STAND. COM. REP. NO.  947-16

Honolulu, Hawaii

                , 2016

RE:   H.B. No. 1669

      H.D. 2

Honorable Joseph M. Souki

Speaker, House of Representatives

Twenty-Eighth State Legislature

Regular Session of 2016

State of Hawaii

Sir:

     Your Committee on Finance, to which was referred H.B. No. 1669, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO PUBLIC ACCOUNTANCY,"

begs leave to report as follows:

The purpose of this measure is to:

     (1)  Allow peer reviews to be conducted by individuals licensed to practice public accountancy in any state;

     (2)  Extend the deadline for the filing of peer review compliance reporting forms and the appeal of certain peer review ratings from ten days to thirty calendar days;

     (3)  Allow members of the Public Accountancy Peer Review Oversight Committee (Committee) to be reimbursed for expenses;

     (4)  Protect the members of the Committee from civil liability for actions done in furtherance of the purposes of the Committee; and

     (5)  Define the term "Hawaii attest work".

The Board of Public Accountancy provided comments on this measure.

     Your Committee has amended this measure by:

     (1)  Changing its effective date to July 1, 2030, to facilitate further discussion; and

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1669, H.D. 1, as amended herein, and recommends that it pass Third Reading in the form attached hereto as H.B. No. 1669, H.D. 2.

Respectfully submitted on behalf of the members of the Committee on Finance,

____________________________

SYLVIA LUKE, Chair