Bill > S3076

This bill updates the state's public accountancy act to align with the 9th edition of the Uniform Accountancy Act, a set of model 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 accountancy regulations across states. Key changes include redefining terms like "attest" and "practice unit" (now also referred to as "CPA Firm"), introducing new definitions for terms such as "active individual participant," "baccalaureate degree," and "post-baccalaureate degree," and updating requirements for Certified Public Accountant (CPA) licensure, including educational and experience pathways, and the CPA Exam. The bill also modifies provisions related to reciprocal licensure for CPAs from other states, introduces "individual mobility practice privileges" allowing CPAs licensed elsewhere to practice in the state without a local license under certain conditions, and clarifies requirements for practice unit permits, including ownership structures and the use of professional titles. Additionally, it updates the composition of the Board of Accountancy, changing the number of licensed CPA members, and refines procedures for license renewal, continuing education, disciplinary actions, and penalties for violations, including administrative and criminal penalties. The bill also grants the Board cease and desist authority and allows for injunctions against unlawful acts.