight Board (PCAOB), or
- Any examination, review or agreed upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE), other than an examination described in number 3 above
Compilation services means providing a service performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS) that presents, in the form of a financial statement, information that is the representation of management without an expression of assurance on the statement.
The Board will issue an Authorization to a firm that demonstrates that:
- Any certified public accountant or substantial equivalency practioner who signs or authorizes someone to sign an attest or compilation report on behalf of the firm permit holder meets the competency requirements set forth in the professional standards for those services,
- All attest and compilation services rendered by the firm in this state are verified by a certified public accountant or substantial equivalency practioner, and
- The firm is undergoing a peer review program that conforms with applicable rules.
The Board will renew an authorization for a one-year period beginning July 1 of each year after the initial issuance in accordance with the requirements for initial issuance of an authorization.