Reference is to the bill as introduced.
Amend the bill, as and if amended, deleting all after the enacting words and inserting:
/ SECTION 1. Section
40-2-10(B) of the 1976 Code is amended to read:
"(B) The board
shall elect annually from among its members a chairman, a vice
chairman, and a secretary. The board shall meet at least two
times a year at places fixed by the chairman. Meetings of the
board must be open to the public except those concerned with
investigations under Sections Section
40-2-80 and 40-2-90 and except as necessary to
protect confidential information in accordance with board
regulations or, federal law, state
law, or Section 40-2-90(C). A majority of the board
members in office constitutes a quorum at any meeting of the
board. A board member shall attend meetings or provide proper
notice and justification of inability to attend. Unexcused
absences from meetings may result in removal from the board as
provided for in Section 1-3-240."
SECTION 2. Section 40-2-20(5) of the 1976 Code is amended to read:
"(5) 'Compilation'
means providing a service to be performed in accordance with
Statements on Standards for Accounting and Review Services
(SSARS) that presents in the form of financial
statements, information representative of management (owners)
without undertaking expression of any assurance on the
statements in which the objective of the accountant
is to apply accounting and financial reporting expertise to
assist management in the presentation of financial statements
and reports in accordance with this section without undertaking
to obtain or provide any assurance that there are no material
modifications that should be made to the financial statements in
order for them to be in accordance with the applicable financial
reporting framework."
SECTION 3. Section 40-2-35 (F)(1) of the 1976 Code is amended to read:
"(1) Upon
the implementation of a computer-based examination, A
candidate may take the required test sections individually and
in any order. Credit for any test section passed is valid for
eighteen months from the actual date the candidate took that
test section, without having to attain a minimum score on any
failed test section and without regard to whether the candidate
has taken other test sections.
(a)
A candidate must pass all four test sections of the
Uniform CPA Examination within a rolling eighteen-month period,
which begins on the date that the first test section is passed.
The board by regulation may provide additional time to an
applicant on active military service. The board also may
accommodate any hardship which results from the conditions of
administration of the examination.
(b)
A candidate cannot retake a failed test section in the
same examination window. An examination window refers to a
three-month period in which candidates have an opportunity to
take the CPA examination. If all four test sections of the
Uniform CPA Examination are not passed within the rolling
eighteen-month period, credit for any test section passed
outside the eighteen-month period expires and that test section
must be retaken.
(c)
A candidate who applies for a license more than three
years after the date upon which the candidate passed the last
section of the Uniform CPA Examination must document one hundred
twenty hours of acceptable continuing professional education in
order to qualify, in addition to all other requirements imposed
by this section."
SECTION 4. Section 40-2-40(C)(7)(b) of the 1976 Code is amended to read:
"(b) Noncertified public accountant owners must complete the same number of hours of continuing professional education as licensed certified public accountants in this State. However, in each three year period, as established by the board, six of the hours must be in ethics, and at least two of these hours must be a board-approved South Carolina Accountancy Rules and Regulations course."
SECTION 5. Section 40-2-80(E) of the 1976 Code is amended to read:
"(E) The testimony and documents submitted in support of the complaint or gathered in the investigation must be treated as confidential information and must not be disclosed to any person except law enforcement authorities and, to the extent necessary in order to conduct the investigation, the subject of the investigation, persons whose complaints are being investigated, and witnesses questioned in the course of the investigation. All proceedings related to the investigations and inquiries during the investigation process undertaken pursuant to this chapter are confidential, unless the licensee or registrant who is the subject of the investigation or inquiry waives the confidentiality of the existence of the complaint."
SECTION 6. Section 40-2-90(C) of the 1976 Code is amended to read:
"(C) If a
hearing is to be held, the licensee or registrant has the
right to be present and, to present
evidence and argument on all issues involved, to present and to
cross examine witnesses, and to be represented by
counsel, at the licensee's or registrant's
expense. For the purpose of these hearings, the board may
require by subpoena the attendance of witnesses
and, the production of documents and
other evidence, and may administer oaths and hear
testimony, either oral or documentary, for and against the
accused licensee. All investigations, inquiries, and
proceedings undertaken pursuant to this chapter are
confidential, except as otherwise provided for All
evidence, including the records the hearing panel considers,
must be made part of the record in the proceedings. These
hearings must be open to the public, except:
(1)
as necessary to protect confidential information in
accordance with federal or state law; and
(2)
as necessary to protect confidential information provided
by a client for whom a licensee performs services, or the heirs,
successors, or personal representatives of the client."
SECTION 7. Section 40-2-240(A) of the 1976 Code is amended to read:
"(A) The board may
issue a license to a holder of a certificate, license, or permit
issued under the laws of any state or territory of the United
States or the District of Columbia or any authority outside the
United States upon a showing of substantially equivalent
education, examination, and experience upon the condition that
the applicant:
(1)(a)
received the designation, based on educational and
examination standards substantially equivalent to those in
effect in this State, at the time the designation was granted;
and
(2b) completed
an experience requirement, substantially equivalent to the
requirement provided for in Section 40-2-35(F), in the
jurisdiction which granted the designation or has engaged in
four years of professional practice, outside of this State, as a
certified public accountant within the ten years immediately
preceding the application; and
(3c) passed a
uniform qualifying examination in national standards and an
examination on the laws, regulations, and code of ethical
conduct in effect in this State acceptable to the board; and
(4d) listed
all jurisdictions, foreign and domestic, in which the applicant
has applied for or holds a designation to practice public
accountancy or in which any applications have been denied;
and
(5e)
demonstrated completion of eighty hours of qualified CPE
within the last two years; and
(6f) filed an
application and pays an annual fee sufficient to cover the cost
of administering this section.
(2)(a)
satisfies the requirements of item (1)(c), (d),
(e), and (f);
(b)
holds a valid license issued by any other state
before January 1, 2012; and
(c)
has engaged in four years of professional
practice, outside of this State, as a certified public
accountant within the ten years immediately preceding the
application."
SECTION 8. Section 40-2-340 of the 1976 Code is amended to read:
"Section 40-2-340.
An accounting practitioner or firm of accounting
practitioners is permitted to associate his or the firm's name
with compiled financial statements as defined by Professional
Standards for Accounting and Review Services, provided
the following disclaimer is used:
'I (we) have compiled the
accompanying balance sheet of XYZ Company as of December 31,
XXXX, and the related statements of income, retained earning and
cash flows for the year then ended, in accordance with
statements on Standards for Accounting and Review Services
issued by the American Institute of Certified Public
Accountants. A compilation is limited to presenting, in the form
of financial statements, information that is the representation
of management (owners). I (we) have not audited or reviewed the
accompanying financial statements and I am (we are) prohibited
by law from expressing an opinion on them.' a
disclaimer is used that complies with the most recent version of
the statement on Standards for Accounting and Review Services
issued by the American Institute of Certified Public Accountants
and a statement in the report that provides:
'I (we) have not audited or reviewed the
accompanying financial statements and I am (we are) prohibited
by law from expressing an opinion on them'."
SECTION 9. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.