On Wednesday, Feb. 20, the Senate Regulated Industries Committee heard SB 1706, relating to mandatory peer review. In the absence of bill sponsor Sen. Lisa Carlton (R-Osprey), SB 1706 was presented by Sen. Tom Lee (R-Brandon).  After a very brief description of the bill, the committee heard public testimony.

FICPA Executive Director Lloyd A. "Buddy" Turman testified on behalf of the FICPA in opposition to SB 1706. "While we are committed to the highest quality in the profession, the peer review process is no panacea," Turman noted. "We have seen the benefit of firms that undergo a peer review, but the process is not a 'be-all, end-all.' It will not ensure public protection against fraud or unscrupulous management.

"In summary, it is bad public policy for all Florida CPA firms to be subjected to a mandatory peer review program. Insult becomes injury when the peer review becomes the basis for disciplinary actions as set forth in this proposal."

No other parties testified on SB 1706, and the committee asked no questions of Turman.  Without any discussion, the committee voted unanimously 12-0 in favor of SB 1706. At this time, there is no House companion bill.

• To view Turman's full testimony, please click here.
  
• To view bill text for SB 1706, please click here.