STAND. COM. REP. NO.3057

Honolulu, Hawaii

, 2002

RE: H.B. No. 2854

H.D. 1

S.D. 1

 

 

Honorable Robert Bunda

President of the Senate

Twenty-First State Legislature

Regular Session of 2002

State of Hawaii

Sir:

Your Committee on Commerce, Consumer Protection and Housing, to which was referred H.B. No. 2854, H.D. 1, entitled:

"A BILL FOR AN ACT RELATING TO ACCOUNTANCY,"

begs leave to report as follows:

The purpose of this measure is to clarify the examination requirements for licensure as a certified public accountant.

Testimony in support of this measure was received from the Board of Accountancy; Hawaii Society of Certified Public Accountants; Hawaii Association of Public Accountants; Torkildson, Katz, Fonseca, Jaffe, Moore and Hetherington (Torkildson); and three individuals. Testimony in opposition was received from Price Waterhouse Coopers.

Your Committee first notes that H.B. No. 2854 made many changes to chapter 466, Hawaii Revised Statutes, relating to public accountancy. However, H.B. No. 2854, H.D. 1, contained amendments to only two sections, which were apparently agreed upon by the affected parties but the amendments in the bill do not reflect the amendments desired by the interested parties. Your Committee cites the testimony of Torkildson, "Everyone agreed, and still agrees, that this bill should address only the requirements for taking the CPA exam."

Your Committee has amended the bill to limit the amendments to section 466-5.5, Hawaii Revised Statutes, which will allow a candidate with 120 hours of education under section 466-5, Hawaii Revised Statutes, to take the CPA examination while retaining the 150 hour education requirement for licensure.

As affirmed by the record of votes of the members of your Committee on Commerce, Consumer Protection and Housing that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 2854, H.D. 1, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 2854, H.D. 1, S.D. 1, and be referred to the Committee on Ways and Means.

Respectfully submitted on behalf of the members of the Committee on Commerce, Consumer Protection and Housing,

____________________________

RON MENOR, Chair