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COMMITTEE REPORT
April 19, 2000
S. 571
S. Printed 4/19/00--H.
Read the first time March 17, 2000.
To whom was referred a Bill (S. 571), to amend Section 40-2-50, Code of Laws of South Carolina, 1976, relating to the use of titles, designations, and abbreviations relative to certified public accountants, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
HARRY F. CATO, for Committee.
TO AMEND SECTION 40-2-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE USE OF TITLES, DESIGNATIONS, AND ABBREVIATIONS RELATIVE TO CERTIFIED PUBLIC ACCOUNTANTS, SO AS TO AUTHORIZE ENROLLED AGENTS OR ACTUARIES PRACTICING BEFORE THE INTERNAL REVENUE SERVICE TO USE THE ABBREVIATION "EA"; AND TO AMEND SECTIONS 40-2-40, 40-2-55, 40-2-190, AND 40-2-560 SO AS TO CONFORM CERTAIN REQUIREMENTS FOR REGISTRATION, CERTIFICATION, LICENSURE, CONTINGENT FEES, COMMISSIONS, AND FORMS OF PRACTICE FOR PUBLIC ACCOUNTANTS AND ACCOUNTING PRACTITIONERS TO THOSE REQUIREMENTS FOR CERTIFIED PUBLIC ACCOUNTANTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-2-50(E) of the 1976 Code, as added by Act 453 of 1996, is amended by adding at the end:
"A person admitted to practice before the Internal Revenue Service as an enrolled agent or an enrolled actuary may use the abbreviation 'EA'."
SECTION 2. Section 40-2-40 of the 1976 Code, as added by Act 453 of 1996, is amended to read:
"Section 40-2-40. It is unlawful for a person to hold himself out as a public accountant or to use the title 'public accountant' or the designation 'PA' in this State unless the person has obtained a license as a public accountant from the South Carolina Board of Accountancy as provided in this article. It is unlawful for a partnership to hold itself out as a partnership of public accountants unless it is registered as a partnership by the South Carolina Board of Accountancy and:
(1) at least one general partner is a certified public accountant or a public accountant of this State in good standing;
(2) Each partner personally engaged within this State in the practice of public accounting as a member of the partnership is a certified public accountant or a public accountant of this State in good standing;
(3) Each partner is a certified public accountant or a registered or licensed public accountant in good standing of some state of the United States;
(4) each resident manager in charge of an office of the firm in this State is a certified public accountant or a public accountant of this State in good standing.
Application for registration must be made upon the affidavit of a general partner of the partnership who is a public accountant of this State in good standing. The board shall determine whether the applicant is eligible for the license. A partnership which is registered may use the words 'public accountants' or the designation 'PA's' in connection with its partnership name. Notification must be given the board, within one month, after the admission to or withdrawal of a partner from a registered partnership."
SECTION 3. Item (1) of the fourth unnumbered paragraph of Section 40-2-190 of the 1976 Code, as added by Act 453 of 1996, is amended to read:
"(1) two years of accounting experience in public, governmental, or private employment under the direct supervision and review of a certified public accountant or public accountant licensed to practice accounting in some state or territory of the United States or the District of Columbia;"
SECTION 4. Section 40-2-560(B)(2) of the 1976 Code, as added by Act 453 of 1996, is amended to read:
"(2) Partnerships, without payment of a permit fee, which meet the following standards:
(a) At least one general partner must be an accounting practitioner of this State in good standing;.
(b) Each partner personally engaged within this State in the practice defined in Section 40-2-510 must be an accounting practitioner of this State in good standing;
(c)(b) Each partner must be lawfully engaged in the practice, as defined in Section 40-2-510, in some state of the United States;.
(d)(c) Each resident manager in charge of an office must be an accounting practitioner of this State in good standing."
SECTION 5. This act takes effect upon approval by the Governor.
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