DE SB218

Modernizes Delaware's accountancy licensing standards by adopting language from the Uniform Accountancy Model Act developed by NASBA and AICPA, adding new definitions for terms including "attest," "compilation," "peer review," and "substantial equivalency"

Changes Board of Accountancy composition from 4 CPAs and 2 public accountants to 5 CPAs and 1 public accountant, and updates member compensation from a fixed $50 per meeting (max $500/year) to "appropriate and reasonable level as determined by the Division"

Distinguishes between CPA certificate holders (exam passers only) and CPA permit holders (who also met experience requirements), restricting use of "CPA" designation primarily to active permit holders

Requires CPA firms performing attest and compilation services to enroll in AICPA peer review program and undergo peer reviews at least every three years, effective July 1, 2017

Increases maximum fine for disciplinary offenses from $5,000 to $10,000 per offense and stops issuing new public accountancy permits after December 31, 2015, while allowing existing permit holders to continue and reciprocal permits for those relocating to Delaware