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| October, 2003 | The
Monthly Newspaper of the NYSSCPA |
Vol.
6, No. 10 |
SED Postpones Action on Regents Rule Changes
By Dennis O’Leary, Legislative Counsel
Continued from the Home Page
The rule changes would have brought certain Sarbanes-Oxley–type restrictions to licensees that provide professional services to publicly traded companies; established specific reportable events that licensees must report to the SED; required licensees and firms to report to the department the receipt of qualified peer review or quality review reports; and established standards for acceptance of commissions and contingency fees.
The rule was proposed for public comment on April 23. The New York State Society of CPAs initiated a grassroots letter-writing campaign regarding the adverse impact of these proposals on the CPA profession. The goal of the campaign was to persuade the Regents to defer to the state legislature on accountancy reform.
Another significant factor in the delay was unanimous passage by the state Senate of Sen. Kenneth LaValle’s accountancy reform bill, S.302-D.
“We are pleased that the State Education Department will be assessing additional public comments received on these proposed amendments,” NYSSCPA President Jeffrey Hoops said. “Our goal of striving for sensible regulation that will protect the public interest is important to all the parties involved.”
In a memo, Dustin stated that the item will be rescheduled for discussion with the Board of Regents, and the amendments will be republished in the State Register and posted on the SED’s website, and will be included on the Regents’ agenda, after additional public comments are assessed. He added that, at this time, no future date for additional action has been determined.
The original rule proposal will expire on Oct. 20 if no further action is taken on it by the SED. Also, if the SED subsequently issues a new proposed rule after Oct. 20, that new proposal would have a 45-day public comment period. Any further action by the department will be highlighted on the Society’s website, www.nysscpa.org.
