Professional Issues

Illinois enacted mobility legislation that will make it easier for out-of-state CPAs to serve clients. The new law includes the following provisions:

Out-of-state CPAs holding a valid CPA license in another state will not need to obtain an Illinois license, registration or temporary practice permit to practice public accounting in Illinois or hold themselves out as a CPA in Illinois.

Out-of-state CPAs exercising the practice privilege above agree to comply with the Illinois Public Accounting Act and be subject to the disciplinary jurisdiction of the Illinois Department of Financial & Professional Regulation.

Any CPA firm that does not have an office in Illinois but performs audit services for an Illinois-based entity must hold a valid Illinois public accounting firm license.

The AICPA Accounting and Review Services Committee issued a proposed Statement on Standards for Accounting and Review Services titled Defining Professional Requirements in Statements on Standards for Accounting and Review Services.

The ARSC believes that by defining, in a fashion similar to SAS no. 102, the levels of responsibilities that accountants have in compilation and review engagements, standards for those engagements will be clarified and consistent with the standards for audit engagements.

The proposed SSARS defines two categories of professional requirements: unconditional requirements, indicated by the words “must” or “is required”; and presumptively mandatory requirements, indicated by the word “should.”

The proposed SSARS, if issued as a final standard, would be effective upon issuance. The proposal is available at


Year-end tax planning and what’s new for 2016

Practitioners need to consider several tax planning opportunities to review with their clients before the end of the year. This report offers strategies for individuals and businesses, as well as recent federal tax law changes affecting this year’s tax returns.


News quiz: Retirement planning, tax practice, and fraud risk

Recent reports focused on a survey that gauges the worries about retirement among CPA financial planners’ clients, a suit that affects tax practitioners, and a guide that offers advice on fraud risk. See how much you know with this short quiz.


Bolster your data defenses

As you weather the dog days of summer, it’s a good time to make sure your cybersecurity structure can stand up to the heat of external and internal threats. Here are six steps to help shore up your systems.