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COMMITTEE REPORT
April 11, 2001
H. 3731
Introduced by Reps. 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
S. Printed 4/11/01--H.
Read the first time March 20, 2001.
To whom was referred a Bill (H. 3731) 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, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HARRY F. CATO for Committee.
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 at least eight weeks before the date set in a newspaper so as to provide in a manner that it considers will adequately inform candidates who may wish to take it and that provides adequate statewide notice. Beginning in 1986, the dates set in a newspaper must be at least by September first for the November examination and by March first for the May examination.
(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 provide for granting grant a credit to a candidate for satisfactory completion of a written one or more parts of an examination in one or more of the subjects provided in Section 40-2-170 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 in one or more of the subjects provided by Section 40-2-170 may be reexamined in only the remaining subjects parts, with credit for the subjects parts previously passed. It also may provide by regulation for a reasonable waiting period for a candidate's reexamination in a subject 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, not in excess of two hundred dollars for the initial examination provided for in Section 40-2-170.
Fees for reexamination provided by this section are charged by the board in amounts determined by it, but not in excess of eighty dollars for each subject in which the candidate is reexamined.
(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 at least five weeks before the date of the examination. The application must be submitted and the applicable fee paid by September fifteenth for the November examination and by March fifteenth for the May examination."
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 a written 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 two 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.
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