HB377 Summary

• Expands the definition of "attest" in the Public Accountancy Act of 2003 to include any engagement performed in accordance with Statements on Standards for Attestation Engagements (SSAE), rather than limiting it to examination of prospective financial information only.

• Adds a new definition of "report" as an opinion, report, or other language stating or implying assurance about attested information or compiled financial statements, including any statement implying the issuer has special knowledge or competence in accounting or auditing.

• Requires licensees and individuals with practice privileges under Section 34-1-7 to provide attest and compilation services in accordance with professional standards.

• Requires nonresident certified public accountants with practicing privileges to provide services in conformity with Section 34-1-7 and professional conduct regulations promulgated by the board.

• Becomes effective October 1, 2014, with severability clause protecting remaining provisions if any part is declared invalid or unconstitutional.