HI SB1103

Amends Section 466-42, Hawaii Revised Statutes, to clarify that peer review oversight committee members must be approved by the board of public accountancy.

Requires committee members to hold permits to practice under Section 466-7 and currently practice public accountancy at the partner or equivalent level.

Removes previous requirement that a member's firm must have received a "pass" rating or unmodified opinion from its last peer review.

Specifies that the board shall consider a prospective member's experience with attest engagements and their firm's peer review rating when selecting committee members, rather than making these mandatory requirements.

Takes effect upon approval.