Bill Text: HI HB751 | 2019 | Regular Session | Amended
Bill Title: Relating To The Peer Review Oversight Committee.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-02-14 - Passed Second Reading as amended in HD 1 and referred to the committee(s) on CPC with none voting aye with reservations; none voting no (0) and Representative(s) Aquino, Nakamura excused (2). [HB751 Detail]
Download: Hawaii-2019-HB751-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
751 |
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THIRTIETH LEGISLATURE, 2019 |
H.D. 1 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO THE PEER REVIEW OVERSIGHT COMMITTEE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. The legislature finds that some confusion exists regarding the qualifications for the board of public accountants' peer review oversight committee. The board raised the issue of whether a pass rating includes ratings other than a fail rating.
The purpose of this Act is to remove the pass rating criterion and allow a member to qualify for the peer review oversight committee so long as the accountant's firm did not receive a report with a fail rating from its last peer review.
SECTION 2. Section 466-42, Hawaii Revised Statutes, is amended by amending subsection (c) to read as follows:
"(c) [Effective January 1, 2013, the] The
peer review oversight committee shall consist of three individuals who hold
permits to practice under section 466-7.
No member of the peer review oversight committee shall be a current
member of the board, the Hawaii Society of Certified Public Accountants Peer
Review or Professional Ethics Committees, or the American Institute of
Certified Public Accountants Professional Ethics Executive Committee. The members shall have significant experience
with attest engagements and currently be in the practice of public accountancy
at the partner or equivalent level. The
member's firm shall have received a report with a rating [of pass] other
than a fail rating or an unmodified opinion from its last peer review."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 3000.
Report Title:
Accountants;
Qualifications; Peer Review Oversight Committee
Description:
Clarifies
that a licensed accountant may qualify for the peer review
oversight committee so long as the accountant's firm does not have a fail
rating from its last peer review. (HB751 HD1)
The summary description
of legislation appearing on this page is for informational purposes only and is
not legislation or evidence of legislative intent.
