HB 2626 Summary

• Establishes a "practice privilege" allowing certified public accountants (CPAs) licensed in other states to practice in Hawaii for up to 120 days per calendar year without obtaining a Hawaii license, provided their qualifications are substantially equivalent to Hawaii's requirements.

• Out-of-state CPAs exercising practice privileges must consent to the Hawaii State Board of Accountancy's jurisdiction, comply with Hawaii law, maintain valid licenses in their home state, and notify the board within 30 days of any disciplinary actions or criminal convictions.

• Requires accountancy firms performing certain attest services (audits, financial statement examinations, Public Company Accounting Oversight Board engagements) for clients with home offices in Hawaii to obtain a firm permit, unless they meet specific exemptions.

• Grants the State Board of Accountancy disciplinary authority over out-of-state CPAs exercising practice privileges in Hawaii, enabling enforcement actions for violations comparable to those that would result in discipline in other states.

• Modifies definitions and exemptions in peer review requirements to exclude firms utilizing the practice privilege provisions and firms exempt from permit requirements under specified circumstances.