Modifies provisions relating to certified public accounting firms

HB 46 modifies licensing rules for certified public accounting (CPA) firms operating in the state. It requires firms with a physical office in the state offering financial audits or compilation services to hold a state-issued permit, while out-of-state firms can provide these services only if they meet specific qualifications, undergo peer reviews, and use a licensed individual based in the state. The bill also mandates that all CPA firms register with the secretary of state (with limited exemptions for sole proprietorships and certain partnerships), sets rules for firm ownership requiring majority licensee control, and requires peer reviews every three years. Additionally, it clarifies that firms must use accurate names reflecting their legal structure and ownership, and must report ownership changes or disciplinary actions to the board. These changes directly affect CPA firms, their owners, and licensed professionals providing accounting services in the state.