Last Action | signed by Governor (Acts ch. 31) |
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Title | AN ACT relating to accountancy. |
Bill Documents |
Bill
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Bill Request Number | 1197 |
Sponsors | C. Miller, R. Adkins, J. Arnold Jr., L. Clark, H. Collins, B. Damron, D. Horlander, J. Lee, D. Owens, R. Rand, R. Smart, G. Stumbo, T. Thompson, D. Watkins |
Summary of Original Version | Amend KRS 325.220 to clarify the standards used for providing attesting services; include a compilation under the definition of "attest service"; define "firm manager"; specify the purpose of peer review and the standard for compliance with the process; change definition of "review committee" to "peer review committee" as responsible for administering the program and to include the standards for guidance; amend KRS 325.301 to conform; require firms that are not licensed by, and do not have an office in, this state, which perform certain attest services for a Kentucky client to comply with peer review program requirements; require all certified public accountants who are sole proprietors of a firm with an office located in this state and regularly practicing in the state to maintain current licenses to practice issued by the board; delete language specifying what is to be included in an application for a firm license; require the firm manager to submit an initial application containing information required by the board by administrative regulation; indicate requirements to renew a firm license due to expire on July 1, 2011; indicate requirements to renew a firm license due to expire on August 1, 2012, and thereafter, which shall be effective for a period of two years; include requirements for a firm license expired for a period of less than one month and for a firm with a license expiring for a period longer than one month after date of expiration; require that, effective August 1, 2012, sole proprietors shall comply with firm licensing requirements; amend KRS 325.431 to conform. |
Index Headings of Original Version |
Accountants - Accounting firms, requirements for Corporations - Accounting firms, requirements for Licensing - Accounting firms, requirements for Occupations and Professions - Accounting firms, requirements for Small Business - Accounting firms, requirements for |
Proposed Amendments | House Committee Substitute 1 |
Votes | Vote History |
02/09/11 |
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02/10/11 |
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02/14/11 |
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02/16/11 |
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02/17/11 |
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02/18/11 |
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02/23/11 |
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03/01/11 |
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03/02/11 |
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03/03/11 |
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03/15/11 |
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Amendment | House Committee Substitute 1 |
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Summary | Amend KRS 325.220 definition for "peer review" to clarify that the process shall comply with standards that are equivalent to or more stringent than the current version of Standards for Performing and Reporting on Peer Reviews issued by the American Institute of Certified Public Accountants (AICPA); clarify definition of "peer review committee"as meaning a peer review program that is equivalent to or more stringent than a program as outlined in the (AICPA)'s current version of Standards for Performing and Reporting on Peer Reviews. |
Index Headings |
Accountants - Accounting firms, requirements for Corporations - Accounting firms, requirements for Licensing - Accounting firms, requirements for Occupations and Professions - Accounting firms, requirements for Small Business - Accounting firms, requirements for |
Last updated: 1/16/2019 3:43 PM (EST)