HB 1189 Summary

• Adds three definitions to accountants law: "SAS" (AICPA Statements on Auditing Standards), "SSARS" (AICPA Statements on Standards for Accounting and Review Services), and "SSAE" (AICPA Statements on Standards for Attestation Engagements)

• Expands the definition of "attest" services to include examinations of prospective financial information, PCAOB standard engagements, and examination/review/agreed-upon procedures engagements performed under SSAE

• Clarifies that accountants' working papers may be transferred to surviving partners or to licensees who acquired another licensee's practice and provided written notice within 30 days without client objection

• Requires peer review for licensees performing attest services beginning January 1, 2017, with engagement-level reviews for those issuing reviews or agreed-upon procedures reports and system-level reviews for those issuing audit reports

• Limits quality review requirements to only until December 31, 2016, and adds "professional competency" as an evaluation standard for certified public accountant certification alongside good moral character