Senate Counsel, Research
and Fiscal Analysis
Minnesota Senate Bldg.
95 University Avenue W. Suite 3300
St. Paul, MN 55155
(651) 296-4791
Tom Bottern
Director
   Senate   
State of Minnesota
 
 
 
 
 
S.F. No. 802 - Accountancy Examinations and Peer Reviews Standards Modifications and Rulemaking
 
Author: Senator Ann H. Rest
 
Prepared By: Stephanie James, Senate Counsel (651/296-0103)
 
Date: March 4, 2015



 

This is the Board of Accountancy agency bill.  It makes modifications in its chapter to eliminate the use of the undefined term “financial statements” in certain instances, instead using the defined term “attest;” modifies the definitions of “attest,” “peer review,” and "report;" permits the agency to adopt rules for attesting; raises the maximum fine the board may impose; permits an out-of-state firm to perform certain activities; precludes use of certain language on attest service without a license; and makes several changes of a housekeeping nature.

Section 1 [Attest] modifies the definition of “attest” to align with model language in the Uniform Accountancy Act developed by the American Institute of CPAs and the National Association of State Boards of Accountancy.

Section 2 [Peer Review] modifies the definition of “peer review” to include CPA firms and individuals.

Section 3 [Principal Place of Business] eliminates superfluous words in the definition of “principal place of business.”

Section 4 [Report] modifies the definition of "report" to align the language for changes made to section 1.

 

Section 5 [State] adds the Commonwealth of the Northern Mariana Islands to the list of U.S. territories.

Section 6 [Officers; Proceedings] is a technical correction.

Section 7 [Rules] authorizes the Board of Accountancy to adopt rules that reflect recognized standards for attesting.

Section 8 [General] permits an out-of-state firm to perform an examination, review, or agreed-upon procedures engagement, performed according to industry standard to include reference to clause (5) added in section 1.

Section 9 [Qualifications] eliminates the use of the undefined phrase “financial statements” and aligns the language with changes in section 1.

Section 10 [Violation; Penalties; Costs of Proceeding] raises the maximum fine, from $2,000 to $5,000, that the Board of Accountancy is authorized to impose for a violation of  law.

Section 11 [Unlawful Acts] precludes people not licensed by the Board of Accountancy from using certain language on an attest service and aligns language with changes made in section 1.

 
Check on the status of this bill
 
Back to Senate Counsel and Research Bill Summaries page
 

 
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
 
Last review or update: 03/04/2015
 
If you see any errors on this page, please e-mail us at webmaster@senate.mn