Notice is hereby given that the following correction has been made to the proposed rule in Vol. 38 No. 34, August 24, 2012 issue of the Florida Administrative Register.

Although the Notice of Proposed Rulemaking stated that a Statement of Estimated Regulatory Costs (SERC) had been prepared and available, and a summary of the SERC was provided, a revised SERC has been provided to meet the requirements of subsection 120.541(2), Florida Statutes. The following is a Summary of the Statement of Estimated Regulatory Costs approved by the Board of Accountancy at a meeting held on November 16, 2012:

· The rule is not likely to directly or indirectly have an adverse impact on economic growth; private-sector job creation or employment, or private-sector investment in excess of $1 million in the aggregate within 5 years after the implementation of the rule.

· The rule is not likely to directly or indirectly have an adverse impact on business competitiveness, including the ability of persons doing business in the state to compete with persons doing business in other states or domestic markets, productivity, or innovation in excess of $1 million in the aggregate within 5 years after the implementation of the rule.

· The rule is not likely to directly or indirectly to increase regulatory costs, including any transaction costs, in excess of $1 million in the aggregate within 5 years after the implementation of this rule.

· The number of individuals and entities likely to be required to comply with the rule based on the number of applicants for CPA firm licensure over the last three fiscal years will be approximately 464 applicants annually.

· The department will not incur any costs for implementing or enforcing the proposed rule.

· There will be no cost to any other state and local government entities of implementing the proposed rule.

· Costs to the licensees to comply with the rule should be minimal because only a potential licensee who elects the letter of credit option would need to comply.

· The estimated number of small businesses that would be subject to the rule is 100-499.

· There is no small county or small city that will be impacted by the rule.

This correction does not affect the substance of the rule as it appeared in the Florida Administrative Weekly as outlined above.

THE PERSON TO BE CONTACTED REGARDING THE ABOVE CORRECTION IS: Veloria A. Kelly, Division Director, Board of Accountancy, 240 NW 76^th Drive, Suite A, Gainesville, Florida 32607.