The Board of Examiners adopted amendments to the Part titled Certificate of Education and Examination Requirements, implementing the Illinois Public Accounting Act. The amendments establish new education requirements for applicants seeking to take the Uniform Certified Public Accountant Examination.
Effective December 2003, information regarding the educational requirements, the application process, the examination, and fees connected to the Public Accounting exam became available on the Board of Examiner's web site, as well as in printed documents available from the board's office.
Effective immediately, compliance audits are to be performed in accordance with attestation standards issued by the American Institute of Certified Public Accountants, related AICPA Statements on Standards for Attestation Engagements.
On December 18, 2003, the Illinois Supreme Court affirmed the trial and appellate courts' application of the "audit interference" doctrine, limiting consideration of the plaintiff's comparative negligence to instances in which it contributed to the accountant's failure to properly perform an audit.
Do the new requirements governing retention, destruction and alteration of financial records apply to e-mail and other electronic documents? It's better to be safe than sorry.
