HB5773 Summary

• Extends the sunset date for the Illinois Public Accounting Act from January 1, 2014 to January 1, 2023, allowing the act to continue regulating certified public accountants in Illinois.

• Creates new Section 8.05 defining "accountancy activities" to include audit services, attestation engagements, and other accounting services performed by CPAs.

• Increases civil penalties for unauthorized use of the CPA title from $5,000 to $10,000 per offense and adds comprehensive grounds for disciplinary action against licensees.

• Establishes peer review requirements for firms and sole practitioners performing certain accounting services, with exemptions for inactive practitioners and those with peer reviews from other states.

• Replaces references to "Director" with "Secretary" and implements various administrative updates to licensing, continuing education, and disciplinary procedures under the Department of Financial and Professional Regulation.