Currently, PAFs are registered based on a “restrictions” basis: what services is the firm not able to provide, based on the education and experience of those in the firm. As an example, a firm may be “restricted from providing audit services,” since the CPAs in the firm do not have recent, related experience or the proper training in this area.
With the new Varied Registration Model, PAFs will be registered based on an “approvals” basis: what areas of service the firm provides. As an example, a firm may be registered as providing compilation, review, and other regulated services.
Firms will be registered in one or more of the following categories under the Varied Registration Model:
- Other regulated services (including public accounting practice services)
As is currently the case, each of these categories has education, experience and examination requirements established that must be met in order to be eligible to supply the service. A PAF will be registered depending on the training, qualifications, and experience of the members of the PAF. This will ensure that appropriately trained and qualified individuals are able to provide the services they are qualified and competent to deliver.