The Florida Board chose the third option, and to comply with this requirement, Florida developed a new service called an "assembly" of financial statements. (See Appendix A for a description of this assembly service.) The Florida Board believed that this approach would be the least radical departure from the current system while providing for regulation over financial statement services delivered by CPAs in unlicensed CPA firms. If the AICPA subsequently changes its rules to allow all CPAs to perform compilations, it is our understanding that the Florida leadership would readdress the issue.

Florida’s new structure regulates licensed CPAs who perform accounting and tax services for the public, regardless of their form of practice. It creates a "licensed audit firm" designation that is significant because only licensed audit firms may perform audits, reviews, and compilations. Sole proprietors can become licensed audit firms by applying and paying the licensure fee. The scope of practice of a licensed audit firm is the same as it was before. This new structure closely parallels the Third Edition of the Uniform Accountancy Act (UAA) with the significant difference being that all licensed CPAs may perform an assembly service.

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