SB146 Summary

• Expands the definition of "attest" to include any engagement performed under Statements on Standards for Attestation Engagements (SSAE), broadening beyond just examination of prospective financial information.

• Defines the term "report" to include any opinion, report, or language that states or implies assurance about financial statement reliability and special competence, including disclaimers conventionally understood to imply positive assurance.

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

• Prohibits nonlicensees from using language conventionally used by licensees in financial statement reports and attestation services; directs the board to issue safe harbor language for nonlicensee use.

• Effective October 1, 2014, following passage and approval by the Governor.