Florida Senate - 2013                       CS for CS for SB 328
       By the Committees on Appropriations; and Regulated Industries;
       and Senator Latvala
       576-02046-13                                           2013328c2
    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.; clarifying
    9         provisions; creating s. 473.3125, F.S.; providing
   10         definitions; requiring the Board of Accountancy to
   11         adopt rules for peer review programs; authorizing the
   12         board to establish a peer review oversight committee;
   13         requiring certain licensees to be enrolled in a peer
   14         review program by a certain date; providing an
   15         effective date.
   17  Be It Enacted by the Legislature of the State of Florida:
   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) The department shall adopt rules establishing a
   47  procedure for the biennial renewal of licenses issued pursuant
   48  to this section.
   49         Section 3. Section 473.3125, Florida Statutes, is created
   50  to read:
   51         473.3125 Peer review.—
   52         (1) As used in this section, the term:
   53         (a) “Licensee” means a sole proprietor, partnership,
   54  corporation, limited liability company, or any other firm
   55  engaged in the practice of public accounting as defined in s.
   56  473.302(8)(a) that is required to be licensed under s. 473.3101.
   57         (b) “Peer review” means the study, appraisal, or review by
   58  one or more independent certified public accountants of one or
   59  more aspects of the professional work of a licensee.
   60         (2) The board shall adopt rules establishing minimum
   61  standards for peer review programs, including, but not limited
   62  to, standards for administering, performing, and reporting peer
   63  reviews. The board shall also adopt rules establishing minimum
   64  criteria for the board’s approval of one or more organizations
   65  that facilitate and administer peer review programs.
   66         (3) For the purposes of maintaining oversight of the
   67  license renewal requirements of s. 473.311(2), the board may
   68  establish a peer review oversight committee, which shall be
   69  composed of at least three, but no more than five, members who
   70  are licensed under this chapter and whose firms are subject to
   71  s. 473.311(2) and have received a review rating of “pass” on the
   72  most recent peer review.
   73         (4) Effective January 1, 2015, a sole proprietor,
   74  partnership, corporation, limited liability company, or other
   75  firm licensed under s. 473.3101 and engaged in the practice of
   76  public accounting as defined in s. 473.302(8)(a), except for the
   77  performance of compilations and reviews as those terms are
   78  defined by the board, must be enrolled in a peer review program.
   79         Section 4. This act shall take effect July 1, 2013.