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2004 SESSION

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SB 539 Accountancy Trust Account, Board of; established as supplemental source funding for Board of Acct.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Board of Accountancy. Establishes the Board of Accountancy Trust Account to provide the Board with a supplemental source of funding to study, research, investigate and adjudicate regulatory issues and possible violations of statutes and regulations governing certified public accountants (CPA) or CPA firms licensed in the Commonwealth. In addition, the bill (i) authorizes the use of CPA firms to perform peer reviews and clarifies that persons conducting the peer review must hold a valid CPA license, (ii) deletes provisions authorizing the Board to admit graduates of Bristol College and the Benjamin Franklin School of Accountancy and Financial Administration to the CPA examination, and extends such authority for the admission of graduates with a baccalaureate degree with a major in accounting or a concentration in accounting from the National College of Business and Technology, (iii) authorizes the Board to impose monetary penalties on former licensees and other individuals and entities engaged in the unlicensed practice of public accounting or using the CPA title without a license, (iv) deletes provisions prohibiting referral and contingency fees and required disclosure provisions regarding such fees, and (iv) provides for firm registrations to be renewed annually rather than biennially. The bill also contains technical amendments.


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