HB 416 (BR 1197) - C. Miller, R. Adkins, J. Arnold Jr., L. Clark, H. Collins, R. Damron, D. Horlander, Ji. Lee, D. Owens, R. Rand, R. Smart, G. Stumbo, T. Thompson, D. Watkins
AN ACT relating to accountancy.
Amend KRS 325.220 to clarify the standards used for providing attesting services; include a compilation under the definition of "attest service"; define "firm manager"; specify the purpose of peer review and the standard for compliance with the process; change definition of "review committee" to "peer review committee" as responsible for administering the program and to include the standards for guidance; amend KRS 325.301 to conform; require firms that are not licensed by, and do not have an office in, this state, which perform certain attest services for a Kentucky client to comply with peer review program requirements; require all certified public accountants who are sole proprietors of a firm with an office located in this state and regularly practicing in the state to maintain current licenses to practice issued by the board; delete language specifying what is to be included in an application for a firm license; require the firm manager to submit an initial application containing information required by the board by administrative regulation; indicate requirements to renew a firm license due to expire on July 1, 2011; indicate requirements to renew a firm license due to expire on August 1, 2012, and thereafter, which shall be effective for a period of two years; include requirements for a firm license expired for a period of less than one month and for a firm with a license expiring for a period longer than one month after date of expiration; require that, effective August 1, 2012, sole proprietors shall comply with firm licensing requirements; amend KRS 325.431 to conform.
HB 416 - AMENDMENTS
HCS - Amend KRS 325.220 definition for "peer review" to clarify that the process shall comply with standards that are equivalent to or more stringent than the current version of Standards for Performing and Reporting on Peer Reviews issued by the American Institute of Certified Public Accountants (AICPA); clarify definition of "peer review committee"as meaning a peer review program that is equivalent to or more stringent than a program as outlined in the (AICPA)'s current version of Standards for Performing and Reporting on Peer Reviews.
Feb 9-introduced in House
Feb 10-to Licensing & Occupations (H)
Feb 14-posted in committee
Feb 16-reported favorably, 1st reading, to Consent Calendar with Committee Substitute
Feb 17-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, February 18, 2011
Feb 18-3rd reading, passed 96-0 with Committee Substitute ; received in Senate
Feb 23-to Licensing, Occupations, & Administrative Regulations (S)
Mar 1-reported favorably, 1st reading, to Consent Calendar
Mar 2-2nd reading, to Rules
Mar 3-posted for passage in the Consent Orders of the Day for Thursday, March 3, 2011; 3rd reading, passed 37-0; received in House; enrolled, signed by each presiding officer; delivered to Governor
Mar 15-signed by Governor