SB 2732

Abstract

Amends the Illinois Public Accounting Act. Defines "peer review program" as a review of compliance with professional standards of practice (now, generally accepted accounting principles and auditing standards and other generally accepted technical standards). Provides a definition of "Peer Review Administrator". Requires firms and sole practitioners providing accounting services under the Act to complete a peer review as a condition of renewing a license unless an exemption applies. Allows the Department of Financial and Professional Regulation to adopt rules. Provides penalties for failure to comply with remedial actions determined appropriate by the Peer Review Administrator. Requires the firm or sole practitioner to pay for the costs of the peer review. Provides that the peer review proceedings, records, reports, and other documents are privileged and provides exceptions to the privilege. Provides for the peer review year of combined or divided firms or sole practitioners. Makes other changes. Effective immediately.