Public Accounting Sunset Bill (HB2726)

• Extends the Illinois Public Accounting Act's sunset date from January 1, 2014 to January 1, 2024, allowing the regulatory framework to remain in effect for an additional ten years.

• Modernizes accounting licensing terminology and structure by consolidating multiple certification types (Registered CPA, Licensed CPA) into unified "licensed CPA" and "registered CPA" designations with clearer professional standards.

• Establishes new "accountancy activities" definitions distinguishing between audit/attestation services (restricted to licensed CPAs) and other accounting services (available to registered CPAs and non-licensed practitioners).

• Enhances disciplinary procedures by increasing maximum fines from $5,000 to $10,000 per violation, requiring mandatory peer reviews for license renewal, and expanding grounds for discipline including unlicensed practice penalties.

• Creates new CPA firm licensing requirements with mandatory peer review compliance, adds provisions for inactive license status, and implements stricter operational standards for firms performing financial statement audits and attestation services.