CS/CS/HB 373 - Public Accountancy

• Revises the definition of "licensed audit firm" to mean any firm licensed under s. 473.3101, including sole proprietorships, partnerships, corporations, and limited liability companies.

• Amends practice requirements for partnerships, corporations, and limited liability companies to require firms be currently licensed and establishes ownership and qualification standards for partners, shareholders, and members.

• Allows licensed audit firms to own all or part of another licensed audit firm, removing previous restrictions on firm ownership structures.

• Expands the definition of "quality review" to include peer reviews and establishes peer review enrollment requirements for licensed firms engaged in public accounting (effective January 1, 2015, with exceptions for compilations and reviews).

• Effective date: July 1, 2015.