Synopsis As Introduced Amends the Illinois Public Accounting Act. Provides that any individual who is the holder of a current and valid license as a certified public accountant of any state who has properly applied to the Department of Financial and Professional Regulation for licensure by endorsement may perform accountancy activities until the expiration of 6 months after the filing of the application or until the denial of the application by the Department, whichever occurs earlier. Provides that any licensed CPA who is a sole practitioner and who has permitted his or her license to expire or become inactive is required to complete the peer review process established under the Act in order to have his or her license restored by the Department. Further provides that any firm that has permitted its license to expire may have its license restored by making application to the Department, filing proof acceptable to the Department of its fitness for licensure, paying the required restoration fee, and completing the peer review process.
House Committee Amendment No. 1 Provides that any individual who is the holder of a current, valid, and not previously disciplined license (rather than a current and valid license) as a certified public accountant of any state who has applied in writing to the Department of Financial and Professional Regulation for a CPA license may perform accountancy activities until the earlier of the expiration of 6 months after filing the written application or the denial of the application by the Department. Further provides that any such individual performing accountancy activities shall be subject to discipline in the same manner as an individual licensed under the Act.