SB93 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), as well as audits, reviews, and examinations under other accounting standards.

• Establishes privity requirements (Section 34-1-23) limiting lawsuits against accountants to clients or those with express written consent, preventing third-party claims based on assignment, foreclosure, or security agreements.

• Sets statute of limitations (Section 34-1-24) of two years from discovery of the act or omission, with a maximum of four years from the date of the act or omission, for actions against licensees or firms.

• Defines venue (Section 34-1-25) for actions against accountants as the county where the accountant generated the financial statements, the client resides, or the client's principal office is located.

• Restricts expert witness testimony (Section 34-1-26) in accountant negligence cases to "similarly situated licensees" and prohibits discovery of professional liability insurance coverage limits.