4701-13-03. Public accounting firm insurance requirement

Each public accounting firm in Ohio not organized as a proprietorship or general partnership shall provide written evidence satisfactory in form and substance to the board and shall provide a certification satisfactory in form and substance to the board as part of its triennial registration that it has purchased and will maintain in effect until its next registration professional liability insurance as follows:

(A) Public accounting firms with up to four partners, shareholders, members or other Ohio permit holders or foreign certificate holders shall purchase and maintain no less than two hundred fifty thousand dollars of professional liability insurance.

(B) Public accounting firms with five to nine partners, shareholders, members or other Ohio permit holders or foreign certificate holders shall purchase and maintain no less than five hundred thousand dollars of professional liability insurance.

(C) Public accounting firms with ten or more partners, shareholders, members or other Ohio permit holders or foreign certificate holders shall purchase and maintain no less than one million dollars of professional liability insurance.

Effective: 9/1/2020
Five Year Review (FYR) Dates: 09/01/2025
Promulgated Under: 119.03
Statutory Authority: 4701.03, 4701.04
Rule Amplifies: 4701.04
Prior effective dates: 7/5/1984, 11/5/1992, 6/3/1993, 12/10/1993, 9/19/1994, 8/5/1999, 7/31/2003, 10/22/2004, 1/3/2007, 7/16/2009, 1/5/2010, 4/28/2011, 8/12/2015