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3731Ratification Number: 139Act Number: 92Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20010320Primary Sponsor: CatoAll Sponsors: Cato, Chellis, Allen, Bales, Barfield, Barrett, Battle, J. Brown, Carnell, Cobb-Hunter, Coleman, Dantzler, Davenport, Delleney, Easterday, Freeman, Harrison, Hinson, Huggins, Klauber, Leach, Lee, Littlejohn, Loftis, Lucas, Mack, McCraw, Miller, Owens, Perry, Phillips, Rhoad, Rice, Riser, Rivers, Sandifer, Simrill, Snow, Taylor, Vaughn, Webb, Whatley and WilkinsDrafted Document Number: l:\council\bills\nbd\11326ac01.docDate Bill Passed both Bodies: 20010606Governor's Action: SDate of Governor's Action: 20010830Subject: Accountants, public certified; notice of examination dates, application submissions revised; Accountancy BoardHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010905 Act No. A92 ------ 20010830 Signed by Governor ------ 20010607 Ratified R139 Senate 20010606 Read third time, enrolled for ratification Senate 20010605 Read second time, unanimous consent for third reading on Wednesday, 20010606 Senate 20010531 Committee report: Favorable 12 SLCI Senate 20010424 Introduced, read first time, 12 SLCI referred to Committee House 20010419 Read third time, sent to Senate House 20010418 Read second time House 20010411 Committee report: Favorable 26 HLCI House 20010320 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on April 11, 2001 - Word format Revised on May 31, 2001 - Word format
(A92, R139, H3731)
AN ACT TO AMEND SECTION 40-2-190, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROCEDURES FOR CONDUCTING EXAMINATIONS FOR LICENSURE OF CERTIFIED PUBLIC ACCOUNTANTS, SO AS TO REVISE TIME FRAMES FOR PROVIDING NOTICE OF EXAMINATION DATES AND FOR SUBMITTING APPLICATIONS FOR EXAMINATION, TO REVISE REFERENCES TO THE TYPE OF EXAMINATIONS TO BE GIVEN, AND TO AUTHORIZE THE BOARD TO ENGAGE THIRD PARTIES TO ASSIST WITH ADMINISTRATIVE RESPONSIBILITIES FOR ADMINISTERING EXAMINATIONS; AND TO AMEND SECTION 40-2-550, RELATING TO QUALIFICATIONS FOR LICENSURE, SO AS TO REVISE A REFERENCE TO WRITTEN EXAMINATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 40-2-190 of the 1976 Code, as amended by Act 274 of 2000, is further amended to read:
"Section 40-2-190. (A) The examination provided for in Section 40-2-170 must be held by the board at least once each year. The board shall advertise the dates of the examinations in a manner that it considers will adequately inform candidates who may wish to take it and that provides adequate statewide notice.
(B) The board may make use of all or any part of the uniform certified public accountants' examination or advisory grading service as it considers appropriate to assist it in performing its duties.
(C) A candidate for the certificate of certified public accountant who has successfully completed the examination required under Section 40-2-170 has 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 is either:
(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;
(2) five years' experience teaching accounting in a college or university recognized by the board; or
(3) a combination of experience determined by the board to be substantially equivalent to items (1) and (2); however, this experience shall not require a minimum number of hours in auditing financial statements.
(D) The board by regulation may grant a credit to a candidate for satisfactory completion of one or more parts of an examination given by the licensing authority in another state if at the time he took the examination he was not a resident of this State. The regulation must include requirements the board determines appropriate in order that an examination approved as a basis for credit is, in the judgment of the board, at least as thorough as that included in the most recent examination given by the board at the time of the granting of credit.
(E) The board by regulation may prescribe the terms and conditions under which a candidate who passes one or more parts of the examination provided by Section 40-2-170 may be reexamined in only the remaining parts, with credit for the parts previously passed. It also may provide by regulation for a reasonable waiting period for a candidate's reexamination in a part he has failed.
(F) The board may contract with third parties to perform administrative services with respect to the examination that it considers appropriate to assist the board in performing its duties under this section. The board shall charge, or provide for a third party administering part of the examination to charge, each candidate a fee, to be determined by the board.
(G) The board may prescribe dates and times by which an application for examination or reexamination as prescribed by the board must be submitted and the applicable fee paid ."
Licensing eligibility criteria
SECTION 2. Section 40-2-550 of the 1976 Code is amended to read:
"Section 40-2-550. In order to be eligible for licensing under this article as an accounting practitioner, an applicant may not hold another license granted under this chapter and must:
(1) not have any history of dishonest or felonious acts;
(2) be a resident of this State or have a place of business in this State, or as an employee, be regularly employed in this State;
(3) be at least eighteen years of age; and
(4) meet one or more of these requirements:
(a) pass an examination approved by the board, which is designed to test the applicant's basic knowledge of the subjects described in Section 40-2-510(1) and which may consist of parts of the examination administered to certified public accountant applicants or another examination as the board may prescribe.
(b) have a bachelor's degree with a major in accounting as determined by the board from a four-year college or university accredited by the Southern Association of Colleges and Schools or from a college or university having equivalent standards as determined by the board.
(c) be licensed and hold a current annual permit to practice in this State as a certified public accountant or public accountant if the person surrenders his license and permit to practice as a certified public accountant or public accountant upon being licensed as an accounting practitioner."
SECTION 3. This act takes effect upon approval by the Governor.
Ratified the 7th day of June, 2001.
Approved the 30th day of August, 2001.
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