HI HB1199

Authorizes out-of-state certified public accountants with valid licenses to practice in Hawaii if their principal place of business is outside the state and they do not maintain an office in Hawaii.

Authorizes out-of-state accounting firms with valid licenses to practice in Hawaii if their principal place of business is outside the state, they do not maintain an office in Hawaii, and all work is performed by Hawaii-licensed individuals or authorized out-of-state practitioners.

Out-of-state practitioners must comply with Hawaii's accountancy laws, submit to the board's regulatory authority and jurisdiction, cooperate with investigations, and immediately cease practice upon criminal conviction or loss of their out-of-state license.

Prohibits out-of-state firms from performing financial statement audits, reviews, prospective financial information examinations, and Public Company Accounting Oversight Board engagements for Hawaii-based entities; these services require a Hawaii-licensed firm.

Authorizes the board to take disciplinary action against Hawaii-licensed accountants and firms for violations committed in other states if those acts would be grounds for discipline in Hawaii, effective July 1, 2011.