CT HB06997

Redefines "attest" to include audits, reviews, examinations of prospective financial information, and agreed-upon procedures engagements performed according to specified professional standards (SAS, SSARS, SSAE, and PCAOB standards).

Expands the definition of "report" to apply to any attest or compilation service and includes any language that expresses or implies assurance about the reliability of attested information or compiled financial statements, including language that disclaims an opinion.

Requires firms without an office in Connecticut that perform attest services (audits, examinations of prospective financial information, agreed-upon procedures, or PCAOB auditing engagements) for clients with home offices in Connecticut to obtain a permit.

Prohibits unlicensed and unpermitted persons or firms from issuing reports on financial statements or offering attest or compilation services, with specified exceptions for officers, employees, and public officials.

Updates quality review waiver provisions to reference "financial reporting or attest areas of practice" rather than just "financial reporting."

Effective October 1, 2015.