senate Bill S6026A

Signed By Governor
2017-2018 Legislative Session

Relates to mandatory peer review of certified public accountants

download bill text pdf

Sponsored By

Current Bill Status Via A7895 - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

view actions (12)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 23, 2017 signed chap.364
Oct 11, 2017 delivered to governor
Jun 21, 2017 returned to assembly
passed senate
3rd reading cal.2171
substituted for s6026a
Jun 21, 2017 substituted by a7895a
ordered to third reading cal.2171
Jun 06, 2017 reported and committed to rules
May 31, 2017 print number 6026a
May 31, 2017 amend (t) and recommit to higher education
May 10, 2017 referred to higher education

Votes

view votes

Jun 21, 2017 - Rules committee Vote

S6026A
22
0
committee
22
Aye
0
Nay
3
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jun 6, 2017 - Higher Education committee Vote

S6026A
16
0
committee
16
Aye
0
Nay
2
Aye with Reservations
0
Absent
1
Excused
0
Abstained
show Higher Education committee vote details

Higher Education Committee Vote: Jun 6, 2017

aye wr (2)
excused (1)

S6026 - Details

See Assembly Version of this Bill:
A7895A
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

S6026 - Summary

Relates to mandatory peer review of certified public accountants.

S6026 - Sponsor Memo

S6026 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  6026

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 10, 2017
                               ___________

Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education

AN ACT to amend the education law,  in  relation  to  mandatory  quality
  review of certified public accountants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 7410 of the education law, as added by chapter  651
of the laws of 2008, is amended to read as follows:
  S 7410. Mandatory quality review. 1. The department shall require as a
condition to renewal of registrations under section seventy-four hundred
eight of this article, that unless otherwise exempted by the department,
applicants  for firm registrations, [with the exception of sole proprie-
torship firms or firms  with  two  or  fewer  accounting  professionals,
including  certified  public  accountants  or public accountants, or any
combination thereof,] undergo, no more frequently than once every  three
years,  except  pursuant  to a disciplinary action brought under section
seventy-four hundred eight of  this  article,  quality  reviews  of  the
firm's  attest  services  conducted  in  such manner as the commissioner
shall specify in regulations, and such review shall include a  verifica-
tion  that  individuals  in the firm who are responsible for supervising
attest services sign or  authorize  someone  to  sign  the  accountant's
report on the financial statements on behalf of the firm meet the compe-
tency  requirements  set  out  in  the  professional  standards for such
services, provided that any such regulations:
  a. shall include reasonable provisions for compliance by an  applicant
for  firm  registration  showing that it has, within the preceding three
years, undergone a quality review in this state  or  a  peer  review  in
another  state  that  is  a  satisfactory  equivalent  to quality review
required pursuant to this section;
  b. shall require, with respect to any organization administering qual-
ity review programs contemplated by paragraph  a  of  this  subdivision,

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11586-01-7

S6026A (ACTIVE) - Details

See Assembly Version of this Bill:
A7895A
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

S6026A (ACTIVE) - Summary

Relates to mandatory peer review of certified public accountants.

S6026A (ACTIVE) - Sponsor Memo

S6026A (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 6026--A

                       2017-2018 Regular Sessions

                            I N  S E N A T E

                              May 10, 2017
                               ___________

Introduced  by  Sen. HELMING -- read twice and ordered printed, and when
  printed to be committed  to  the  Committee  on  Higher  Education  --
  committee  discharged,  bill amended, ordered reprinted as amended and
  recommitted to said committee

AN ACT to amend the education law, in relation to mandatory peer  review
  of certified public accountants

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Subparagraph 5 of paragraph c of subdivision 3  of  section
7408  of  the  education  law,  as amended by chapter 651 of the laws of
2008, is amended to read as follows:
  (5) That the firm failed to undergo a [quality]  PEER  review  of  its
attest  services  pursuant  to  section seventy-four hundred ten of this
article at least once every three years; or
  S 2. Section 7410 of the education law, as added by chapter 651 of the
laws of 2008, is amended to read as follows:
  S 7410. Mandatory [quality]  PEER  review.  1.  The  department  shall
require  as a condition to renewal of registrations under section seven-
ty-four hundred eight of this article, that unless otherwise exempted by
the department, applicants for firm registrations, [with  the  exception
of  sole  proprietorship  firms  or  firms  with two or fewer accounting
professionals, including certified public accountants or public account-
ants, or any combination thereof,] undergo, no more frequently than once
every three years, except pursuant  to  a  disciplinary  action  brought
under section seventy-four hundred eight of this article, [quality] PEER
reviews  of  the  firm's attest services conducted in such manner as the
commissioner shall specify in regulations, and such review shall include
a verification that individuals in the  firm  who  are  responsible  for
supervising  attest  services  sign  or  authorize  someone  to sign the
accountant's report on the financial statements on behalf  of  the  firm

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD11586-05-7

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