Prior to conducting a peer review, an individual must be approved by the Board. In order to receive approval from the Board, a peer reviewer shall: have and maintain an active license as a certified public accountant in this or any other state; possess a level of knowledge of applicable professional standards acceptable to the Board; possess at least 5 years recent experience in the practice of public accounting; have received a passing report on the most recent peer review of the prospective peer reviewer; and complete an appropriate training course as determined by the Board. In order to serve as a team captain of a system review, a peer reviewer must have and maintain ownership or management of a firm or comparable responsibility. A peer reviewer shall have no connection to the licensee or permit holder being reviewed that might impair the peer reviewer’s independence. A peer reviewer shall: prepare a report of findings in accordance with the standards for performing and reporting on peer reviews of the American Institute of Certified Public Accountants; and maintain the report for a period of 3 years. A peer reviewer shall provide a copy of the report to the Board only if the licensee or permit holder being reviewed has: been directed to take corrective action and has failed to satisfy the peer reviewer that such action has been completed in a timely manner; received a second consecutive report indicating pass with deficiencies; or received a failing report. A peer reviewer shall comply with all Board regulations and directives regarding the peer review process. The Board may revoke its approval of a peer reviewer under this section if the peer reviewer: violates any provision of this title; violates any regulation adopted by the Board; or is sanctioned by any state board of accountancy or any unit of State or federal government.