HI HB2325

Amends Section 466-42(c) of Hawaii Revised Statutes to clarify that the Board of Public Accountancy approves members of the peer review oversight committee.

Requires peer review oversight committee members to hold permits to practice under section 466-7 and be currently in the practice of public accountancy at the partner or equivalent level.

Removes the requirement that committee members' firms must have received a "pass" rating or unmodified opinion from their last peer review, and instead directs the board to consider peer review ratings among other factors when selecting members.

Maintains the prohibition preventing current board members, Hawaii Society of Certified Public Accountants Peer Review or Professional Ethics Committee members, or American Institute of Certified Public Accountants Professional Ethics Executive Committee members from serving on the oversight committee.

Takes effect July 1, 2050.