South Carolina General Assembly
114th Session, 2001-2002

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Bill 3731


                    Current Status

Bill Number:                      3731
Ratification Number:              139
Act Number:                       92
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010320
Primary Sponsor:                  Cato
All 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 Wilkins
Drafted Document Number:          l:\council\bills\nbd\11326ac01.doc
Date Bill Passed both Bodies:     20010606
Governor's Action:                S
Date of Governor's Action:        20010830
Subject:                          Accountants, public certified; notice of 
                                  examination dates, application submissions 
                                  revised; Accountancy Board


                        History

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

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(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:

CPA examinations

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."

Time effective

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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