4701-11-10 Application of ethics rules to non-CPA owners.

 

 

 

Rule Summary and Fiscal Analysis (Part A)

 

Accountancy Board

Agency Name

 

Donna Oklok

Division                                                                  Contact

 

77 South High St. 18th floor Columbus OH 43215-6128

614-728-3004

Agency Mailing Address (Plus Zip)                                       Phone                     Fax

[e-mail]

Email

4701-11-10

Rule Number

AMENDMENT

TYPE of rule filing

Rule Title/Tag Line              Application of ethics rules to non-CPA owners.

RULE SUMMARY

1.  Is the rule being filed for five year review (FYR)? Yes

2.  Are you proposing this rule as a result of recent legislation? No

3.  Statute prescribing the procedure in accordance with the agency is required to adopt the rule: 119.03

4.  Statute(s) authorizing agency to adopt the rule: 4701.03

5.  Statute(s) the rule, as filed, amplifies or implements: 4701.03

6.  State the reason(s) for proposing (i.e., why are you filing,) this rule:

This rule sets forth parameters regarding the application of ethics rules to non-CPA owners of public accounting firms in Ohio.

7.  If the rule is an AMENDMENT, then summarize the changes and the content of the proposed rule; If the rule type is RESCISSION, NEW or NO CHANGE, then summarize the content of the rule:

Minor grammar and spelling changes; removing the specifying words "agency" and "organization" for the purposes of standardization.

8.  If the rule incorporates a text or other material by reference and the agency claims the incorporation by reference is exempt from compliance with sections

121.71 to 121.74 of the Revised Code because the text or other material is generally available to persons who reasonably can be expected to be affected by the rule, provide an explanation of how the text or other material is generally available to those persons:

The material referenced in this rule is available via embedded links to information which are readily available online in its most current form from the originating entity.

9.  If the rule incorporates a text or other material by reference, and it was infeasible for the agency to file the text or other material electronically, provide an explanation of why filing the text or other material electronically was infeasible:

The referenced texts and other material pertain to standards and rules of entities which are not under Ohio jurisdiction and the content of the material/text may change or be updated without notice.

10.  If the rule is being rescinded and incorporates a text or other material by reference, and it was infeasible for the agency to file the text or other material, provide an explanation of why filing the text or other material was infeasible:

Not Applicable.

11.  If revising or refiling this rule, identify changes made from the previously filed version of this rule; if none, please state so. If applicable, indicate each specific paragraph of the rule that has been modified:

The authorizing and amplification statutes were corrected in the RSFA.

12.  Five Year Review (FYR) Date: 9/26/2016

(If the rule is not exempt and you answered NO to question No. 1, provide the scheduled review date. If you answered YES to No. 1, the review date for this

rule is the filing date.)

NOTE: If the rule is not exempt at the time of final filing, two dates are required: the current review date plus a date not to exceed 5 years from the effective date for Amended rules or a date not to exceed 5 years from the review date for No Change rules.

FISCAL ANALYSIS

13.  Estimate the total amount by which this proposed rule would increase / decrease either revenues / expenditures for the agency during the current biennium (in dollars): Explain the net impact of the proposed changes to the budget of your agency/department.

This will have no impact on revenues or expenditures. 0

Not applicable.

14.  Identify the appropriation (by line item etc.) that authorizes each expenditure necessitated by the proposed rule:

Not applicable.

15.  Provide a summary of the estimated cost of compliance with the rule to all directly affected persons. When appropriate, please include the source for your information/estimated costs, e.g. industry, CFR, internal/agency:

Not applicable.

16.  Does this rule have a fiscal effect on school districts, counties, townships, or municipal corporations? No

17.  Does this rule deal with environmental protection or contain a component dealing with environmental protection as defined in R. C. 121.39? No

S.B. 2 (129th General Assembly) Questions

18.  Has this rule been filed with the Common Sense Initiative Office pursuant to

R.C. 121.82? Yes

19.  Specific to this rule, answer the following:

A.) Does this rule require a license, permit, or any other prior authorization to engage in or operate a line of business? Yes

All persons who own a public accounting firm in the state of Ohio must be licensed as a Certified Public Accountant or Public Accountant, or be approved by the Accountancy Board of Ohio.

B.) Does this rule impose a criminal penalty, a civil penalty, or another sanction, or create a cause of action, for failure to comply with its terms? Yes

Non-compliance with this rule could result in a hearing before the Accountancy Board, civil penalties leveled by the Board, or other administrative action.

C.) Does this rule require specific expenditures or the report of information as a condition of compliance? No