Accountancy Bill Gets a Read

New York—The latest New York state effort to update and reform accountancy regulation took a first step toward passage in the first half of May.

The bill, S-4642, which was referred to the Senate Higher Education committee on April 18, was scheduled for its first report to the full body on May 18.

The legislation, sponsored by Kenneth LaValle (R-Port Jefferson), would expand scope of practice to include nonaudit services such as tax planning and advice. It would lay down specific rules governing disciplinary hearings, would make new peer-review requirements, and would initiate other changes in an attempt to bring regulation of the profession up to date.

The New York State Society of CPAs supports the legislation, which would mark the first major overhaul of professional regulation since 1947. Society officials have been cautiously optimistic about the possibility of this bill becoming law.

To read the full text of the proposed bill, go to www.nysscpa.org and click on the “S04642” link under the “Gov’t Center” heading.