Bill Text: HI SB2407 | 2016 | Regular Session | Introduced
Bill Title: Public Accountancy; Peer Review
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-01-27 - Referred to CPH. [SB2407 Detail]
Download: Hawaii-2016-SB2407-Introduced.html
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THE SENATE |
S.B. NO. |
2407 |
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TWENTY-EIGHTH LEGISLATURE, 2016 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
relating to public accountancy.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Section 466-3, Hawaii Revised Statutes, is amended by amending the definition of "peer review" to read as follows:
""Peer review" means a study, appraisal, or review of one or more aspects of the professional work of a firm that issues attest reports by a person or persons who hold permits to practice public accountancy under section 466-7 or are licensed to practice public accountancy in any other state and who are not affiliated with the firm being reviewed."
SECTION 2. Section 466-35, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) A firm shall include, with the peer review compliance reporting form, the contemporaneous Hawaii supplement to the peer review report pursuant to section 466-36, if:
(1) A peer review report from an approved sponsoring organization does not include the selection of a Hawaii office or Hawaii attest engagement;
(2) The peer reviewer does not hold permits to
practice public accountancy under section 466-7[, and is required to have
permits to practice under section 466-7,] or is not licensed to practice
public accountancy in any other state, except inspectors for the public
company accounting oversight board; or
(3) The final report resulting from any inspection by the public company accounting oversight board firm inspection program does not include the firm's Hawaii offices, if any, and Hawaii attest engagements in the scope of the inspection, and the firm is not required to enroll in another peer review program under section 466-34."
SECTION 3. Section 466-38, Hawaii Revised Statutes, is amended by amending subsection (b) to read as follows:
"(b) For peer reviews scheduled after December 31, 2014, any report or document required to be submitted under subsection (a) shall be filed with the board as follows:
(1) Firms enrolled in the American Institute of
Certified Public Accountants and Hawaii Society of Certified Public Accountants
peer review programs and administered by the Hawaii Society of Certified Public
Accountants, within [ten] thirty calendar days of receipt of the
notice of completion from the Hawaii Society of Certified Public Accountants,
shall complete the peer review compliance reporting form under section 466-35
and submit the form to the board along with the required documents;
(2) Firms otherwise enrolled in the American
Institute of Certified Public Accountants peer review program, including those
whose peer reviews are administered by the National Peer Review Committee,
within [ten] thirty calendar days of receipt of the notice of
completion from the sponsoring organization, shall complete the peer review
compliance reporting form under section 466-35 and submit the form to the board
along with the required documents;
(3) Firms enrolled in the public company accounting
oversight board inspection program shall, within [ten] thirty
calendar days of receipt of the issuance of the Part I report from the
public company accounting oversight board, complete the peer review compliance
reporting form required by section 466-35 and submit the form to the board
along with the required documents; and
(4) Firms enrolled in any other peer review program approved by this part shall submit the report generated by that review process and all associated documentation to the board in a form acceptable to the board."
SECTION 4. Section 466-39, Hawaii Revised Statutes, is amended by amending subsection (a) to read as follows:
"(a) A firm shall have [ten] thirty
calendar days after the filing of the peer review compliance reporting form
to appeal a "pass with deficiency" or a "fail" rating that
may result in the denial, termination, or nonrenewal of a permit to
practice."
SECTION 5. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 6. This Act shall take effect upon its approval.
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INTRODUCED BY: |
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Report Title:
Public Accountancy; Peer Review
Description:
Redefines "peer review" to include reviews done by out-of-state public accountancy licensees. Increases deadlines for filing of peer review compliance reporting forms and appealing certain ratings from 10 days to 30 calendar days.
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
