In New York, proposed legislation may reform the official definition and oversight of the CPA role. The bill is intended to update a moldy accountancy law that's been on the books for almost 60 years. It would make peer review mandatory for all CPAs in public practice, update the scope of services CPAs perform, regulate CPAs in all spheres of service (such corporate work or in a practice), expand qualifications leading to licensure and upgrade requirements for continuing professional education. Sen. Ken LaValle (R-1) is the sponsor of Bill S05240, which passed the State Senate on May 30. The Assembly is currently considering its version of the bill.
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N.Y./N.J.: Generalists Still Needed [JITM]
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