HB103 Summary

• Amends Section 34-1-2 of the Code of Alabama 1975 to expand the definition of "attest" to include any engagement performed in accordance with Statements on Standards for Attestation Engagements (SSAE), in addition to existing audit, review, and examination services.

• Establishes privity requirements in Section 34-1-23, limiting civil liability for licensees and firms to clients or those who engaged them directly, or to third parties with express written consent acknowledging reliance on financial statements.

• Sets statute of limitations in Section 34-1-24 at two years from the act or omission, with a six-month discovery period if cause of action is not discovered, but no action may be commenced more than four years after the act or omission.

• Establishes venue in Section 34-1-25, requiring actions against licensees or firms to be brought in the county where the licensee/firm generates the financial statements, where the individual claimant resides, or where the claimant's principal office is located.

• Restricts expert witness testimony in Section 34-1-26 to "similarly situated licensees" with current licensure, training in the same specialty, and one year of practice experience in that specialty; prohibits discovery of insurance coverage and disclosure of professional liability insurance information.