Bill Text: FL S0328 | 2013 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

---

Bill Title: Public Accountancy

Spectrum: Bipartisan Bill

Status: (Passed) 2013-06-17 - Chapter No. 2013-167 [S0328 Detail]

Download: Florida-2013-S0328-Introduced.html

---

       Florida Senate - 2013                                     SB 328
       
       
       
       By Senator Latvala
       
       
       
       
       20-00265A-13                                           2013328__
    1                        A bill to be entitled                      
    2         An act relating to public accountancy; amending s.
    3         473.3065, F.S.; revising provisions for the
    4         distribution of scholarships under the Certified
    5         Public Accountant Education Minority Assistance
    6         Program; revising the annual maximum expenditures and
    7         frequency of distribution of moneys for the
    8         scholarships; amending s. 473.311, F.S.; providing a
    9         peer review requirement for the license renewal of
   10         certain firms engaged in the practice of public
   11         accounting; creating s. 473.3125, F.S.; providing
   12         definitions; requiring the Board of Accountancy to
   13         adopt rules for peer review programs; authorizing the
   14         board to establish a peer review oversight committee;
   15         providing an effective date.
   16  
   17  Be It Enacted by the Legislature of the State of Florida:
   18  
   19         Section 1. Subsection (2) of section 473.3065, Florida
   20  Statutes, is amended to read:
   21         473.3065 Certified Public Accountant Education Minority
   22  Assistance Program; advisory council.—
   23         (2) All moneys used to provide scholarships under the
   24  program shall be funded by a portion of existing license fees,
   25  as set by the board, not to exceed $10 per license. Such moneys
   26  shall be deposited into the Professional Regulation Trust Fund
   27  in a separate account maintained for that purpose. The
   28  department may is authorized to spend up to $200,000 $100,000
   29  per year for the program from this program account, but may not
   30  allocate overhead charges to it. Moneys for scholarships shall
   31  be disbursed twice per year annually upon recommendation of the
   32  advisory council and approval by the board, based on the adopted
   33  eligibility criteria and comparative evaluation of all
   34  applicants. Funds in the program account may be invested by the
   35  Chief Financial Officer under the same limitations as apply to
   36  investment of other state funds, and all interest earned thereon
   37  shall be credited to the program account.
   38         Section 2. Section 473.311, Florida Statutes, is amended to
   39  read:
   40         473.311 Renewal of license.—
   41         (1) The department shall renew a license issued under s.
   42  473.308 upon receipt of the renewal application and fee and upon
   43  certification by the board that the Florida certified public
   44  accountant has satisfactorily completed the continuing education
   45  requirements of s. 473.312.
   46         (2) Effective January 1, 2015, the department shall renew a
   47  license issued under s. 473.3101 upon certification by the board
   48  that the sole proprietor, partnership, corporation, limited
   49  liability company, or other firm engaged in the practice of
   50  public accounting as defined in s. 473.302(8)(a) is enrolled in
   51  a peer review program.
   52         (3)(2) The department shall adopt rules establishing a
   53  procedure for the biennial renewal of licenses issued pursuant
   54  to this section.
   55         Section 3. Section 473.3125, Florida Statutes, is created
   56  to read:
   57         473.3125 Peer review.—
   58         (1) As used in this section, the term:
   59         (a) “Licensee” means a sole proprietor, partnership,
   60  corporation, limited liability company, or any other firm
   61  engaged in the practice of public accounting as defined in s.
   62  473.302(8)(a) that is required to be licensed under s. 473.3101.
   63         (b) “Peer review” means the study, appraisal, or review by
   64  one or more independent certified public accountants of one or
   65  more aspects of the professional work of a licensee.
   66         (2) The board shall adopt rules establishing minimum
   67  standards for peer review programs, including, but not limited
   68  to, standards for administering, performing, and reporting peer
   69  reviews. The board shall also adopt rules establishing minimum
   70  criteria for the board’s approval of one or more organizations
   71  that facilitate and administer peer review programs.
   72         (3) For the purposes of maintaining oversight of the
   73  license renewal requirements of s. 473.311(2), the board may
   74  establish a peer review oversight committee, which shall be
   75  composed of at least three, but no more than five, members who
   76  are licensed under this chapter and whose firms are subject to
   77  s. 473.311(2) and have received a review rating of “pass” on the
   78  most recent peer review.
   79         Section 4. This act shall take effect July 1, 2013.