As a result of an investigation of alleged violations of the Code of Professional Conduct of the AICPA, Mr. Barclais, with the firm of Barclais CPA, LLC, entered into a settlement agreement under the Joint Ethics Enforcement Program, effective September 15, 2015.
Information came to the attention of the Ethics Charging Authority (“ECA”) alleging a potential disciplinary matter with respect to Mr. Barclais’ failure to ensure his firm obtained an appropriate peer review.
The ECA reviewed the allegations in the referral and information publicly available on the United States Department of Labor’s EFAST website and Mr. Barclais’ responses to such findings. The ECA charged Mr. Barclais with a violation of the AICPA Code of Professional Conduct as follows:
Rule 501 – Acts Discreditable
As the partner responsible for his firm’s peer review compliance, Mr. Barclais failed to ensure it complied with the requirement of the AICPA to undergo a peer review.
In consideration of the ECA forgoing further investigation of Mr. Barclais’ conduct as described above and in consideration of the ECA forgoing any further proceedings in the matter, Mr. Barclais agreed as follows:
a. To waive his right to a hearing under AICPA bylaws section 7.4.
b. To neither admit nor deny the above specified charges.
c. To his suspension from membership in the AICPA for a period of two years from the effective date of this agreement.
d. To complete the twelve hour continuing professional education (CPE) course Get Ready for Peer Review – Upcoming Peer Review: Is Your Firm Ready? within 3 months of the effective date of this agreement and provide evidence of such completion (e.g., attendance sheets, course completion certificates, etc.).
e. To provide the ECA a copy of his peer review report and acceptance letter for his firm’s peer review for the year ended January 31, 2016 by September 30, 2016.
f. The ECA shall provide a copy of this settlement agreement to the AICPA’s Peer Review Division staff, his peer review administering entities and his firm’s peer reviewer.
g. That the ECA shall publish his name, the name of his firm, the charges, and the terms of this settlement agreement.
h. That the ECA shall monitor his compliance with the terms of this settlement agreement and initiate an investigation where the ECA finds there has been noncompliance.