The Board proposes the rule amendment to clarify the responsibilities of the Peer Review Oversight Committee.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Board of Accountancy

RULE NO.: RULE TITLE:

61H1-39.004Peer Review Oversight Committee and Responsibilities

PURPOSE AND EFFECT: The Board proposes the rule amendment to clarify the responsibilities of the Peer Review Oversight Committee.

SUMMARY: The responsibilities of the Peer Review Oversight Committee will be clarified.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its Board meeting, the Board, based upon the expertise and experience of its members, determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 473.3125, 473.304 FS.

LAW IMPLEMENTED: 473.3125(3) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Veloria A. Kelly, Division Director, Board of Accountancy, 240 NW 76th Drive, Suite A, Gainesville, Florida 32607.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

61H1-39.004 Peer Review Oversight Committee Composition and Responsibilities.

(1) through (3) No change.

(4) Responsibilities of the PROC shall include:

(a) Recommending to the Board the approval or termination of peer review administering entities, peer review programs and peer review standards; and

(b) Monitoring and assessing the effectiveness of the peer review programs and peer review standards, and

(c) Providing a written report to the Board no later than December 1, 2016, and annually thereafter, which includes:

(i) A message from the PROC Chair;

(ii) A summary of the background and PROC responsibilities;

(iii) A list of PROC members;

(iv) A list of Board-approved AEs;

(v) A summary of PROC activities and accomplishments during the prior year;

(vi) A chart of the number of Firms that were enrolled at the beginning of the year and at the end of the year with accompanying notes regarding newly enrolled or terminated Firms; and

(vii) Findings and concluding recommendations regarding the adequacy of Florida’s Peer Review Program and any suggested changes to Florida Statutes and the Florida Administrative Code.

Rulemaking Authority 483.3125, 473.304 FS. Law Implemented 473.3125(3) FS. History‒New 5-4-14, Amended                   .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Board of Accountancy

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Board of Accountancy

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: November 6, 2015

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: December 11, 2015