(2)__Receive a contingency fee from a client; or

B.__Prepare an original or amended tax return or claim for a tax refund for a contingent fee.

Notwithstanding paragraph A, a licensee when providing a defined service may receive a contingency fee if the licensee's compilation report discloses in writing a lack of independence.

The prohibitions apply during the period in which the licensee is engaged to perform any of the services listed in this section and the period covered by any historical financial statements involved in any of the listed services.

As used in this subsection a "contingent fee" or "contingency fee" means a fee established for the performance of any service pursuant to an arrangement in which no fee is charged unless a specified finding or result is attained or in which the amount of the fee is otherwise dependent upon the finding or result of the service.__For purposes of this subsection, fees are not regarded as being contingent if fixed by courts or other public authorities or, in tax matters, if determined based on the results of judicial proceedings or the findings of governmental agencies.__A licensee's fees may vary depending on the complexity of services rendered.

Sec. 14. Transition provision. Any member on the Board of Accountancy on the effective date of this Act serves the remainder of the term to which they have been appointed.

SUMMARY

This bill makes the following changes to accountancy law.

1. It creates new defined terms: "defined service" and "substantial equivalency."

2. It makes changes in the composition of the Board of Accountancy by permitting, but no longer requiring, that one of the professional members may be a public accountant and by adding a 2nd public member to the board.

3. It revises the education requirements for those eligible to sit for the certified public accountant examination by allowing applicants to sit for the examination up to 120 days prior to completion of their education requirements.