HI HB243

Allows out-of-state certified public accountants (CPAs) whose principal place of business is outside Hawaii to practice in the state under "substantial equivalency" standards without obtaining a Hawaii license, provided their home state meets National Association of State Boards of Accountancy verification requirements.

Out-of-state CPAs exercising practice privileges must consent to Hawaii board jurisdiction, comply with board rules, maintain valid licenses in their home state, and promptly notify the board of any disciplinary actions or criminal convictions.

Requires out-of-state firms performing certain high-level attest services (audits, examinations of prospective financial information, Public Company Accounting Oversight Board engagements) for Hawaii-based clients to obtain a firm permit, while lower-level services (reviews, compilations) may be performed without a permit if certain ownership and personnel requirements are met.

Expands Hawaii board authority to discipline out-of-state CPAs and firms for conduct that would constitute grounds for discipline in their home state and establishes clear definitions for regulated accounting services.

Takes effect January 1, 2016.