Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1760 Compare Versions

Version 1 (Old)

Version 2 (New)

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 58th Legislature (2022)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1760 By: Dugger of the Senate
7	37
8	38		and
9	39
10	40		Kendrix of the House
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15	45		An Act relating to the Oklahoma Accountancy Act;
16	46		amending 59 O.S. 2021, Section 15.1A, which relates
17	47		to definitions; removing references; amending 59 O.S.
18	48		2021, Section 15.2, which relates to the Oklahoma
19	49		Accountancy Board; removing licensed public
20	50		accountant from board; reconfiguring membership of
21	51		board; amending 59 O.S. 2021, Section 15.8 , which
22	52		relates to qualifications; removing qualifications
23	53		for candidacy for licensed public accountant;
24	54		amending 59 O.S. 2021, Section 15.9, which r elates to
25	55		issuances of certificates and licenses; removing
26	56		conditions for issuan ces of licenses for public
27	57		accountants; amending 59 O.S. 2021, Section 15.10,
28	58		which relates to examinations; removing examination
29	59		for licensed public accountants; amending 59 O.S.
30	60		2021, Section 15.13, which relates to reciprocity;
31	61		removing issuances of lic ense to public accountants;
32	62		amending 59 O.S. 2021, Section 15.13A, which relates
33	63		to foreign reciprocity; updating statutory language;
34	64		updating statutory reference; and providing an
35	65		effective date.
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41		-	SUBJECT: Oklahoma Accountancy Act licenses
42		-
43	71		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
44		-
45	72		SECTION 1. AMENDATORY 59 O.S. 2021, Section 15.1A, is
46	73		amended to read as follows:
47	74
48		-	ENR. S. B. NO. 1760 Page 2
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50	101		Section 15.1A. As used in the Oklahoma Accountancy Act:
51		-
52	102		1. “Accountancy” means the profession or practice of
53	103		accounting;
54		-
55	104		2. “AICPA” means the American Institute of Ce rtified Public
56	105		Accountants;
57		-
58	106		3. “Applicant” means an individual or entity that has made
59	107		application to the Board for a certificate , license, or permit and
60	108		said application has not been approved;
61		-
62	109		4. “Assurance” means independent professional services that
63	110		improve the quality of inform ation, or its context, for decision
64	111		makers;
65		-
66	112		5. “Attest” means providing the following services:
67		-
68	113		a. any audit or other engagement to be performed in
69	114		accordance with the Statements on Auditing Standards
70	115		(SAS),
71		-
72	116		b. any review of a financial statement to be pe rformed in
73	117		accordance with the Stateme nts on Standards for
74	118		Accounting and Review Services (SSARS),
75		-
76	119		c. any engagement performed in accordance with the
77	120		Statements on Standards for Attes tation Engagements
78	121		(SSAE), and
79		-
80	122		d. any engagement to be performed in accor dance with the
81	123		Auditing Standards of t he Public Company Accounting
82	124		Oversight Board (PCAOB).
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84	152		The statements on standards specified in this definition shall
85	153		be adopted by reference by t he Board pursuant to rulemaking and
86	154		shall be those developed for general application by recognized
87	155		national accountancy organizations, such as the AICPA, IFAC and the
88	156		PCAOB;
89		-
90		-
91		-	ENR. S. B. NO. 1760 Page 3
92	157		6. “Audit” can only be performed by an individual or entity who
93	158		is registered with the Board and holding a valid permit issue d
94	159		pursuant to the Oklahoma Ac countancy Act, or an individual grante d
95	160		practice privileges under Section 15.12A of this title, and means a
96	161		systematic investigation or appraisal of information, procedures, or
97	162		operations performed in accordance with generally accepted auditing
98	163		standards in the United States, for the purpose o f determining
99	164		conformity with established criteria and communicating the results
100	165		to interested parties;
101		-
102	166		7. “Board” means the Oklahoma Accountanc y Board;
103		-
104	167		8. “Candidate” means an individual who has been qualified and
105	168		approved by the Board to take an the examination for a certificate
106	169		or license;
107		-
108	170		9. “Certificate” means the Oklahoma document issued by the
109	171		Board to a candidate upon successful completi on of the certified
110	172		public accountant examin ation designating the holder as a certified
111	173		public accountant pursu ant to the laws of Oklahoma. “Certificate”
112	174		shall also mean the Oklahoma document issued by reciprocity to an
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113	202		individual who has previously been certified in another
114	203		jurisdiction;
115		-
116	204		10. “Certified public accountant ” means any person who has
117	205		received a certificate from the Board or other jurisdictions;
118		-
119	206		11. “Client” means the individual or entity which retains a
120	207		registrant, an individual granted prac tice privileges under Section
121	208		15.12A of this title, or a firm exempt from the permit and
122	209		registration requireme nts under Section 15.15C of this title to
123	210		perform professional services;
124		-
125	211		12. “Compilation” when used with reference to financial
126	212		statements, means presenting information in the form of fin ancial
127	213		statements which is th e representation of management or owne rs
128	214		without undertaking to express any assurance on the statements;
129		-
130	215		13. “CPA” or “C.P.A.” means certified public accountant;
131		-
132		-
133		-	ENR. S. B. NO. 1760 Page 4
134	216		14. “Designated manager” means the Oklahoma certified public
135	217		accountant or public accountant appointed by the firm partners or
136	218		shareholders to be responsible for the administration of the office;
137		-
138	219		15. “Designee” means the National Association of State Boards
139	220		of Accountancy (NASBA) or other entities so designated by th e Board;
140		-
141	221		16. “Entity” means an organization whether for profit or not,
142	222		recognized by the State of Oklahoma this state to conduct business;
143		-
144	223		17. “Examination” means the test sections of Auditing and
145	224		Attestation, Business En vironment and Concepts, Financial Accounting
146	225		and Reporting, and Regulation or thei r successors, administered,
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147	253		supervised, and graded by, or at the direction of, the Board or
148	254		other jurisdiction that is required for a certificate as a certified
149	255		public accountant or a license as a public acc ountant;
150		-
151	256		18. “Executive director” means the chief administrative officer
152	257		of the Board;
153		-
154	258		19. “Financial statements ” means statements and footnotes
155	259		related thereto that undertake to present an actual or anticipated
156	260		financial position as of a point in time, or results of operations,
157	261		cash flow, or changes i n financial position for a period of time, in
158	262		conformity with generally accepted accounting principles or another
159	263		comprehensive basis of accounting. The term does not includ e
160	264		incidental financial data inclu ded in management advisory se rvice
161	265		reports to support recommendations to a client; nor does it include
162	266		tax returns and supporting schedules;
163		-
164	267		20. “Firm” means an entity that is either a sole
165	268		proprietorship, partnership, pro fessional limited liability compa ny,
166	269		professional limited liab ility partnership, l imited liability
167	270		partnership or professional corporation, or any other professional
168	271		form of organization organized under the laws of the State of
169	272		Oklahoma this state or the laws of another jurisdiction and issued a
170	273		permit in accordance with Section 15.15A of this tit le or exempt
171	274		from the permit requirement under Section 15.15C of this title ,
172	275		including individual partners or shareholders, that is engaged in
173	276		accountancy;
174	277
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175	303
176		-	ENR. S. B. NO. 1760 Page 5
177	304		21. “Holding out” means any representation by an individual
178	305		that he or she holds a certificate or license and a valid permit, or
179	306		by an entity that it holds a valid permit. Any such representation
180	307		is presumed to invite the public to rely upon the professional
181	308		skills implied by the certificate or license and valid permit in
182	309		connection with the services o r products offered;
183		-
184	310		22. “Home office” means the location specified by the client as
185	311		the address to which a service described in Section 15.12A of this
186	312		title is directed;
187		-
188	313		23. “IFAC” means the International Federation of Acco untants;
189		-
190	314		24. “Individual” means a human being;
191		-
192	315		25. “Jurisdiction” means any state or territory of the United
193	316		States and the District of Columbia;
194		-
195	317		26. “License” means the Oklahoma document issued by the Board
196	318		to a candidate upon successful completion of the public accountant
197	319		examination designating the holder as a public accountant pursuant
198	320		to the laws of Oklahoma this state. “License” shall also mean the
199	321		Oklahoma document issued by the Board by reciproci ty to a public
200	322		accountant who has previously been licensed by examination in
201	323		another jurisdiction;
202		-
203	324		27. “Management advisory services ”, also known as “management
204	325		consulting services”, “management services”, “business advisory
205	326		services” or other similar des ignation, hereinafter collectively
206	327		referred to as “MAS”, means the function of providing advice and/or
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207	355		technical assistance, performed in accordance with standards for MAS
208	356		engagements and MAS consultations such as those issued by the
209	357		American Institute of Certified Public Accountants, where the
210	358		primary purpose is to help the client improve th e use of its
211	359		capabilities and resources to achi eve its objectives including but
212	360		not limited to:
213		-
214	361		a. counseling management in analysis, planning,
215	362		organizing, operating, r isk management and controlling
216	363		functions,
217		-
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219		-	ENR. S. B. NO. 1760 Page 6
220	364		b. conducting special studies, preparing recom mendations,
221	365		proposing plans and programs, and p roviding advice and
222	366		technical assistance in their implementation,
223		-
224	367		c. reviewing and suggesting improvement of policies,
225	368		procedures, systems, methods, and organization
226	369		relationships, and
227		-
228	370		d. introducing new ideas , concepts, and methods to
229	371		management.
230		-
231	372		MAS shall not include recommendations and comments prepared as a
232	373		direct result of observations made while performing an audit,
233	374		review, or compilation of financial statements or wh ile providing
234	375		tax services, including tax consultations;
235		-
236	376		28. “NASBA” means the National Association of State Boards of
237	377		Accountancy;
	378	+	29. “PA” or “P.A.” means public accountant;
238	379
239		-	29. “PA” or “P.A.” means public accountant;
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241	406		30. “Partnership” means a contractual relationship based upon a
242	407		written, oral, or implied agreement between two or more individuals
243	408		who combine their resources an d activities in a joint enterprise and
244	409		share in varying degrees and by specific agreement in the management
245	410		and in the profits or losses. A partnership may be general or
246	411		limited as the laws of this state defi ne those terms;
247		-
248	412		31. “PCAOB” means the Public Company Accounting Oversight
249	413		Board;
250		-
251	414		32. “Peer Review” means a review performed pursuant to a set of
252	415		peer review rules est ablished by the Board. The term “peer review”
253	416		also encompasses the term “quality review”;
254		-
255	417		33. “Permit” means the written authority gr anted annually by
256	418		the Board to individuals or firms to practice public accounting in
257	419		Oklahoma this state, which is issued pursuant to the Okla homa
258	420		Accountancy Act;
259		-
260	421		34. a. “Practice of public accounting ”, also known as
261	422		“practice public accounting”, “practice” and “practice
262		-
263		-	ENR. S. B. NO. 1760 Page 7
264	423		accounting”, refers to the activities of a registrant,
265	424		an individual granted practice privileges under
266	425		Section 15.12A of this title, or a firm exempt from
267	426		the permit and registration requireme nts under Section
268	427		15.15C of this title in reference to acc ountancy. An
269	428		individual or firm shall be deemed to be engaged in
270	429		the practice of public accounting if the ind ividual or
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271	457		firm holds itself out to the public in any manner as
272	458		one skilled in the knowl edge, science, and practice of
273	459		accounting and auditing, ta xation and management
274	460		advisory services and is qualified to render such
275	461		professional services as a certified p ublic accountant
276	462		or public accountant, and perform s the following:
277		-
278	463		(1) maintains an office for the transaction of
279	464		business as a certified public a ccountant or
280	465		public accountant,
281		-
282	466		(2) offers to prospective clients to perform or who
283	467		does perform on behalf of clients professional
284	468		services that involve or requ ire an audit,
285	469		verification, investigat ion, certification,
286	470		presentation, or review of financial t ransactions
287	471		and accounting records or an attestation
288	472		concerning any other written assertion,
289		-
290	473		(3) prepares or certifies for clients reports on
291	474		audits or investigations of books or records of
292	475		account, balance sheets, and other financial,
293	476		accounting and relat ed schedules, exhibits,
294	477		statements, or reports which are to be used for
295	478		publication or for the purpose of obta ining
296	479		credit, or for filing with a court of law or with
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297	507		any governmental agency, or for any other
298	508		purpose,
299		-
300	509		(4) generally or incidentally to the wo rk described
301	510		herein, renders professional services to clients
302	511		in any or all matters relating to accounting
303	512		procedure and to the rec ording, presentation, or
304	513		certification of financial information or data,
305		-
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307		-	ENR. S. B. NO. 1760 Page 8
308	514		(5) keeps books, or prepares trial balances,
309	515		financial statements, or reports, all as a part
310	516		of bookkeeping services for clients,
311		-
312	517		(6) prepares or signs as the tax preparer, tax
313	518		returns for clients, consults with clients on tax
314	519		matters, conducts studi es for clients on tax
315	520		matters and prepares reports for cli ents on tax
316	521		matters, unless the services are uncompensated
317	522		and are limited solely to the registrant ’s, or
318	523		the registrant’s spouse’s lineal and collateral
319	524		heirs,
320		-
321	525		(7) prepares personal financial or in vestment plans
322	526		or provides to clients products or services of
323	527		others in implementation of personal financial or
324	528		investment plans, or
	529	+	(8) provides management advisory se rvices to clients.
325	530
326		-	(8) provides management advisory services to clients.
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327	556
328	557		b. Except for an individual gra nted practice privileges
329	558		under Section 15.12A of this title or a firm exempt
330	559		from the permit and registration requirements under
331	560		Section 15.15C of this title, an individual or firm
332	561		not holding a certificate , license or permit s hall not
333	562		be deemed to be enga ged in the practice of public
334	563		accounting if the individual or firm does not hold
335	564		itself out, solicit, or advertise for clients using
336	565		the certified public accountant or public accountant
337	566		designation and enga ges only in the follo wing
338	567		services:
339		-
340	568		(1) keeps books, or prepares trial balances,
341	569		financial statements, or reports, provided such
342	570		instruments do not use the terms “audit”,
343	571		“audited”, “exam”, “examined”, “review” or
344	572		“reviewed” or are not exhibited as having been
345	573		prepared by a certified public accountant or
346	574		public accountant. Except for an indi vidual
347	575		granted practice privileges under Section 15.12A
348	576		of this title or a firm exempt from the permit
349	577		and registration requirements under Section
350		-
351		-	ENR. S. B. NO. 1760 Page 9
352	578		15.15C of this title, nonregistrants may u se the
353	579		following disclaimer l anguage in connection with
354	580		financial statements and be in compliance with
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355	608		the Oklahoma Accountan cy Act: “I (we) have not
356	609		audited, examined or reviewed the accompanying
357	610		financial statements and accordingly do not
358	611		express an opinion or any other form of ass urance
359	612		on them.”,
360		-
361	613		(2) prepares or signs as the tax preparer, tax
362	614		returns for clients, consults w ith clients on tax
363	615		matters, conducts studies for clients on tax
364	616		matters and prepares reports for clients on ta x
365	617		matters,
366		-
367	618		(3) prepares personal financial or inve stment plans
368	619		or provides to clients pr oducts or services of
369	620		others in implementation of personal financial or
370	621		investment plans, or
371		-
372	622		(4) provides management advisory services to clients.
373		-
374	623		c. Only permit holders, individuals grante d practice
375	624		privileges under Section 15.12A of this title, or
376	625		firms exempt from the permit and registration
377	626		requirements under Section 15.15C of this title may
378	627		render or offer to render any attest service, as
379	628		defined herein, or issue a report on financial
380	629		statements which purport to be in compliance with the
381	630		Statements on Standards for Accounting and Review
382	631		Services (SSARS). Thi s restriction shall not prohibit
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383	659		any act of a public official or public employee in the
384	660		performance of that pe rson’s duties. This restriction
385	661		shall not be construed to prohibit the performance by
386	662		any unlicensed individual of other services as set out
387	663		in subparagraph b of this paragraph.
388		-
389	664		d. A person is not deemed to be practicing public
390	665		accounting within the meani ng of this section so lely
391	666		by displaying an Oklahom a CPA certificate or a PA
392	667		license in an office, identifying himself or herself
393	668		as a CPA or PA on letterhead or business cards, or
394		-
395		-	ENR. S. B. NO. 1760 Page 10
396	669		identifying himself or herself as a CPA or PA.
397	670		However, the designation of CPA or PA on such
398	671		letterheads, business cards, pub lic signs,
399	672		advertisements, publication s directed to clients or
400	673		potential clients, financial or t ax documents of a
401	674		client, performance of any attest service or issuance
402	675		of a report constitutes the practice o f public
403	676		accounting and requires a permit, practic e privileges
404	677		under Section 15.12A of t his title, or an exemption
405	678		from the permit and registratio n requirements under
406	679		Section 15.15C of this title;
407		-
408	680		35. “Preissuance review” means a review preformed pursuant to a
409	681		set of procedures that include review of eng agement document,
410	682		report, and clients’ financial statements in order to permit the
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411	710		reviewer to assess compliance with all applicable professional
412	711		standards;
413		-
414	712		36. “Principal place of business ” means the office location
415	713		designated by the licensee for the pur poses of substantial
416	714		equivalency and reciprocity;
417		-
418	715		37. “Professional corporation ” means a corporation organized
419	716		pursuant to the laws of this state;
420		-
421	717		38. “Professional” means arising out of or related to the
422	718		specialized knowledg e or skills associated with C PAs or PAs;
423		-
424	719		39. “Public accountant” means any individual who has received a
425	720		license from the Board;
426		-
427	721		40. “Public interest” means the collective well -being of the
428	722		community of people and institutions the pr ofession serves;
429		-
430	723		41. “Qualification applicant ” means an individual who has made
431	724		application to the Board to qualify to become a candidate for
432	725		examination;
433		-
434	726		42. “Registrant” means a CPA, PA, or firm composed of certified
435	727		public accountants or public accoun tants or combination of both
436	728		currently registered with the Board pursuant to the authori ty of the
437	729		Oklahoma Accountancy Act;
438		-
439		-	ENR. S. B. NO. 1760 Page 11
440		-
441	730		43. “Report”, when used with reference to any attest or
442	731		compilation service, means an opinion, report or other form of
443	732		language that states or implies a ssurance as to the reliabilit y of
444	733		the attested information or compl ied financial statements, and that
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445	761		also includes or is acc ompanied by any statement or implication that
446	762		the person or firm issuing it has special knowledge or competenc e in
447	763		accounting or auditing. Such a statement or implication of special
448	764		knowledge or competence may arise from use by the issuer of the
449	765		report of names or titles indicating that the person or firm is an
450	766		accountant or auditor, or from the language of the r eport itself.
451	767		The term “report” includes any form of language which disclaims an
452	768		opinion when such form of language is conventionally understood to
453	769		imply any positive assurance as to the reliability of the attested
454	770		information or compiled financial statem ents referred to and/ or
455	771		special competence on the part of the person or firm issuing suc h
456	772		language; and it includes any other form of language tha t is
457	773		conventionally understood to imply such assurance and/or such
458	774		special knowledge or competence. This defi nition is not intende d to
459	775		include a report prepare d by a person not holding a certificat e or
460	776		license or not granted practice privileges under Sect ion 15.12A of
461	777		this title. However, such report shall not refer to “audit”,
462	778		“audited”, “exam”, “examined”, “review” or “reviewed”, nor use the
463	779		language “in accordance with standards established by t he American
464	780		Institute of Certified Public Accountants ” or successor of said
465	781		entity, or governmental agency approved by the Board, except for the
466	782		Internal Revenue Servic e. Except for an ind ividual granted practice
467	783		privileges under Section 15.12A of this ti tle or a firm exempt from
468	784		the permit and registration requ irements under Section 15.15C of
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469	812		this title, nonregistrants may use the following disclaimer language
470	813		in connection with financial statements not to be in viola tion of
471	814		the Oklahoma Accountancy Act: “I (we) have not audited, examined,
472	815		or reviewed the accom panying financial statements and accordingly do
473	816		not express an opinion or any other form of assurance on them. ”;
474		-
475	817		44. “Representation” means any oral or written communication
476	818		including but not limit ed to the use of title or legends on
477	819		letterheads, business cards, office doors, advertisements, and
478	820		listings conveying the fact that an individual or entity holds a
479	821		certificate, license or permit;
480		-
481		-
482		-	ENR. S. B. NO. 1760 Page 12
483	822		45. “Review”, when used with reference to financial statem ents,
484	823		means a registrant or an individual granted practice privileges
485	824		under Section 15.12A of this title, or a firm exempt from the permit
486	825		and registration requirements under Section 15.15C of this title
487	826		performing inquiry and analytical procedures that pr ovide the
488	827		registrant with a reasonable basis for expressin g limited assurance
489	828		that there are no material modifications that should be made to the
490	829		statements in order fo r them to be in confo rmity with generally
491	830		accepted accounting principles or, if applicab le, with another
492	831		comprehensive basis of accounting; and
493		-
494	832		46. “Substantial equivalency ” is a determination by the
495	833		Oklahoma Accountancy Board or its designee that:
496		-
497	834		a. the education, examinati on and experience requirement s
498	835		contained in the statutes and admini strative rules of
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499	863		another jurisdiction are comparable to, or exceed, the
500	864		education, examination and experience requirements
501	865		contained in the AICPA/NASBA Uniform Account ancy Act,
502	866		or
503		-
504	867		b. that an individual certified publi c accountant’s or
505	868		public accountant’s education, examination and
506	869		experience qualifications are c omparable to or exceed
507	870		the education, examination and experience requirements
508	871		contained in the Oklahoma Accoun tancy Act and rules o f
509	872		the Board.
510		-
511	873		In ascertaining substantial equivalency as used in the Oklahoma
512	874		Accountancy Act, the Board or its designee shall take into account
513	875		the qualifications without regard to the sequence in which
514	876		experience, education, or examin ation requirements we re attained.
515		-
516	877		SECTION 2. AMENDATORY 59 O.S. 2021, Section 15.2, is
517	878		amended to read as follows:
518		-
519	879		Section 15.2. A. There is hereby re -created, to continue until
520	880		July 1, 2023, in accordance with the provisions of the Oklahoma
521	881		Sunset Law, the Oklahoma Accountancy Board. The Oklahoma
522	882		Accountancy Board shall have the responsibility for administering
523	883		and enforcing the Oklahoma Accountancy Act. The Oklahoma
524	884		Accountancy Board shall be composed of seven (7) members, wh o shall
525		-
526		-	ENR. S. B. NO. 1760 Page 13
527	885		have professional or practical experience in the use of accounting
528	886		services and financial matters, so as to be qualified to make
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529	914		judgments about the qualifications and conduct of persons and firms
530	915		subject to regulation under the Oklahoma Accountanc y Act to be
531	916		appointed by the Governor and confirme d by the Senate. The numbe r
532	917		of registrant members shall not be more than six five, not including
533	918		a firm, who shall serve terms of five (5) years. No member who has
534	919		served two successive complete terms sha ll be eligible for
535	920		reappointment, but an appointme nt to fill an unexpired ter m shall
536	921		not be considered a complete term for this purpose. The One public
537	922		member shall serve coterminously with the Governor appointing the
538	923		public member. The other public member shall serve a term of five
539	924		(5) years.
540		-
541	925		B. One member shall be either a pub lic accountant licensed and
542	926		holding a permit pursuant to the provisions o f the Oklahoma
543	927		Accountancy Act, or a person with professional or practical
544	928		experience in the use of accoun ting services and fin ancial matters
545	929		and who shall have met the educational re quirements to qualify as a
546	930		candidate for examination for the license of p ublic accountant as
547	931		provided in subsection B of Section 15.8 of this title. A list of
548	932		qualified persons shall be compiled and submitted to the Governor by
549	933		the Oklahoma Society of Pub lic Accountants, or successor
550	934		organization from time to time as appointme nt of the Board member is
551	935		required to be made. A list of three names shall be submitted for
552	936		each single appointment from which the Governor may make the
553	937		appointment.
554	938
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555	965		C. Five members shall be certified public accountants holding
556	966		certificates and four shal l hold permits issued pursuant to the
557	967		provisions of the Oklahoma Accountancy Act, at least four of whom
558	968		shall have been engaged in the practice of public ac counting as a
559	969		certified public accountant continuously for not less than five (5)
560	970		out of the last fifteen (15) years immediately preceding their
561	971		appointments. A list of qualified persons shall be compiled and
562	972		submitted to the Governor by the Oklahoma Soci ety of Certified
563	973		Public Accountants from time to time as appointments of the
564	974		certified public accoun tant Board members are required. A list of
565	975		three names shall be submitted for each single appointment fro m
566	976		which the Governor may make the appointment.
567		-
568		-
569		-	ENR. S. B. NO. 1760 Page 14
570	977		D. One member C. Two members shall be a public member members
571	978		who is are not a certified public accountant or licensed public
572	979		accountant accountants. The One public member shall be appointed by
573	980		the Governor to a term coterminou s with the Governor. The public
574	981		member shall serve at t he pleasure of the Governor, to serve at his
575	982		or her pleasure. The other public member shall serve a term of five
576	983		(5) years and have professional or practical experience in the us e
577	984		of accounting services and financial matters. A list of qualified
578	985		persons shall be compiled and submitted to the Governor by the
579	986		Oklahoma Society of Public Account ants, Oklahoma Society of
580	987		Certified Public Accountants, or successor or ganizations from time
581	988		to time as appointment of the Board member is required. A list of
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582	1016		three (3) names shall be submitted for each single appointment from
583	1017		which the Governor may ma ke the appointment.
584		-
585	1018		E. D. Upon the expiration of the term of office, a member shall
586	1019		continue to serve until a qualified successor has been app ointed.
587	1020		Confirmation by the Senate is required during the next regular
588	1021		session of the Oklahoma Senate for the member to continue to serve.
589		-
590	1022		SECTION 3. AMENDATORY 59 O.S. 2021, Sect ion 15.8, is
591	1023		amended to read as follows:
592		-
593	1024		Section 15.8. A. A qualification applicant to qualify as a
594	1025		candidate for examination shall file an application for
595	1026		qualification in a format ap proved by the Oklahoma Accountancy
596	1027		Board. The fee for the qualificati on application shall be
597	1028		determined by the Boar d and shall not exceed Three Hundred Dolla rs
598	1029		($300.00). Every qualification applicant to qualify as a candidate
599	1030		for the certificate of cert ified public accountant or license of
600	1031		public accountant shall submit to a national criminal history record
601	1032		search, must be a resident of this state immediatel y prior to making
602	1033		application and, except as otherwise provided in this section, shall
603	1034		meet the education and experience requirements provided in this
604	1035		section. The costs associated with th e national criminal histo ry
605	1036		records search shall be paid by the app licant.
606		-
607	1037		B. On or after July 1, 1999, every qualification applicant to
608	1038		qualify as a candidate for examination for the license of public
609	1039		accountant shall have graduated from an accredited fo ur-year college
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610	1067		or university with a major in accounting or with a nonaccounting
611	1068		major supplemented by what the Oklahoma Accountancy Board determines
612		-
613		-	ENR. S. B. NO. 1760 Page 15
614	1069		to be the equivalent of an accounting major of any four -year college
615	1070		or university in this state or any ot her four-year college or
616	1071		university recognized by the Board. Such major in accounting or
617	1072		nonaccounting major shall include satisfactory completion of forty -
618	1073		eight (48) semester hours, or the equivalent thereof, in accounting
619	1074		and related subjects. At least thirty (30) semester hou rs, or the
620	1075		equivalent thereof, of said for ty-eight (48) semester hours, shall
621	1076		be in accounting courses, at least one of which shall be in
622	1077		auditing. The remainder of said forty -eight (48) semester hours, or
623	1078		the equivalent thereof, shall be in said related subjects, which
624	1079		shall be in any or all of the subjects of economics, statistics,
625	1080		business law, finance, business management, marketing, busi ness
626	1081		communication, financial information system s or computer science or
627	1082		the equivalent of such subjects as determin ed by the Board.
628		-
629	1083		C. On or after July 1, 2 003, every qualification applicant to
630	1084		qualify as a candidate for examination for the certificate o f
631	1085		certified public accountant shall have at leas t one hundred fifty
632	1086		(150) semester hours, o r the equivalent thereof, of college
633	1087		education including a baccalau reate or higher degree conferred by a
634	1088		college or university acceptable to the Board from an accred ited
635	1089		four-year college or university in this sta te or any other
636	1090		accredited four-year college or university recognize d by the Board.
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637	1118		A minimum of seventy -six (76) semester hours must be earned at the
638	1119		upper-division level of college or above or the equivale nt thereof
639	1120		as determined by the Board; this educ ation requirement shal l have
640	1121		been completed prior to submitting an a pplication to the Board; the
641	1122		total educational program of the applicant for examination shall
642	1123		include an accounting concentration or its equ ivalent as determined
643	1124		acceptable by the Board wh ich shall include not less than thirty
644	1125		(30) semester hours, or the e quivalent thereof, in accounting
645	1126		courses above principles of accounting or introductory accounting,
646	1127		with at least one course in auditing or assurance; the remaining
647	1128		accounting courses shal l be selected from fin ancial accounting,
648	1129		accounting theory, cost/man agerial accounting, federal income tax,
649	1130		governmental, not-for-profit accounting, accounting information
650	1131		systems, accounting history and othe r accounting electives; at least
651	1132		nine (9) semester hours shall be from any or all of the su bjects of
652	1133		economics, statistics, business law, finance, business ma nagement,
653	1134		marketing, business communication, risk management, insurance,
654	1135		management information sy stems, or computer science at the upper -
655	1136		division level of college or a bove or the equivalen t of such
656		-
657		-	ENR. S. B. NO. 1760 Page 16
658	1137		subjects as determined by the Board; all the remaining se mester
659	1138		hours, if any, shall be elective but shall be at the upper -division
660	1139		level of college or abo ve.
661		-
662	1140		D. C. The costs associated with the national c riminal history
663	1141		record check shall be pa id by the applicant.
664	1142
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665	1169		SECTION 4. AMENDATORY 59 O.S. 2021, Section 15.9, is
666	1170		amended to read as follows:
667		-
668	1171		Section 15.9. A. Upon payment of appropriate fees, the
669	1172		Oklahoma Accountancy B oard shall grant a certifica te or license to
670	1173		any individual of good character who meets the applicable education,
671	1174		experience and testing requirements provided for in this section and
672	1175		in Sections 15.8 and 15.10 of this title. For purposes of this
673	1176		subsection, good character means an i ndividual who does no t have a
674	1177		history of dishonest acts as demonstrated by documented ev idence and
675	1178		has not been convicted, pled guilty, or pled nolo contendere to a
676	1179		felony charge. The Board may refuse to grant a certificate or
677	1180		license to an applicant for failure to satisfy th e requirement of
678	1181		good character. The Board shall provide to the de nied applicant
679	1182		written notification specifying grounds for denial of a certificate
680	1183		or license including failure to meet the good character c riterion.
681	1184		Appeal of the action of the Board may be made in accordance with th e
682	1185		provisions of the Administrative Pro cedures Act.
683		-
684	1186		B. The Board shall issue certificates as certified public
685	1187		accountants to those applicants who have met the qualifications
686	1188		required by the provisions of th e Oklahoma Accountanc y Act and the
687	1189		applicable rules of the Board, and have passed an exa mination in
688	1190		accounting, auditing and related subjects as the Board determines
689	1191		appropriate with such grades that satisfy the Board that each
690	1192		applicant is competent to pr actice as a certified public accountant.
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691	1219
692	1220		C. The Board shall, upon request, issue licens es as public
693	1221		accountants only to those applicants who shall have qualified and
694	1222		complied with the provisions of this act and the rules of the Board,
695	1223		and shall have passe d an examination in a ccounting, auditing, and
696	1224		other related subjects not to exceed seven ty-five percent (75%) of
697	1225		the CPA Examination subjects with such grades that satisfy the Board
698	1226		that each applicant is competent to practice a s a public accountant.
699	1227		The subjects examined sha ll be covered by the same exa mination, and
700		-
701		-	ENR. S. B. NO. 1760 Page 17
702	1228		grading thereon for pass ing, as those used by the Board to test
703	1229		candidates for the certified public accountant ’s certificate.
704		-
705	1230		D. The Board may make use of all or a ny part of the Uniform
706	1231		Certified Public Accountan t’s Examination and any organ ization that
707	1232		assists in providing the examination.
708		-
709	1233		E. D. An applicant for initial issuance of a certificate or
710	1234		license under this section shall show that the applicant has had o ne
711	1235		(1) year of experience. Experience shall be d efined by the Board by
712	1236		rule and shall include providing a type of s ervice or advice
713	1237		involving the use of accounting, attest, compilation, management
714	1238		advisory, financial advisory, tax or consulting skills, an d be
715	1239		satisfied through work experience in governm ent, industry, academia
716	1240		or public practice, all of which shall be v erified by a certificate
717	1241		or license holder or an individual approved by the Board. Upon
718	1242		completion of the requirements of Section 15.8 of t his title, a
719	1243		qualified applicant for the examinat ion may take the certified
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720	1271		public accountant or public accountant e xamination prior to earning
721	1272		the experience required in this subsection, but shall not be issued
722	1273		a certificate until the experience requireme nt has been met.
723		-
724	1274		F. On or after July 1, 2005, ev ery E. Every applicant for the
725	1275		certificate of certified public accountant or license of public
726	1276		accountant shall provide evidence of successful completion of an
727	1277		ethics examination prescribed by the Board.
728		-
729	1278		G. F. Every applicant for the certificate of certi fied public
730	1279		accountant or license of public account ant shall submit to a
731	1280		national criminal history record check. The costs associated with
732	1281		the national criminal history record check shall be paid by the
733	1282		applicant.
734		-
735	1283		H. G. An individual applying for a certi ficate as a certified
736	1284		public accountant must make appl ication for the certificate within
737	1285		five (5) years of the date the Board notifies the candidate that the
738	1286		candidate has successfully passed all sections of the C.P.A.
739	1287		Examination. If the candidate fails to make application for the
740	1288		certificate within five (5 ) years, the candidate must provide
741	1289		documentation showing he or she has completed at least one hundred
742	1290		twenty (120) hours of qualifying continuing public accountancy
743	1291		education completed within the three -year period immediately
744		-
745		-	ENR. S. B. NO. 1760 Page 18
746	1292		preceding the date the indivi dual applies for certification. The
747	1293		Board shall establish rules whereby time limits set for application
748	1294		pursuant to this provision may, upon written app lication to the
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749	1322		Board, be waived or reduced if th e candidate is called to acti ve
750	1323		military service or be comes incapacitated as a result of illness or
751	1324		injury or for such other good causes as determined by the Board on a
752	1325		case-by-case basis.
753		-
754	1326		I. An individual applying for a license as a public accountant
755	1327		must make application for the li cense within five (5) yea rs of the
756	1328		date the Board notifies the candidate that the candidate has
757	1329		successfully passed all sections of the PA Examination. If the
758	1330		candidate fails to make application for the li cense within five (5)
759	1331		years, the candidate must pr ovide documentation showi ng he or she
760	1332		has completed at least one hundred twenty (120) hours of qualifying
761	1333		continuing public accountancy education completed within the three -
762	1334		year period immediately preceding the date the individ ual applies
763	1335		for licensure. The Board shall establish rules whereby time limits
764	1336		set for application pursuant to this provision may, upon written
765	1337		application to the Board, be waived or reduced if the candidat e is
766	1338		called to active milita ry service or becomes incapacitated as a
767	1339		result of illness or injury or for such other good causes as
768	1340		determined by the Board on a case -by-case basis.
769		-
770	1341		SECTION 5. AMENDATORY 59 O.S. 2021, Section 15.10, is
771	1342		amended to read as follow s:
772		-
773	1343		Section 15.10. A. The Board shall provide an examination for
774	1344		candidates to obtain a certificate or license as accountants a
775	1345		certified public accountant at least once each year. Additional
	1346	+
	1347	+	SB1760 HFLR Page 27
	1348	+	BOLD FACE denotes Committee Amendments. 1
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776	1373		examinations may be held at such times and places as the Board may
777	1374		deem advisable.
778		-
779	1375		B. Each candidate allowed to sit at the examination shall file
780	1376		a written application on a form prescribed by the Board.
781		-
782	1377		C. In addition to the requirement of confidentiality of
783	1378		examination results, the Board sh all take such action as necessary
784	1379		to assure the confidentiality of the exa mination prior to their
785	1380		being administered to candidates.
786		-
787		-
788		-	ENR. S. B. NO. 1760 Page 19
789	1381		SECTION 6. AMENDATORY 59 O.S. 2021, Section 15.13, is
790	1382		amended to read as follows:
791		-
792	1383		Section 15.13. A. The Oklahoma Account ancy Board may issue a
793	1384		certificate or license to an applicant who has been authorized to
794	1385		practice public accounting as a certified public accountant or
795	1386		public accountant pursuant to the laws of any jurisdiction if the
796	1387		applicant passed a test administered f or the purpose of aut horizing
797	1388		an individual to pra ctice as a certified public accountant or public
798	1389		accountant with grades which were equivalent to passing a test for
799	1390		the same purpose in this state as of the date the applicant
800	1391		originally passed the examinat ion, and said the applicant:
801		-
802	1392		1. Meets the require ments for issuance of a certificate or
803	1393		license in this state on the date of making application;
804		-
805	1394		2. Met, on the date the certificate or license was issued by
806	1395		the other jurisdiction, the requirements in effe ct on that date for
807	1396		issuance of a certificate or license in this state; or
808	1397
	1398	+	SB1760 HFLR Page 28
	1399	+	BOLD FACE denotes Committee Amendments. 1
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809	1424		3. Met, on the date of becoming a candidate in another
810	1425		jurisdiction, the requirements of becoming a candidate in the State
811	1426		of Oklahoma this state, except for residency.
812		-
813	1427		B. In the event an applicant do es not meet the requirements of
814	1428		subsection A of this secti on, but has passed a test administered for
815	1429		the purpose of authorizing an individual to practice as a certified
816	1430		public accountant or public accountant with grades which were
817	1431		equivalent to passing a t est for the same purpose in this state on
818	1432		the date the applicant passed the examination, the Board may iss ue a
819	1433		certificate or license to an applicant if such applicant has four
820	1434		(4) years of experience practicing public accounting as a certified
821	1435		public accountant or public accountant pursuant to the laws of any
822	1436		jurisdiction. Such experience must have occurred within the ten
823	1437		(10) years immediately preceding the application. Experience
824	1438		acceptable to satisfy the requirements of this subse ction shall be
825	1439		determined by standards established by the Board.
826		-
827	1440		C. An applicant who is seeking a permit to practice under thi s
828	1441		section must also provide satisfactory documentation to the Board
829	1442		that such applicant has met the continuing professional educa tion
830		-
831		-	ENR. S. B. NO. 1760 Page 20
832	1443		requirements, as provided in Section 15.35 of this title, in effect
833	1444		on the date of the application.
834		-
835	1445		D. The Board may issu e a certificate or license by reciprocity
836	1446		to the extent required by treaties entered into by the government of
837	1447		the United States.
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	1450	+	BOLD FACE denotes Committee Amendments. 1
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838	1474
839	1475		E. A fee in the amo unt equal to the registration fee and permit
840	1476		fee, if applicable, plus an administrative fee, the total of which
841	1477		shall not exceed Three Hundred Dollars ($300.00), shall be paid by
842	1478		an applicant seeking a certificate or license pursuant to the
843	1479		provisions of this section. The total amount shall be established
844	1480		by Board rule.
845		-
846	1481		F. On or after July 1, 2005, an applic ant for the certificate
847	1482		of certified public accountant or license of public accountant under
848	1483		this section shall provide evidence of successful complet ion of an
849	1484		ethics examination prescribed by the Board.
850		-
851	1485		G. As an alternative to the requirements of subsect ion A, B or
852	1486		C of this section, a certificate holder licensed by another
853	1487		jurisdiction who establishes the certificate holder ’s principal
854	1488		place of business in this state shall request the issuance of a
855	1489		certificate from the Board prior to establishing such pr incipal
856	1490		place of business. The Board shall issue a certificate to such
857	1491		person who obtains from the NASBA National Qualification Appraisal
858	1492		Service verification that such individual’s CPA qualifications are
859	1493		substantially equivalent to the CPA licensure requ irements of the
860	1494		AICPA/NASBA Uniform Accountancy Act.
861		-
862	1495		H. An applicant for the certificate of certified public
863	1496		accountant or license of a public accoun tant under this section
864	1497		shall submit to a national crimina l history record check. The costs
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	1499	+	SB1760 HFLR Page 30
	1500	+	BOLD FACE denotes Committee Amendments. 1
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865	1525		associated with the national criminal history record check shall be
866	1526		paid by the applicant.
867		-
868	1527		SECTION 7. AMENDATORY 59 O.S. 2021, Section 15 .13A, is
869	1528		amended to read as follows:
870		-
871	1529		Section 15.13A. A. The Board shall issue a certificate to a
872	1530		holder of a substantially equivalent designation issued by a foreign
873	1531		country, provided that:
874		-
875		-	ENR. S. B. NO. 1760 Page 21
876		-
877	1532		1. The foreign authority w hich granted the designation makes
878	1533		similar provision to allow a registrant who holds a valid
879	1534		certificate issued by this state to obtain such foreign authority’s
880	1535		comparable designation;
881		-
882	1536		2. The designation:
883		-
884	1537		a. was duly issued by an authority of a foreign co untry
885	1538		which regulates the practice of public accounting and
886	1539		has not expired or been revoked or suspended ,
887		-
888	1540		b. entitles the holder to issue reports upon financial
889	1541		statements, and
890		-
891	1542		c. was issued upon the basis of substantially equiv alent
892	1543		educational, examinati on and experience requirements
893	1544		established by the foreign authority or by law; and
894		-
895	1545		3. The applicant:
896		-
897	1546		a. received the designation based on educational and
898	1547		examination standards substantially equivalent to
	1548	+
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	1550	+	BOLD FACE denotes Committee Amendments. 1
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899	1575		those in effect in this state at the time the forei gn
900	1576		designation was granted,
901		-
902	1577		b. completed an experience requirement substantially
903	1578		equivalent to the requi rement set out under this act
904	1579		the Oklahoma Accountancy Act in the foreign country
905	1580		which granted the foreign designation or has completed
906	1581		four (4) years of professional experience in this
907	1582		state, or meets satisfies equivalent requirements
908	1583		prescribed by the Board by rule within the ten (10)
909	1584		years immediately preceding the application,
910		-
911	1585		c. passed a uniform qualifying examination in national
912	1586		standards acceptable to the Bo ard, and
913		-
914	1587		d. is of good character.
915		-
916	1588		An applicant for the certificate of certified public accoun tant
917	1589		under this section shall submit to a national criminal h istory
918		-
919		-	ENR. S. B. NO. 1760 Page 22
920	1590		record check. The costs associated with the national criminal
921	1591		history record check shall be pa id by the applicant.
922		-
923	1592		B. An applicant under subsection A of this section shall in the
924	1593		application list all jurisdictions, foreign and domestic, in which
925	1594		the applicant has applied for or holds a designation to practice
926	1595		public accounting, and each holder of a certificate issued under
927	1596		this subsection shall notify the Board in writing, within thirty
928	1597		(30) days after its occurrence, of any issuance, denial, revoc ation
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929	1625		or suspension of a designation or commencement of disciplinary or
930	1626		enforcement action by any juri sdiction.
931		-
932	1627		SECTION 8. This act shall become effective November 1, 2022.
933	1628
934		-
935		-	ENR. S. B. NO. 1760 Page 23
936		-	Passed the Senate the 9th day of March, 2022.
937		-
938		-
939		-
940		-	Presiding Officer of the Senate
941		-
942		-
943		-	Passed the House of Representatives the 18th day of April, 2022.
944		-
945		-
946		-
947		-	Presiding Officer of the House
948		-	of Representatives
949		-
950		-	OFFICE OF THE GOVERNOR
951		-	Received by the Office of the Governor this _______ _____________
952		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
953		-	By: _______________________________ __
954		-	Approved by the Governor of the State of Oklahoma this _____ ____
955		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
956		-
957		-	_________________________________
958		-	Governor of the State of Oklahoma
959		-
960		-
961		-	OFFICE OF THE SECRETARY OF STATE
962		-	Received by the Office of the Secretary of State this _______ ___
963		-	day of __________________, 20 _______, at _______ o'clock _______ M.
964		-	By: _______________________________ __
	1629	+	COMMITTEE REPORT BY: COMMITTEE ON BUSINESS AND COMMERCE, dated
	1630	+	04/06/2022 - DO PASS.