NAC628.0664. Experience as agent of Internal Revenue Service: Appointment and duties of internal review committee.

     1. If an internal review committee for the Internal Revenue Service is established in this State and if a biographical profile of each member appointed to the committee by the Internal Revenue Service is provided to the Board, the Board will approve or disapprove the members of the committee. The Board will not approve any member of the committee unless he or she is a certified public accountant certified by the Board and exercises supervisory duties as an employee of the Internal Revenue Service.

     2. The internal review committee shall review and, if appropriate, approve audit work of each person who submits an application pursuant to NAC 628.066.

     3. The committee shall assign a case of sufficient volume and difficulty to each applicant for performance of the applicant’s qualified audit hours. The case must:

     (a) Consist of not less than $10,000,000 in assets and be audited in accordance with the procedures for large cases and generally accepted auditing standards; and

     (b) Include the preparation of an opinion report concerning related financial information.

Ê The committee shall not assign the same case to more than one applicant.

     4. At least two members of the committee shall sign the applicant’s certificate of attest experience, if the members of the committee have determined that the applicant has complied with the requirements set forth in the certificate and NAC 628.066 and 628.0662. Any member of the committee who refuses to sign the form shall file a dissenting opinion with the certificate.

     (Added to NAC by Bd. of Accountancy, eff. 7-6-92; A by R075-03, 10-28-2003)