Assembly Bill A7895A

Signed By Governor
2017-2018 Legislative Session

Relates to mandatory peer review of certified public accountants

download bill text pdf

Sponsored By

Archive: Last Bill Status - Signed by Governor

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

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Votes

Bill Amendments

co-Sponsors

2017-A7895 - Details

See Senate Version of this Bill:
S6026
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

2017-A7895 - Summary

Relates to mandatory peer review of certified public accountants.

2017-A7895 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7895
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 18, 2017
                                ___________
 
 Introduced by M. of A. STIRPE -- read once and referred 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:
   § 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.

co-Sponsors

2017-A7895A (ACTIVE) - Details

See Senate Version of this Bill:
S6026
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

2017-A7895A (ACTIVE) - Summary

Relates to mandatory peer review of certified public accountants.

2017-A7895A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7895--A
 
                        2017-2018 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 18, 2017
                                ___________
 
 Introduced  by  M.  of A. STIRPE, BENEDETTO -- read once and referred to
   the Committee  on  Higher  Education  --  committee  discharged,  bill
   amended,  ordered reprinted as amended and recommitted to said commit-
   tee
 
 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
   § 2. Section 7410 of the education law, as added by chapter 651 of the
 laws of 2008, is amended to read as follows:
   § 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.
                                                            LBD11586-04-7

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