Reference is to the bill as introduced.
Amend the bill, as and if amended, by deleting all after the enacting words and inserting:
/ SECTION 1. Section 40-2-10 of the 1976 Code is amended by adding an appropriately lettered subsection at the end to read:
"( )(1) The
director, with the advice and consent of the board, shall
designate for the exclusive use of the board:
(a) one full-time administrator who is a certified public accountant licensed in this State; and
(b) one full-time inspector-investigator who is a certified public accountant licensed in this State who has at least five years experience as a licensed certified public accountant in this State.
(2) The department may not assign work that is not exclusively related to carrying out the purposes of this chapter to a person assigned for the exclusive use of the board under item (1) of this subsection without approval of the board.
(3) A person employed by the board under this section may be terminated by the director."
SECTION 2. Section 40-2-30 of the 1976 Code is amended by adding an appropriately lettered subsection at the end to read:
"( ) Notwithstanding another provision of law, a licensed certified public accountant while in the performance of his duties is exempt from the licensing requirements of Chapter 18 of this title."
SECTION 3. Section 40-2-70 of the 1976 Code is amended to read:
In addition to the powers and duties provided in Section
40-1-70, the board may:
(1) determine the eligibility of applicants for examination and licensure;
(2) examine applicants for licensure including, but not limited to:
(a) prescribing the subjects, character, and manner of licensing examinations;
(b) preparing, administering, and grading the examination or assisting in the selection of a contractor to prepare, administer, or grade the examination;
(c) charging, or authorizing a third party administering the examination to charge, each applicant a fee in an adequate amount to cover examination costs;
(3) establish criteria for issuing, renewing, and reactivating authorizations for qualified applicants to practice, including issuing active or permanent, temporary, limited, and inactive licenses or other categories as may be created;
(4) adopt a code of professional ethics appropriate to the profession;
(5) evaluate and approve continuing education course hours and programs;
(6) conduct periodic inspections of licensees or firms;
conduct hearings on alleged violations of this chapter and
regulations promulgated under this chapter;
participate in national efforts to regulate the accounting
discipline licensees or registrants in a manner provided
for in this chapter;
project future activity of the program based on historical
trends and program requirements, including the cost of licensure
and renewal, conducting investigations and proceedings,
participating in national efforts to regulate the accounting
profession, and providing educational programs for the benefit
of the public and licensees and their employees;
issue safe harbor language nonlicensees may use in
connection with financial statements, transmittals, or financial
information which does not purport to be in compliance with the
Statements on Standards for Accounting and Review Services
promulgate regulations that have been submitted to
the director at least thirty days in advance of filing with the
Legislative Council as required by Section 1-23-30, including,
but not limited to, a schedule of fees for examination,
licensure, and regulation; and
promulgate standards for peer review."
SECTION 4. Section 40-2-80(A) of the 1976 Code is amended to read:
department, upon receipt of a complaint or other information
suggesting violation of this chapter or of regulations
promulgated pursuant to this chapter, shall direct the
investigator assigned to the board for its exclusive use under
Section 40-2-10(A) to conduct an appropriate investigation
to determine whether
there is probable cause
exists to institute proceedings. An investigation under
this section is not a prerequisite to conducting proceedings if
a determination of probable cause can be made without
investigation. In aid of investigations, the administrator of
the board may issue subpoenas to compel witnesses to testify or
to produce evidence, or both."
SECTION 5. Section
40-2-250(F) of the 1976 Code is amended to read:
"(F) A certified public accountant, accounting practitioner, or public accountant whose license has lapsed or has been inactive for:
(1) fewer than three years, the license may be reinstated by applying to the board, submitting proof of completing forty continuing education units for each year the license has lapsed or has been inactive, and paying the reinstatement fee;
(2) three or more years, the license may be reinstated upon completion of six months of additional experience, and one hundred and twenty hours of continuing education;
(3) an indefinite period and has active status outside of this State may reinstate the license by submitting an application under Section 40-2-240."
SECTION 6. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.