HB82 Summary

• Increases certified public accountant (CPA) members on the Alabama State Board of Public Accountancy from five to six members, effective October 1, 2019, while maintaining one public accountant member and one public member.

• Authorizes the board to classify licensed CPAs and public accountants as "retired" in addition to existing "inactive" status, allowing them to preserve their licenses while not actively practicing.

• Shortens the grace period for disciplinary action from one year to six months when a licensee fails to apply for an annual permit, renew registration, or request inactive/retired status.

• Modifies definition of "compilation" and "preparation of financial statements" to clarify these are services performed in accordance with Statements on Standards for Accounting and Review Services (SSARS).

• Becomes effective on the first day of the third month following passage and gubernatorial approval.