Replacing everything after the enacting clause. Amends the Illinois Public Accounting Act. Provides that the Department shall not issue any new registrations as a Registered Certified Public Accountant after July 1, 2011 (instead of July 1, 2010). Provides that if a peer review report indicates that a firm or sole practitioner complies with the appropriate professional standards and practices set forth in the rules of the Department and no further remedial action is required, the Peer Review Administrator shall, after issuance of the final letter of acceptance, destroy all working papers and documents related to the peer review, other than report-related documents and documents evidencing completion of remedial actions, if any, in accordance with rules established by the Department. Removes provision concerning peer review in the event that the practices of 2 or more firms or sole practitioners are merged or otherwise combined. Effective immediately.
House Floor Amendment No. 2 Provides that the Department shall not issue any new registrations as a Registered Certified Public Accountant after July 1, 2012.
Senate Committee Amendment No. 1 Provides that before July 1, 2012, certain persons may apply to the Department of Financial and Professional Regulation and may be granted a registration as a Registered Certified Public Accountant from the Department upon payment of the required fee.