IL SB0899

Amends the Illinois Public Accounting Act to allow CPA firms with principal places of business outside Illinois to practice in the state without obtaining a license if they meet substantial equivalency requirements established by other states, subject to the same conditions applied to individual CPAs under Section 5.2.

Creates a new position of CPA Coordinator appointed by the Secretary of Financial and Professional Regulation to serve as ex officio chair of the Public Accountant Registration and Licensure Committee, act as liaison between the Department and the accounting profession, and supervise CPA regulation activities.

Modifies continuing education requirements by removing the specific mandate of 120 hours per 3-year period and the 4-hour ethics requirement, instead allowing the Department to prescribe requirements by rule.

Updates peer review requirements to require new CPA firms and sole practitioners to notify the Peer Review Administrator within 30 days of accepting an engagement and complete a peer review within 18 months after the engagement period ends, rather than during their first full renewal cycle.

Clarifies that out-of-state CPA firms performing financial statement audits, prospective financial information examinations, or PCAOB auditing standards work for Illinois-headquartered entities must use either an Illinois-licensed CPA or an individual with practice privileges under Section 5.2.