New York State Board of Regents voted Dec. 14 to adopt regulations
that implement the mandatory quality review provisions of
New York State's accountancy reform law. The law requires
that every firm that provides attest services in New York
State -- except for sole proprietorships and firms with
two or fewer accounting professionals on staff -- be registered
and receive a quality review every three years. Any firm
who provides Yellow Book services for governmental agencies
is not included in the exemption.
regulations establish a state Quality Review Oversight Committee
(QROC), comprised of five members appointed by the state
Board of Regents who will serve five-year terms, and will
oversee the first mandatory quality review program to be
regulated by New York State.
law requires that the state adopt the regulations implementing
the mandatory program by Jan. 1, 2011, which led the Regents
to vote for both emergency adoption of the regulations,
which become effective Dec. 17, 2010; and final adoption,
which make the same rules permanent on Jan. 5, 2011. The
NYSSCPA strongly supported the creation of a state's mandatory
quality review program and worked with the State Education
Department towards the program's adoption.
J. Dustin, executive secretary of the New York State Board
of Public Accountancy, is pleased with the results and thanks
the NYSSCPA for its hard work and input.
really a reflection of all the time so many people spent
with these regulations," he said. "The
regulations were very well-vetted, so they include everything
I think it is necessary for them to include, which also
made for a very smooth transition."
Jan. 1, 2011 rulemaking deadline specified in the accountancy
reform law is one year in advance
of the Jan.
1, 2012 effective date for New York’s mandatory quality