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1999 SESSION

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SB 926 Board of Accountancy.

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

SUMMARY AS ENACTED WITH GOVERNOR'S RECOMMENDATION: (all summaries)

Public Accountancy Board for Accountancy. Increases the requirements for an individual to become a Certified Public Accountant (CPA). Under the bill, a person would have to meet additional educational requirements to be licensed as a CPA and to be able to use the term "Certified Public Accountant" or "CPA." The bill defines "firm" and requires any firm practicing public accounting or using the term "Certified Public Accountant" or the designation "CPA" in its title to be registered by the Board. Included under the proposed definition of firm are sole proprietorships, partnerships, corporations, limited liability companies, limited liability partnerships or any other form of organization permitted by law. Current law requires only professional corporations and professional limited liability companies to be registered. The terms "commission," "contingency fee," "peer review," "registration" and "substantial equivalency" are also defined in the bill. The bill provides for CPA certificate holders to organize firms in any form permitted by law and authorizes the Board to issue a registration certificate to any firm providing or offering to provide services involving the practice of public accountancy if (i) at least 51 percent of the owners or the voting equity interest of the firm hold a valid CPA certificate; (ii) all non-CPA owners work in the firm; (iii) all public accounting services are performed under the supervision of a person holding a valid CPA certificate meeting the experience requirements established by the Board; (iv) the firm undergoes peer review at least every three years; and (v) the accounting practice is conducted in conformity with the standards of practice and standards of conduct established by the Board.

In addition, the bill requires mandatory continuing professional education as a condition of the renewal of all CPA certificates, allows the Board to require that a registered firm submit to a peer review and that an individual CPA certificate holder complete additional specific continuing education credit hours in lieu of or in addition to the other enforcement authority of the Board. The name of the Board is changed from the Board for Accountancy to the Board of Accountancy. The bill also has technical amendments..


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