SB29 Summary

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

• Authorizes the board to classify licensed CPAs and public accountants as either "inactive" or "retired" status, allowing them to maintain their credentials while not actively practicing.

• Shortens the grace period for applying for annual permits or inactive status from one year to six months after license expiration, making licensees subject to disciplinary action for failure to comply within this shorter timeframe.

• Clarifies definitions related to compilation services and preparation of financial statements engagement under the Statements on Standards for Accounting and Review Services (SSARS).

• Effective on the first day of the third month following passage and approval by the Governor.