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

Current Bill Status - 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 (16)
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 14, 2017 referred to rules
delivered to senate
passed assembly
Jun 12, 2017 ordered to third reading rules cal.176
rules report cal.176
reported
Jun 07, 2017 reported referred to rules
May 31, 2017 print number 7895a
May 31, 2017 amend (t) and recommit to higher education
May 18, 2017 referred to higher education

Co-Sponsors

A7895 - Details

See Senate Version of this Bill:
S6026A
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

A7895 - Summary

Relates to mandatory peer review of certified public accountants.

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:
  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

Co-Sponsors

A7895A (ACTIVE) - Details

See Senate Version of this Bill:
S6026A
Law Section:
Education Law
Laws Affected:
Amd §§7408 & 7410, Ed L

A7895A (ACTIVE) - Summary

Relates to mandatory peer review of certified public accountants.

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
  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.
                                                           LBD11586-04-7

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