Illinois General Assembly - Bill Status for SB0565

Amends the Illinois Public Accounting Act. Provides a definition of "Peer Review Administrator". Requires firms and sole practitioners providing accounting services under the Act to undergo a peer review as a condition of renewing a license unless an exemption applies. Allows the Department of Financial and Professional Regulation to adopt rules. Provides penalties for failure to comply with remedial actions determined appropriate by the Peer Review Administrator. Requires the firm or sole practitioner to pay for the costs of the peer review. Provides that the peer review proceedings, records, reports, and other documents are privileged and provides exceptions to the privilege. Provides for the peer review year of combined or divided firms or sole practitioners. Grants civil immunity except for reckless or willful misconduct. Effective immediately.

Deletes everything. Replaces with the original bill and makes these changes. Replaces references to an "individual" with "sole practitioner". Defines "peer review program" to mean a review of compliance with professional standards of practice (now, generally accepted accounting principles and auditing standards and other generally accepted technical standards). Requires firms and sole practitioners to undergo a peer review during (now, covering) the immediately preceding 3-year period before a license can be renewed. Requires an applicant for a renewal license to submit, at the request of the Department of Financial and Professional Regulation (now, with the renewal application), a letter from the Peer Review Administrator setting the date of completion of the peer review. Provides that remedial action includes other remedial action as determined (now, recommended) by the Department (now, the Public Accountant Registration Committee). Provides that if a peer review report indicates that a firm or sole practitioner complies with professional standards and no further remedial action is required, the Peer Review Administrator shall destroy certain documents. Provides that alternative test administration arrangements are available for applicants unable to take the Certified Public Accountant examination under standard conditions. Makes other changes. Effective immediately.

Deletes everything. Replaces with Senate amendment No. 1 and makes these changes. Requires a firm or sole practitioner to satisfactorily complete (rather than undergo) a peer review to be accepted by a Peer Review Administrator in accordance with established standards for performing and reporting on peer reviews (rather than in accordance with the Section). Requires certain firms and sole practitioners to undergo a first peer review during the first full renewal cycle (rather than 18 months) after it is granted its initial license. Requires a Peer Review Administrator to notify the Department of Financial and Professional Regulation of a firm or sole practitioner's failure to satisfactorily complete a peer review as required and to submit a record of the failure. Deletes provisions concerning hearings by the Department on compliance with professional standards and practices. Provides that the Department may discipline a licensee for making a false statement to the Department regarding compliance with peer review requirements. Provides that the Department may consider the Peer Review Administrator's findings of fact as prima facie evidence. Makes other changes. Effective immediately.

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