CS for CS for SB 328                             First Engrossed
    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; amending s. 473.313,
   15         F.S.; revising license delinquency dates; providing an
   16         effective date.
   18  Be It Enacted by the Legislature of the State of Florida:
   20         Section 1. Subsection (2) of section 473.3065, Florida
   21  Statutes, is amended to read:
   22         473.3065 Certified Public Accountant Education Minority
   23  Assistance Program; advisory council.—
   24         (2) All moneys used to provide scholarships under the
   25  program shall be funded by a portion of existing license fees,
   26  as set by the board, not to exceed $10 per license. Such moneys
   27  shall be deposited into the Professional Regulation Trust Fund
   28  in a separate account maintained for that purpose. The
   29  department may is authorized to spend up to $200,000 $100,000
   30  per year for the program from this program account, but may not
   31  allocate overhead charges to it. Moneys for scholarships shall
   32  be disbursed twice per year annually upon recommendation of the
   33  advisory council and approval by the board, based on the adopted
   34  eligibility criteria and comparative evaluation of all
   35  applicants. Funds in the program account may be invested by the
   36  Chief Financial Officer under the same limitations as apply to
   37  investment of other state funds, and all interest earned thereon
   38  shall be credited to the program account.
   39         Section 2. Section 473.311, Florida Statutes, is amended to
   40  read:
   41         473.311 Renewal of license.—
   42         (1) The department shall renew a license issued under s.
   43  473.308 upon receipt of the renewal application and fee and upon
   44  certification by the board that the Florida certified public
   45  accountant has satisfactorily completed the continuing education
   46  requirements of s. 473.312.
   47         (2) The department shall adopt rules establishing a
   48  procedure for the biennial renewal of licenses issued pursuant
   49  to this section.
   50         Section 3. Section 473.3125, Florida Statutes, is created
   51  to read:
   52         473.3125 Peer review.—
   53         (1) As used in this section, the term:
   54         (a) “Licensee” means a sole proprietor, partnership,
   55  corporation, limited liability company, or any other firm
   56  engaged in the practice of public accounting as defined in s.
   57  473.302(8)(a) that is required to be licensed under s. 473.3101.
   58         (b) “Peer review” means the study, appraisal, or review by
   59  one or more independent certified public accountants of one or
   60  more aspects of the professional work of a licensee.
   61         (2) The board shall adopt rules establishing minimum
   62  standards for peer review programs, including, but not limited
   63  to, standards for administering, performing, and reporting peer
   64  reviews. The board shall also adopt rules establishing minimum
   65  criteria for the board’s approval of one or more organizations
   66  that facilitate and administer peer review programs.
   67         (3) For the purposes of maintaining oversight of the
   68  license renewal requirements of s. 473.311(2), the board may
   69  establish a peer review oversight committee, which shall be
   70  composed of at least three, but no more than five, members who
   71  are licensed under this chapter and whose firms are subject to
   72  s. 473.311(2) and have received a review rating of “pass” on the
   73  most recent peer review.
   74         (4) Effective January 1, 2015, a sole proprietor,
   75  partnership, corporation, limited liability company, or other
   76  firm licensed under s. 473.3101 and engaged in the practice of
   77  public accounting as defined in s. 473.302(8)(a), except for the
   78  performance of compilations and reviews as those terms are
   79  defined by the board, must be enrolled in a peer review program.
   80         Section 4. Subsection (3) of section 473.313, Florida
   81  Statutes, is amended to read:
   82         473.313 Inactive status.—
   83         (3) A license that is has become delinquent for failure to
   84  report completion of the requirements in s. 473.312 may be
   85  reactivated under s. 473.311 upon application to the department.
   86  Reactivation requires the payment of an application fee as
   87  determined by the board and certification by the Florida
   88  certified public accountant that the applicant satisfactorily
   89  completed the continuing education requirements set forth under
   90  s. 473.311. If the license is delinquent on January 1 December
   91  31 because of failure to report completed continuing education
   92  requirements, the applicant must submit a complete application
   93  to the board by March 15 immediately after the delinquent
   94  period.
   95         Section 5. This act shall take effect July 1, 2013.