SB 745 — REGULATION-TECH

SB0745 EngrossedEnrolled LRB095 05191 RAS 25264 b AN ACT concerning regulation.

(a) The provisions of this Act shall not be construed to invalidate any certificates as certified public accountants SB0745 EngrossedEnrolled - 2 - LRB095 05191 RAS 25264 b issued by the University under "An Act to regulate the profession of public accountants", approved May 15, 1903, as amended, or any certificates as Certified Public Accountants issued by the University or the Board under Section 4 of "An Act to regulate the practice of public accounting and to repeal certain acts therein named", approved July 22, 1943, as amended, which certificates shall be valid and in force as though issued under the provisions of this Act.

SB0745 EngrossedEnrolled - 3 - LRB095 05191 RAS 25264 b After that date, any applicant for licensure under this Act shall apply for a license as a Licensed Certified Public Accountant and shall meet the requirements set forth in this Act.

SB0745 EngrossedEnrolled - 4 - LRB095 05191 RAS 25264 b (Source:

or (2) holds a valid license as a certified public accountant issued by another state and obtains from the National Qualification Appraisal Service of the National Association of State Boards of Accountancy verification that the individual’s CPA qualifications are substantially equivalent to the CPA licensure requirements of the Uniform Accountancy Act of the American Institute of Certified SB0745 EngrossedEnrolled - 5 - LRB095 05191 RAS 25264 b Public Accountants and the National Association of State Boards of Accountancy;

and (4) to the appointment of the state board that issued SB0745 EngrossedEnrolled - 6 - LRB095 05191 RAS 25264 b the individual’s or the CPA firm’s license as the agent upon which process may be served in any action or proceeding by the Department against the individual.

No person shall, after the effective date of this amendatory Act of the 93rd General Assembly, begin to practice in this State or hold himself out as being able to practice licensed certified public accounting in this State or hold himself or herself out as being able to practice in this State as a licensed certified public accountant, unless he or she is licensed in accordance with the provisions of this Act or is exercising the practice privilege afforded under Section 5.2 of SB0745 EngrossedEnrolled - 7 - LRB095 05191 RAS 25264 b this Act.

(a) Any person or firm that practices, offers to practice, attempts to practice, or holds oneself out to practice as a licensed certified public accountant in this State without being licensed under this Act or qualifying for the practice privilege set forth in Section 5.2 of this Act shall, in addition to any other penalty provided by law, pay a civil SB0745 EngrossedEnrolled - 8 - LRB095 05191 RAS 25264 b penalty to the Department in an amount not to exceed $5,000 for each offense as determined by the Department.

(a) Any On and after October 1, 2006, any person who holds himself or herself out to the public as a certified public accountant in this State by using shall assume the title "certified public accountant" or use the abbreviation "CPA" or any words or letters to indicate that the person using the same is a certified public accountant without having been issued a registration as a registered certified public accountant or a license as a licensed certified public accountant under the SB0745 EngrossedEnrolled - 9 - LRB095 05191 RAS 25264 b provisions of this Act or without qualifying for the practice privilege under Section 5.2 of this Act shall, in addition to any other penalty provided by law, pay a civil penalty to the Department in an amount not to exceed $5,000 for each offense as determined by the Department.

SB0745 EngrossedEnrolled - 10 - LRB095 05191 RAS 25264 b Applicants have 3 years from the date of application to complete the application process.

SB0745 EngrossedEnrolled - 11 - LRB095 05191 RAS 25264 b (d) A firm that is not subject to the requirements of subsection (b) or (c) of this Section may perform professional services that are not regulated under subsection (b) or (c) of this Section while using the title "CPA" or "CPA firm" in this State without obtaining a license under this Act if the firm (i) performs such services through individuals with practice privileges under Section 5.2 of this Act and (ii) may lawfully perform such services in the state where those individuals with practice privileges under Section 5.2 of this Act have their principal place of business.

If the applicant’s certificate as a certified public SB0745 EngrossedEnrolled - 12 - LRB095 05191 RAS 25264 b accountant from the Board or the applicant’s registration as a registered certified public accountant from the Department was issued more than 4 years prior to the application for a license under this Section, the applicant shall submit any evidence the Department may require showing the applicant has completed not less than 90 hours of continuing professional education acceptable to the Department within the 3 years immediately preceding the date of application.

SB0745 EngrossedEnrolled - 13 - LRB095 05191 RAS 25264 b (3) It shall be lawful for a nonprofit cooperative association engaged in rendering an auditing and accounting service to its members only, to continue to render that service provided that the rendering of auditing and accounting service by the cooperative association shall at all times be under the control and supervision of licensed certified public accountants.

(b) An individual who supervises services for which a license is required under Section 8 of this Act , or who signs or authorizes another to sign any report for which a license is required under Section 8 of this Act, or who supervises services for which a firm license is required under subsection SB0745 EngrossedEnrolled - 14 - LRB095 05191 RAS 25264 b (d) of Section 5.2 of this Act shall hold a valid, active Licensed Certified Public Accountant license from this State or another state and shall comply with such additional experience requirements as may be required by rule of the Department Board.

Except in causes of action based on actual fraud or intentional misrepresentation, the the SB0745 EngrossedEnrolled - 15 - LRB095 05191 RAS 25264 b principles of liability set forth in Sections 2-1115.05, 2-1116, and 2-1117 of the Code of Civil Procedure shall apply to all claims for civil damages brought against any person, partnership, corporation, or any other entity certified, licensed, or practicing under this Act, or any of its employees, partners, members, officers, or shareholders that are alleged to result from acts, omissions, decisions, or other conduct in connection with professional services.