H*3710 Session 103 (1979-1980)
H*3710(Rat #0507, Act #0436 of 1980) General Bill, By
House Labor, Commerce and Industry
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
40-1-380 so as to provide that the Board of Accountancy shall adopt
regulations relating to continuing education for accountants and to amend
Sections 40-1-90, 40-1-100, 40-1-160, 40-1-190, as amended, 40-1-200,
40-1-240, and 40-1-270 of the 1976 Code, relating to the Board of Accountancy
and licensing of accountants, so as to reconstitute the membership of the
Board, define quorum for Board meetings, provide for the annual report of the
Board, provide for qualifications for applicants for examinations and the
conduct of examinations, to provide for experience requirements for licensing,
to provide that certificates of compliance shall be filed with the Board and
to provide for continuing education requirements; to reauthorize the existence
of the Board.-at
03/26/80 House Introduced, read first time, placed on calendar
without reference HJ-1684
04/02/80 House Read second time HJ-1815
04/03/80 House Read third time and sent to Senate HJ-1872
04/03/80 Senate Introduced and read first time SJ-19
04/03/80 Senate Referred to Committee on Labor, Commerce and
Industry SJ-19
04/10/80 Senate Recalled from Committee on Labor, Commerce and
Industry SJ-5
04/10/80 Senate Committed to Committee on General SJ-5
04/16/80 Senate Committee report: Favorable with amendment
General SJ-37
04/17/80 Senate Amended SJ-17
04/17/80 Senate Read second time SJ-17
04/29/80 Senate READ THIRD TIME SJ-20
04/29/80 Senate Returned SJ-20
04/30/80 House Concurred in Senate amendment and enrolled HJ-2437
04/30/80 House Recalled from Legislative Council HJ-2472
05/15/80 House Reconsidered HJ-2891
05/15/80 House Senate amendment amended HJ-2891
05/15/80 House Returned HJ-2892
05/15/80 Senate Concurred in House amendment and enrolled SJ-2
05/21/80 House Ratified R 507 HJ-2966
05/24/80 Signed By Governor
05/24/80 Effective date 05/24/80
05/24/80 Act No. 436
06/03/80 Copies available
(A436, R507, H3710)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
40-1-380 SO AS TO PROVIDE THAT THE BOARD OF ACCOUNTANCY SHALL ADOPT
REGULATIONS RELATING TO CONTINUING EDUCATION FOR ACCOUNTANTS; AND TO AMEND
SECTIONS 40-1-90, 40-1-100, 40-1-160, 40-1-190, AS AMENDED, 40-1-200, 40-1-240
AND 40-1-270 OF THE 1976 CODE, RELATING TO THE BOARD OF ACCOUNTANCY AND
LICENSING OF ACCOUNTANTS, SO AS TO RECONSTITUTE THE MEMBERSHIP OF THE BOARD,
DEFINE QUORUM FOR BOARD MEETINGS, PROVIDE FOR THE ANNUAL REPORT OF THE BOARD,
PROVIDE FOR QUALIFICATIONS FOR APPLICANTS FOR EXAMINATIONS AND THE CONDUCT OF
EXAMINATIONS, TO PROVIDE FOR EXPERIENCE REQUIREMENTS FOR LICENSING, TO PROVIDE
THAT CERTIFICATES OF COMPLIANCE SHALL BE FILED WITH THE BOARD AND TO PROVIDE
FOR CONTINUING EDUCATION REQUIREMENTS; TO REAUTHORIZE THE EXISTENCE OF THE
BOARD.
Be it enacted by the General Assembly of the State of South Carolina:
Vacancies to be filled
Section 1. Section 40-1-90 of the 1976 Code is amended to read:
"Section 40-1-90. Beginning with the year 1980, the vacancies created
by the expiration of the terms of the two public accountant members of the
Board whose terms expire first shall be filled by two public members not
engaged in the practice of accountancy."
Majority to constitute quorum
Section 2. Section 40-1-100 of the 1976 Code is amended by striking all
after "members" on line three and inserting "." The
section when amended shall read:
"Section 40-1-100. A majority of the membership of the Board shall
constitute a quorum and action shall be by majority vote. The Board may
provide for proxy voting by absent members."
Board to make annual report
Section 3. Section 40-1-160 of the 1976 Code is amended to read:
"Section 40-1-160. The Board shall make an annual report as provided by
law as soon as practicable after the close of its fiscal year which shall end
on June thirtieth."
Examination to be held
Section 4. Section 40-1-190 of the 1976 Code, as last amended by Section 27,
Part II, of Act 219 of 1977, is further amended to read:
"Section 40-1-190. The examination described in Section 40-1-
170 and the special examination referred to in Section 40-1-180 shall be held
by the Board and shall take place as often as the Board shall determine to be
desirable but the examination described in Section 40-1-170 shall be held at
least once each year.
The Board shall advertise the dates of the examinations at least six weeks
prior to the date set in such newspapers as shall provide adequate statewide
notice.
The Board may make such use of all or any part of the uniform certified
public accountants' examination or advisory grading service as it deems
appropriate to assist it in performing its duties.
A candidate for the certificate of certified public accountant who has
successfully completed the examination required under Section 40-1-170 shall
have no status as a certified public accountant unless and until he has the
requisite experience and has received his certificate as a certified public
accountant. The experience required shall be two years of accounting
experience under the supervision and review of a certified public accountant
licensed to practice, whether in public, governmental or private employment.
Such experience shall include experience, satisfactory to the Board, in
applying generally accepted auditing standards to financial statements
prepared in accordance with generally accepted accounting principles.
The Board may by regulation provide for granting a credit to a candidate for
satisfactory completion of a written examination in any one or more of the
subjects provided in Section 40-1-170 given by the licensing authority in any
other state of the United States provided that when he took such examination
he was not a resident of this State. Such regulation shall include such
requirements as the Board shall determine to be appropriate in order that any
examination approved as a basis for any such credit shall, in the judgement of
the Board, be at least as thorough as that included in the most recent
examination given by the Board at the time of the granting of such credit.
The Board may by regulation prescribe the terms and conditions under which a
candidate who passes the examination in one or more of the subjects provided
by Section 40-1-170 may be examined in only the remaining subjects, with
credit for the subjects previously passed. It may also provide by regulation
for a reasonable waiting period for a candidate's reexamination in a subject
he has failed.
During the four year period immediately following July 1, 1980, the
educational requirements shall be a baccalaureate degree conferred by a
college or university recognized by the Board, or qualifications which the
Board determines to be substantially the equivalent of the foregoing.
After the expiration of four years from July 1, 1980, educational
requirements shall be a baccalaureate degree from a college or university
recognized by the Board including a minimum of twenty-four hours or the
equivalent in accounting hours.
The Board shall charge each candidate a fee, to be determined by the Board,
not in excess of one hundred dollars for the initial examination provided for
in Section 40-1-170 and not in excess of one hundred dollars for any special
examination for a waiver of the educational requirements.
Fees for reexamination provided by this section shall also be charged by the
Board in amounts determined by it but not in excess of forty dollars for each
subject in which the candidate is reexamined.
An application for examination or reexamination as prescribed by the Board
shall be submitted and the applicable fee paid at least three weeks prior to
the date of the examination."
Designation as Certified Public Accountant
Section 5. Section 40-1-200 of the 1976 Code is amended by deleting
"and initial licenses as a public accountant" on lines one and two.
The section when amended shall read:
"Section 40-1-200. Certificates of registration as a certified public
accountant issued by the Board shall be signed by the chairman and
secretary-treasurer and the Board shall collect from the recipient a fee not
in excess of twenty-five dollars.
Any person who holds a certificate of registration as a certified public
accountant under this article, which is in full force and effect, shall be
styled and known as a 'certified public accountant' and may also use the
designation 'CPA.' Any certified public accountant may also be known as a
'public accountant'. The Board shall maintain a list of certified public
accountants.
Any person who holds a license as a public accountant under this article,
which is in full force and effect, shall be styled and known
as a 'public accountant' and may also use the designation 'PA'. The Board
shall maintain a list of public accountants."
Board may waive examination
Section 6. Section 40-1-240 of the 1976 Code is amended by deleting the last
paragraph. The section when amended shall read:
"Section 40-1-240. The Board may, in its discretion, upon application
in writing, waive the examination referred to in Section 40-1-170 and issue a
certificate to any person who has the qualifications required by this article
and the rules of the Board when such person "shall submit to the Board
such evidence as to such qualifications as may be required by and be
satisfactory to the Board and when (a) such person for not less than one year
has been the holder of a certificate, license or degree in another state or a
foreign country constituting a recognized qualification for the practice of
public accounting in such state or foreign country, and (b) the standards
prescribed by law or the rules and examinations conducted in such state or
foreign nation are, in the opinion of the Board, fully equivalent to the
standards in this State.
Any nonresident obtaining a certificate in this State under the provisions
of this section shall pay such application, certificate and license fees as
are required of bona fide residents of this State and shall be subject to such
regulations and restrictions as are required of bona fide residents who are
recipients of certificates of registration under this article."
Forms filed with Secretary of Board
Section 7. Item (2) of Section 4~1-270 of the 1976 Code is amended by
striking "40-1-610" on line four and inserting "40-1-380".
The item when amended shall read:
"(2) Effective July 1, 1976, file with the secretary of the Board, on a
form or forms prescribed by the Board for such purpose, a certificate of
compliance with the continuing education requirements necessary for license
renewal as required by Section 40-1-380."
Board to promulgate regulations
Section 8. The 1976 Code is amended by adding:
"Section 40-1-380. The Board shall adopt regulations implementing the
requirements for continuing education which must be met ,by certified public
accountants and public accountants. The Board shall require no less than sixty
hours of continuing educational activities in any two year period. Effective
January 1, 1981, the Board shall require compliance with the regulations as a
prerequisite to the issuance of a current license to practice as a certified
public accountant and public accountant. The requirements may be waived by the
Board in individual cases for good cause."
Board reauthorized
Section 9. In accordance with the provisions of Section 7 of Act 608 of
1978, the existence of the Board of Accountancy is reauthorized.
Time effective
Section 10. This act shall take effect upon approval by the Governor. |