Bill > H8128

This bill updates the state's public accountancy act to align with the 9th edition of the Uniform Accountancy Act, a model set of rules developed by the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) to ensure consistency in accounting regulations across states. Key changes include redefining terms like "license" to encompass both certified public accountant (CPA) and public accountant (PA) credentials, introducing new definitions for terms such as "CPA Exam" and "post-baccalaureate degree," and updating requirements for CPA licensure, including educational and experience standards. The bill also modifies provisions related to practice units (firms), introduces "individual mobility practice privileges" allowing CPAs licensed in other states to practice in this state without a local license under certain conditions, and clarifies rules for accountants licensed by foreign countries. Additionally, it revises the composition of the Board of Accountancy, updating renewal periods for licenses, and strengthens enforcement mechanisms by allowing for administrative penalties and clarifying cease and desist authority. The act will take effect upon its passage.

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