PRINTER'S NO. 3717
No. 2578 Session of 2002
INTRODUCED BY G. WRIGHT, THOMAS, BELFANTI, BEBKO-JONES,
COLAFELLA, CORRIGAN, COY, CREIGHTON, CURRY, DeLUCA, J. EVANS,
FAIRCHILD, FREEMAN, HARHAI, HORSEY, KELLER, McGEEHAN, MUNDY,
READSHAW, SANTONI, SEMMEL, SHANER, SOLOBAY, STABACK,
STEELMAN, TANGRETTI, TIGUE, WALKO, WANSACZ, WASHINGTON,
WATERS, WOJNAROSKI, GEORGE, HENNESSEY, JAMES, McCALL, MELIO,
PISTELLA, RUBLEY AND J. TAYLOR, APRIL 17, 2002
REFERRED TO COMMITTEE ON PROFESSIONAL LICENSURE, APRIL 17, 2002
AN ACT
1 Amending the act of May 26, 1947 (P.L.318, No.140), entitled, as
2 amended, "An act relating to the practice of public
3 accounting; providing for the examination, education and
4 experience requirements for certification of certified public
5 accountants and for the licensing of certified public
6 accountants, public accountants and firms; requiring
7 continuing education and peer review; providing for the
8 organization and ownership of firms and for the procedures
9 and grounds for discipline and reinstatement of licensees;
10 prescribing the powers and duties of the State Board of
11 Accountancy and the Department of State; providing for
12 ownership of working papers and confidentiality; regulating
13 the professional responsibility of licensees; defining
14 unlawful acts and acts not unlawful; providing penalties; and
15 repealing existing laws," further providing for discipline.
16 The General Assembly of the Commonwealth of Pennsylvania
17 hereby enacts as follows:
18 Section 1. Section 9.1(a) of the act of May 26, 1947
19 (P.L.318, No.140), known as the CPA Law, reenacted and amended
20 December 8, 1976 (P.L.1280, No.286), is amended by adding
21 clauses to read:
22 Section 9.1. Grounds for Discipline.--(a) In accordance
1 with the procedure provided in section 9 of this act, the board
2 may revoke, suspend, limit or otherwise restrict the certificate
3 of a certified public accountant or the registration of a public
4 accountant, may revoke, suspend, limit or otherwise restrict any
5 license issued under this act, may censure or publicly reprimand
6 the holder of any certificate, registration or license, may
7 require completion of general or a specific number of continuing
8 professional education courses or may require more frequent peer
9 review or other remedial action for any one or any combination
10 of the following causes:
11 * * *
12 (17) Directly or indirectly serving as both a certified
13 public accountant or a public accountant and as an investment
14 advisor to a client or potential client. As used in this clause,
15 the term "investment advisor" has the meaning given in section
16 202(a)(11) of the Investment Advisers Act of 1940 (54 Stat. 847,
17 15 U.S.C. § 80b-2(a)(11)).
18 (18) Directly or indirectly providing both management
19 advisory services and consultant services for a client or
20 potential client.
21 * * *
22 Section 2. This act shall take effect in 60 days.
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