NAC628.580. Participation in program; submission and verification of practice-monitoring findings; exempt practitioners.

     1. Except as otherwise provided in subsections 4 and 5, a practitioner who performs audit, review, full disclosure compilation or attestation services shall engage in a practice-monitoring program, which is approved by the Board, to ensure that he or she is maintaining the standards of the profession.

     2. If a practitioner engages in a practice-monitoring program, the practitioner shall submit to the Board the practice-monitoring findings of the practice-monitoring program on or before May 1 of each year in which he or she is assigned to submit the practice-monitoring findings pursuant to NAC 628.575. The Board may extend the deadline for the submission of practice-monitoring findings to the Board by a practitioner.

     3. The Board may verify the validity of the practice-monitoring findings submitted by the practitioner.

     4. A practitioner who does not perform audit, review, full disclosure compilation or attestation services shall report these facts to the Board on a transmittal form. The form must be accompanied by an affirmation by the practitioner that the statements contained in the form are true. The practitioner is exempt from the requirements of NAC 628.550 to 628.590, inclusive, only for that period during which the practitioner does not perform audit, review, full disclosure compilation or attestation services. If a practitioner who is exempt from engaging in a practice-monitoring program pursuant to this subsection enters into an engagement to perform audit, review, full disclosure compilation or attestation services, the practitioner must notify the Board not more than 60 days after the date of entering into such engagement and must engage in a practice-monitoring program not more than 18 months after the date upon which he or she enters into the engagement.

     5. A practitioner licensed by the Board for the first time is not required to submit practice-monitoring findings to the Board until the application for the renewal of his or her annual permit is submitted for the next year.

     (Added to NAC by Bd. of Accountancy by R056-05, 11-17-2005, eff. 1-1-2008)