HB4707 Summary

• Amends the Illinois Public Accounting Act to clarify that CPAs performing attestation and audit services (paragraph 1 of Section 8.05) must be licensed, while those providing consulting, tax, and bookkeeping services (paragraph 3) are not restricted to licensed CPAs.

• Allows individuals holding a valid CPA license from another state to perform accountancy activities in Illinois for up to 6 months while their endorsement application is pending, subject to the same discipline as licensed Illinois CPAs.

• Requires CPA firms and sole practitioners performing audit and attestation services to complete peer reviews every 3 years as a condition of license renewal, with certain exemptions for firms that have not accepted such engagements or have undergone peer review in other jurisdictions.

• Adds peer review requirements to the license restoration process for sole practitioners and firms whose licenses have expired, unless they qualify for exemptions under Section 16.

• Changes references in Section 8.05(b)(3) from "Section 9.02" to "Section 9" regarding restrictions on non-licensed CPA activities.