summary
Introduced
01/14/2025
01/14/2025
In Committee
03/20/2025
03/20/2025
Crossed Over
03/12/2025
03/12/2025
Passed
05/06/2025
05/06/2025
Dead
Signed/Enacted/Adopted
05/19/2025
05/19/2025
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 40-2-30, Relating To Requirements For Use Of Professional Designations For Certified Public Accountants And Public Accounts, So As To Apply These Requirements To Usages In Electronic Files And Metadata; By Amending Section 40-2-35, Relating To Requirements For Licensure By The Board Of Accountancy, So As To Revise The Educational And Experience Requirements, To Revise Requirements Concerning The Uniform Certified Public Accountant Exam Requirements; By Amending Section 40-2-40, Relating To Entities Required To Register With The Board To Practice As Certified Public Accounting Firms, So As To Require Such Registration Of Firms That Perform Compilation Services, And To Provide Ownership Of Such Firms May Be Held Through A Revocable Grantor Trust; By Amending Section 40-2-70, Relating To Powers And Duties Of The Board, So As To Add Review And Provide Input On Proposed Legislative Changes Related To The Practice Of Accounting As A Power Of The Board; By Amending Section 40-2-80, Relating To Investigations Of Complaints Or Other Information Suggesting Violations, So As To Provide Inspector-investigators Must Have Been Licensed As Certified Public Accountants For At Least The Previous Five Years; By Amending Section 40-2-240, Relating To Requirements For Persons Licensed In Other Jurisdictions To Obtain Licensure By The Board, So As To Provide Reciprocity Licensure Requirements; By Amending Section 40-2-245, Relating To Requirements For Persons Licensed In Other Jurisdictions To Practice In This State Without Licensure By The Board, So As To Revise The Requirements; And By Repealing Section 40-2-20(18) Relating To Definitions Concerning The Board Of Accountancy, Section 40-2-35(h) Relating To Requirements For Licensure By The Board Of Accountancy, And Section 40-2-35(i) Relating To Requirements For Licensure By The Board Of Accountancy. - Ratified Title
AI Summary
This bill proposes several updates to South Carolina's laws governing certified public accountants (CPAs), focusing on definitional changes, educational requirements, examination procedures, and professional practice standards. The bill revises the definitions of key terms like "attest" and "practice of accounting" to include electronic files and metadata tags, and expands the scope of what constitutes accounting-related services. It modifies educational requirements for CPA licensure, increasing the complexity and breadth of required accounting and business-related coursework, and adjusting experience requirements based on an applicant's educational level. The bill extends the validity period for CPA exam section credits from 18 to 36 months, allows more flexibility in exam section completion, and provides clearer guidelines for experience verification. Additionally, it updates regulations for CPA firms, including ownership structures and non-CPA owner participation, and adds new powers to the state accounting board, such as reviewing proposed legislative changes related to accounting practice. The bill also streamlines licensing procedures for CPAs from other jurisdictions and ensures consistent professional standards across different states. These changes aim to modernize and clarify the regulatory framework for accounting professionals in South Carolina, reflecting evolving industry practices and educational standards.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Act No. 34 (on 05/19/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...