HF 744 Summary

• Expands definition of "attest" services to include examinations, reviews, and agreed-upon procedures engagements performed under Statements on Standards for Attestation Engagements (SSAE), in addition to existing audit and review standards

• Modifies "peer review" definition to require reviews be conducted by persons not affiliated with the licensee or CPA firm being reviewed

• Increases maximum civil penalty for violations from $2,000 to $5,000 per violation

• Adds new rulemaking authority for the board to incorporate by reference attestation standards that are consistent with standards recognized by national accountancy organizations including AICPA and PCAOB

• Makes technical clarifications to definitions of "principal place of business," "report," and "state," and updates board officer terminology from "number" to "members"