HI SB2421

Establishes a mandatory peer review process for all Hawaii accounting firms performing attest work, requiring reviews every three years.

Firms must enroll in an approved sponsoring organization by December 31, 2015, and complete their first peer review by December 31, 2017.

Creates three rating categories for peer reviews: "pass," "pass with deficiency," and "fail," with peer review records kept confidential and not subject to discovery.

Requires firms to submit peer review reports to the state board within 10 days of completion, including specific documentation based on the rating received.

Establishes a peer review oversight committee to monitor sponsoring organizations and ensure compliance with American Institute of Certified Public Accountants standards and state requirements.