Standards for Recommendations
The following guidelines are to frame the Committee's deliberations and decision making:
- Statutory Authority - the recommended independence rule must be within the parameters of statutory authority delegated to the Board by the Public Accountancy Act and comply with Federal and State laws.
- Public Protection and Dependability of Information - the recommendation must support the Board's purpose to protect the public interest and promote the dependability of financial information.
- Small Business Impact - the ideal recommendation will not have more than a minor impact on small businesses.
- Fairness and Equitability - the ideal recommendation will result in fair and equitable treatment of regulated individuals and firms.
- Importance of Participation by the Public - the Committee is to solicit and ensure extensive and broad participation by all stakeholders and constituent groups.
- Compatibility - the ideal recommendation will be compatible with other regulations and, potentially, professional standards.
- Clear Rule Writing - the recommended independence rule is to conform to the Governor's recommended clear rule writing style.
- Seven Regulatory Improvement Criteria - the Committee is to ensure the recommended independence rule meets the seven criteria defined in the Board's Regulatory Improvement Plan.