Bill > HB1797

This bill modifies provisions related to public accounting in Missouri by repealing and reenacting several sections of the state's statutes. Key changes include updating definitions for terms like "AICPA" (American Institute of Certified Public Accountants) and "Attest" or "attest services," which now explicitly includes engagements performed under the Public Company Accounting Oversight Board (PCAOB) standards. The bill also revises educational requirements for aspiring Certified Public Accountants (CPAs), requiring a baccalaureate or post-baccalaureate degree with an accounting concentration or equivalent, and adjusts experience requirements for licensure. It clarifies rules for individuals licensed in other states practicing in Missouri, emphasizing "mobility" and reciprocity over "substantial equivalency" in some contexts, and outlines conditions for temporary practice. The legislation also updates requirements for CPA firms, including registration with the Secretary of State and provisions for non-licensee ownership, and introduces a new exemption from firm permit requirements for sole practitioners or single-member LLCs that do not perform attest services. Finally, it refines regulations regarding the use of professional titles, the prohibition of contingent fees and commissions in certain situations, and the process for peer reviews of accounting firms.