HB0657 Summary

• Amends the Illinois Public Accounting Act to clarify that CPA firms with principal place of business outside Illinois may practice in Illinois under substantial equivalency standards, similar to existing privileges for individual CPAs.

• Creates new CPA Coordinator position appointed by the Secretary to serve as ex officio Chairperson of the Public Accountant Registration and Licensure Committee and liaison between the Department, profession, and accounting organizations.

• Modifies peer review requirements to mandate that new CPA firms notify the Peer Review Administrator within 30 days of accepting an engagement requiring a license and undergo peer review within 18 months after engagement period ends, rather than during first renewal cycle.

• Revises Section 13 to specify that CPA firms without Illinois offices performing certain services for Illinois-headquartered entities must either qualify for practice privileges under Section 5.2 or obtain a license.

• Defines "Coordinator" as the CPA Coordinator and clarifies that out-of-state CPA firms holding valid licenses in their state of principal business have practice privileges without filing notice with the Department.