FL S0662

Authorizes the Board of Accountancy to establish a peer review oversight committee composed of up to five licensed CPAs who have passed peer reviews, with terms not exceeding 3 years and no compensation.

Requires firms engaged in public accounting to enroll in board-approved peer review programs and undergo complete peer reviews at least once every 3 years, effective January 1, 2015, as a condition for license renewal.

Establishes minimum standards for peer review programs and peer review administering organizations, with the board authorized to approve and withdraw approval of administering organizations that fail to comply.

Provides civil immunity for CPAs and staff performing peer review administrative services and makes peer review proceedings, records, and workpapers confidential and privileged, prohibiting testimony about peer review matters in civil actions or arbitration.

Adds new disciplinary grounds against audit and public accounting firms for failing to enroll in peer review programs, undergo peer reviews, or cooperate with peer review administering organizations.