HI HB2731

Establishes a mandatory peer review committee (replacing the quality review committee) under the state board of public accountancy to review attest work of accounting firms on a periodic basis in conjunction with permit renewal.

Requires the board to adopt rules establishing requirements and procedures for peer review organizations, including qualification standards, definitions of acceptable peer reviews, and frequency requirements for firms.

Allows independent organizations other than the board to conduct peer reviews that meet board standards and may be accepted in lieu of board-conducted reviews.

Protects peer review proceedings and records from discovery, with an exception that statements made by parties to an action or proceeding are subject to discovery.

Takes effect on January 1, 2012.