CT SB00341

Simplifies prohibitions on contingent fees and commissions for public accountants by removing separate subsections and consolidating restrictions into a single framework effective October 1, 2016.

Prohibits public accountants from accepting commissions during periods when performing audits, reviews, compilations of financial statements, or examinations of prospective financial information, and from preparing tax returns or refund claims for contingent fees.

Requires public accountants to disclose any commission payments or expectations to clients or entities when recommending or referring products or services.

Mandates that license renewal applications be submitted through an online system with payment by credit card or electronic bank transfer, though licensees may request a waiver for extenuating circumstances and renew by paper form.

Requires continuing professional education of 40 hours annually for license renewal with penalty fees of $315 or $625 for credits completed after the June 30 deadline.