General Assembly Raised Bill No. 6997
January Session, 2015 LCO No. 5016
*05016_______GAE*
Referred to Committee on GOVERNMENT ADMINISTRATION AND ELECTIONS
Introduced by:
(GAE)
General Assembly
Raised Bill No. 6997
January Session, 2015
LCO No. 5016
*05016_______GAE*
Referred to Committee on GOVERNMENT ADMINISTRATION AND ELECTIONS
Introduced by:
(GAE)
AN ACT IMPLEMENTING THE STATE BOARD OF ACCOUNTANCY'S RECOMMENDATION TO REDEFINE "ATTEST".
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subdivision (13) of section 20-279b of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(13) "Attest" means the provision of any of the following financial statement services:
(A) Any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);
(B) Any review of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);
(C) Any examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE); [and]
(D) Any engagement to be performed in accordance with the Auditing Standards of the PCAOB; and
(E) Any examination, review, or agreed upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE), other than an examination as described in subparagraph (C) of this subdivision;
Sec. 2. Subsection (d) of section 20-281n of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(d) Any individual who qualifies for practice privileges under this section who, for any entity with its home office in this state, performs any of the following services: (1) Any financial statement audit or other engagement to be performed in accordance with Statements on Auditing Standards; (2) any examination of prospective financial information to be performed in accordance with Statements on Standards for Attestation Engagements; [or] (3) any engagement to be performed in accordance with PCAOB Auditing Standards; or (4) any examination, review, or agreed upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements, other than an examination as described in subdivision (2) of this section, may only provide such services through a firm that has obtained a permit issued under section 20-281e, as amended by this act.
Sec. 3. Subsection (g) of section 20-281e of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2015):
(g) The following firms shall be required to hold a permit issued pursuant to this section:
(1) Any firm with an office in this state performing attest services;
(2) Any firm with an office in this state that uses the title "Certified Public Accountant", "CPA", "CPA firm" or other similar title; or
(3) Any firm that does not have an office in this state but performs attest services described in subparagraph (A), (C), [or] (D) or (E) of subdivision (13) of section 20-279b, as amended by this act, for a client having its home office in this state.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2015 20-279b(13)
Sec. 2 October 1, 2015 20-281n(d)
Sec. 3 October 1, 2015 20-281e(g)
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2015
20-279b(13)
Sec. 2
October 1, 2015
20-281n(d)
Sec. 3
October 1, 2015
20-281e(g)
Statement of Purpose:
To redefine the definition of "attest" to reflect recent amendments to the Uniform Accountancy Act published by the American Institute of Certified Public Accountants and the National Association of State Boards of Accountancy.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]