HB 657

Abstract

Amends the Illinois Public Accounting Act. Allows a certified public accountant (CPA) firm whose principal place of business is not in this State to have all the privileges of a CPA firm licensed under the Act without the need to obtain a license from the Department of Financial and Professional Regulation or to file notice with the Department if the CPA firm complies with specified substantial equivalency requirements; makes conforming changes. Provides that firms that do not meet certain requirements but offer or render services in the State must hold a license issued under the Act. Provides for the appointment of a CPA Coordinator and provides the duties and responsibilities for the role. Provides that every application for renewal of a license by a licensed CPA who has been licensed under the Act for 3 years or more shall be accompanied or supported by evidence showing the completion of professional education as prescribed by Department rule (rather than showing the completion of 120 hours of continuing professional education each 3 years as prescribed by Department rule). Provides that a CPA firm or sole practitioner shall comply with Department rules and notify the Peer Review Administrator within 30 days after accepting an engagement for services requiring a license and to undergo a peer review within 18 months after the end of the period covered by the engagement (rather than undergo its first peer review during the first full renewal cycle after it is granted its initial license). Effective immediately.