Recently, Durlene Reed, CPA & TACPA Executive Committee Member was able to attend the virtual meeting of the Texas State Board of Public Accountancy, (TSBPA). She filed the following notes for your information.
Texas State Board of Public Accountancy
Committee & Board Meeting Notes
for September 16 and 17, 2020
Items Discussed:
Peer Review Committee
– TSCPA was approved to continue to sponsor peer reviews.
– There is an exodus of reviewers and participating practices.
– The cost to do a review is escalating.
– There is a COVID‐19 related backlog.
– Team captains are underperforming.
– The PROB does not review each PR at the work paper level, but it does read 100% of the reports.
– Rule 527 will be discussed at the next meeting.
– Because of COVID‐19 the PROB’s contract was extended 120 days instead of 90 days.
– Many firms have dropped out of PR by going to preparation of financial statements. The number of such firms will be discussed at the next meeting.
Rules Committee
– Rule 507.4 needs clarification.
– Limitations on operations after 2 review failures.
– There needs to be an arm’s length between the PROB and the PR.
– The wording in Rule 505‐20 should be changed from “referral” to “shall oversee”. To discuss this at the next meeting.
– Free CPE
Executive Committee
– Fee increase will be implemented as adopted last year.
– Office relocation should be complete by next month.
– In-person swearing in ceremony was cancelled in favor of a virtual one.
– TSPBA audit.
– Board succession plan to be presented at the November meeting.
– Finger print status was updated. The deadline of 08/31/21 may be extended due to the pandemic.