(1) Practice units shall enroll in and meet board-approved peer review program standards, and pay the required fees associated with the peer review, if they perform any of the following services:

(a) an audit;

(b) a review;

(c) a compilation; or

(d) agreed upon procedures engagements.

(2) If a practice unit is required to enroll in a board-approved peer review program, the practice unit must provide to the board the name of the approved peer review program in which the practice unit is enrolled, and the period covered by the practice unit's most recent peer review.

(3) At renewal of the practice unit, it must provide the results of its most recent peer review.

(4) Every Montana practice unit that is required to enroll in a peer review program shall enroll with the Montana Society of Certified Public Accountants (MSCPA) or other such board-approved program and have a completed peer review within 18 months of establishing the practice unit. The permit holder shall not be required to become a member of any organization administering a board-approved peer review program.

(5) A practice unit enrolled in a peer review program that receives a "pass" or "pass with deficiencies," and completes all remediation actions must have a peer review completed every three years. A practice unit that receives a "fail" rating must follow peer review program requirements for subsequent peer reviews.

(6) The peer review completion date for each practice unit enrolled under (2) will be determined by the board, based on the reporting schedule established under the previous board-sponsored profession monitoring program.

(7) Practice units under the pre-issuance review requirement of the board's previous profession monitoring program will remain under board-monitored pre-issuance review until their next peer review is completed. At that time, (4) will apply.