OK
Oklahoma Senate Bill SB817

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB817 Compare Versions

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5353 STATE OF OKLAHOMA
5454
5555 1st Session of the 58th Legislature (2021)
5656
5757 SENATE BILL 817 By: Dugger
5858
5959
6060
6161
6262
6363 AS INTRODUCED
6464
6565 An Act relating to the Oklahoma Accountancy Act;
6666 amending 59 O.S. 2011, Sections 15.1A, as last
6767 amended by Section 1, Chapter 327, O.S.L. 2019, 15.2,
6868 as last amended by Section 6, Chapter 116, O.S.L.
6969 2020, 15.11, 15.12A, 15.14A, as amended by Section 5,
7070 Chapter 327, O.S.L. 2019 , 15.15, 15.15A, as amended
7171 by Section 1, Chapter 218, O.S. L. 2015, 15.15C,
7272 15.25, and 15.37 (59 O.S. Supp. 2020, Sections 15.1A,
7373 15.2, 15.14A and 15.15A), which relate to the
7474 Oklahoma Accountancy Act ; modifying definitions;
7575 changing composition of board membership; making act
7676 conform to firm mobility provisions; deleting
7777 language, adding language; providing statutory
7878 references; stating registration requirements;
7979 providing an effective date; and declaring an
8080 emergency.
8181
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8585 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLA HOMA:
8686 SECTION 1. AMENDATORY 59 O.S. 2011, Section 15.1A, as
8787 last amended by Section 1, Chapter 327, O.S.L. 2019 (59 O.S. Supp.
8888 2020, Section 15.1A), is amended to read as follows:
8989 Section 15.1A. As used in the Oklahoma Accountancy Act:
9090 1. “Accountancy” means the profession or practice of
9191 accounting;
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143143 2. “AICPA” means the American Institute of Certified Public
144144 Accountants;
145145 3. “Applicant” means an individual or entity tha t has made
146146 application to the Board for a certificate, license, or permit and
147147 said application has no t been approved;
148148 4. “Assurance” means independent pr ofessional services that
149149 improve the quality of information, or its context, for decision
150150 makers;
151151 5. “Attest” means providing the following services:
152152 a. any audit or other engagement to be performed in
153153 accordance with the Statements on Auditing Standards
154154 (SAS),
155155 b. any review of a financial statement to be performed i n
156156 accordance with the Statements on Sta ndards for
157157 Accounting and Review Services (SSARS),
158158 c. any engagement examination of prospective finan cial
159159 information to be performed in accordance with t he
160160 Statements on Standards for Attestation Engagements
161161 (SSAE), and
162162 d. any engagement to be performed in accordance wit h the
163163 Auditing Standards of the Public Company Accounting
164164 Oversight Board (PCAOB) , and
165165 e. any examination, review or agreed upon procedure s
166166 engagement to be performed in accordance with
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218218 Statements on Standards for Attestation Engagements
219219 (SSAE), other than the examination descr ibed in
220220 subparagraph c of paragraph 34 of this section.
221221 The statements on standards specified in this definition sha ll
222222 be adopted by reference by the Board pursuant to rulemaking and
223223 shall be those developed for general applicati on by recognized
224224 national accountancy o rganizations, such as the AICPA, IFAC and the
225225 PCAOB;
226226 6. “Audit” can only be performed by an individual or entity who
227227 is registered with the Board and holding a valid permit issued
228228 pursuant to the Oklahoma Accountancy Act or an entity that is exempt
229229 from registration under paragraph 3 of subsection A of Section 15.15
230230 of this title, or an individual granted p ractice privileges under
231231 Section 15.12A of this title, and means a systematic investigat ion
232232 or appraisal of information, procedures , or operations performed in
233233 accordance with generally accepted auditing s tandards in the United
234234 States, for the purpose of d etermining conformity with established
235235 criteria and communicating the results to interes ted parties;
236236 7. “Board” means the Oklahoma Accountancy Board;
237237 8. “Candidate” means an individual who has been quali fied and
238238 approved by the Board to take an examinati on for a certificate or
239239 license;
240240 9. “Certificate” means the Oklahoma document issued by the
241241 Board to a candidate upon successful completion of the certified
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293293 public accountant examination designating the h older as a certified
294294 public accountant pursuant to the laws of Oklahoma. “Certificate”
295295 shall also mean the Oklahoma document issued by rec iprocity to an
296296 individual who has previously been certified in another
297297 jurisdiction;
298298 10. “Certified public accountan t” means any person who has
299299 received a certificate from the Board or other jurisdictions;
300300 11. “Client” means the individual or entity whic h retains a
301301 registrant, an individual granted practice privileges under Section
302302 15.12A of this title, or a firm exemp t from the permit and
303303 registration requirements und er Section 15.15C of this title and
304304 which also is exempt from the registration requireme nt of paragraph
305305 3 of subsection A of Section 15.15 of this title to perform
306306 professional services;
307307 12. “Compilation” when used with reference to financial
308308 statements, means presenting information in the form of financial
309309 statements which is the representat ion of management or owners
310310 without undertaking to express any assurance on the statements;
311311 13. “CPA” or “C.P.A.” means certified publi c accountant;
312312 14. “Designated manager” means the Oklahoma certified public
313313 accountant or public accountant appointed by the firm partners or
314314 shareholders to be responsible for the administration of the office;
315315 15. “Designee” means the National Associatio n of State Boards
316316 of Accountancy (NASBA) or other entities so designated by the Board;
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368368 16. “Entity” means an organization whether for profit or not,
369369 recognized by the State of Oklahoma to conduct business;
370370 17. “Examination” means the test sections of Aud iting and
371371 Attestation, Busines s Environment and Concepts, Financial Accounting
372372 and Reporting, and Regulation or their su ccessors, administered,
373373 supervised, and graded by, or at the direction of, the Board or
374374 other jurisdiction that is required for a certif icate as a certified
375375 public accountant or a license as a public accountant all or any
376376 part of the Uniform Certified Pu blic Accountant's Examination or
377377 tests for competency in auditing, attestation, business environment
378378 and concepts, financial accounting and reporting and accounting
379379 regulations as approved or designated b y the Board;
380380 18. “Executive director” means the chief administrative officer
381381 of the Board;
382382 19. “Financial statements ” means statements and footnotes
383383 related thereto that undertake to pres ent an actual or anticipated
384384 financial position as of a point in time, or results of operations,
385385 cash flow, or changes in fi nancial position for a period of time, in
386386 conformity with generally accepted accounting principles or another
387387 comprehensive basis of accounting. The term does not include
388388 incidental financial data included in management advisory service
389389 reports to support recommendations to a client; nor does it include
390390 tax returns and supporting schedules;
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442442 20. “Firm” means an entity that is either a sole
443443 proprietorship, partnersh ip, professional limited liability company,
444444 professional limited liability partnership, limit ed liability
445445 partnership or professiona l corporation, or any other professional
446446 form of organization organized u nder the laws of the State of
447447 Oklahoma or the laws of another jurisdiction and issued a permit in
448448 accordance with Section 15.15A of this title o r exempt from the
449449 permit requirement un der Section 15.15C of this title and which also
450450 is exempt from the registration requirement o f paragraph 3 of
451451 subsection A of Section 15.15 of this title, including individual
452452 partners or shareholders, that is engaged in accountancy;
453453 21. “Holding out” means any representation by an individual
454454 that he or she holds a certificate or license and a valid permit, or
455455 by an entity that it holds a valid permit. Any such representation
456456 is presumed to invite the public to rely upo n the professional
457457 skills implied by the certificate or license and valid permit in
458458 connection with the servi ces or products offered;
459459 22. “Home office” means the location specified by the client as
460460 the address to which a service described in Section 15.12 A of this
461461 title is directed;
462462 23. “IFAC” means the International Federation of Accountants;
463463 24. “Individual” means a human being;
464464 25. “Jurisdiction” means any state or territory of the United
465465 States and the District of Columbia;
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517517 26. “License” means the Oklahoma document issued by the Board
518518 to a candidate upon successful completion of the public accountant
519519 examination designating the holder as a public accou ntant pursuant
520520 to the laws of Oklahoma. “License” shall also mean the Oklahoma
521521 document issued by the Board by reciprocity to a public accountant
522522 who has previously been licensed by examination in another
523523 jurisdiction;
524524 27. “Management advisory services”, also known as “management
525525 consulting services”, “management services”, “business advisory
526526 services” or other similar designation, hereinafter collectively
527527 referred to as “MAS”, means the function of providin g advice and/or
528528 technical assistance, performed in accordance with standards for MAS
529529 engagements and MAS consultations such as those issued by the
530530 American Institute of Certified Public Accountants, where the
531531 primary purpose is to help the client improve t he use of its
532532 capabilities and resources to achi eve its objectives including but
533533 not limited to:
534534 a. counseling management in analysis, planning,
535535 organizing, operating, risk management and controlling
536536 functions,
537537 b. conducting special studies, preparing reco mmendations,
538538 proposing plans and programs, and providing advice and
539539 technical assistance in their implementation,
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591591 c. reviewing and suggesting impro vement of policies,
592592 procedures, systems, methods , and organization
593593 relationships, and
594594 d. introducing new idea s, concepts, and methods to
595595 management.
596596 MAS shall not include recommendations and comments prepared as a
597597 direct result of observations made while p erforming an audit,
598598 review, or compilation of financial statements or while providing
599599 tax services, including tax consultations;
600600 28. “NASBA” means the National Association of State Boards of
601601 Accountancy;
602602 29. “PA” or “P.A.” means public accountant;
603603 30. “Partnership” means a contractual relationship based upon a
604604 written, oral, or implied agreement between two or more individuals
605605 who combine their resources an d activities in a joint enterprise and
606606 share in varying degrees and by specific agreement in the ma nagement
607607 and in the profits or losses. A partnership may be general or
608608 limited as the laws of this state def ine those terms;
609609 31. “PCAOB” means the Public Company Accounting Oversight
610610 Board;
611611 32. “Peer Review” means a review performed pursuant to a set of
612612 peer review rules established by the Board. The term “peer review”
613613 also encompasses the term “quality review”;
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665665 33. “Permit” means the written authority gr anted annually by
666666 the Board to individuals or firms to practice public accounting in
667667 Oklahoma, which is issued pursuant to the Oklahoma Accountancy Act;
668668 34. a. “Practice of public accounting ”, also known as
669669 “practice public accounting”, “practice” and “practice
670670 accounting”, refers to the activities of a registrant,
671671 an individual granted practice privile ges under
672672 Section 15.12A of this title, or a firm exempt from
673673 the permit and registration requirements under Section
674674 15.15C of this title in reference to acc ountancy. An
675675 individual or firm shall be deemed to be engaged in
676676 the practice of public accounting if the individual or
677677 firm holds itself out to the public in any manner as
678678 one skilled in the knowledge, scie nce, and practice of
679679 accounting and auditing, ta xation and management
680680 advisory services and is qualified to render such
681681 professional services as a certified public accountant
682682 or public accountant, and performs the following:
683683 (1) maintains an office for the transaction of
684684 business as a certified public a ccountant or
685685 public accountant,
686686 (2) offers to prospective clients to perform or who
687687 does perform on behalf of clients professional
688688 services that involve or require an audit,
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740740 verification, investigation, certi fication,
741741 presentation, or review of financial t ransactions
742742 and accounting records or an attestation
743743 concerning any other written assertion,
744744 (3) prepares or certifies for clients reports on
745745 audits or investigations of books or records of
746746 account, balance sheets, and other financial,
747747 accounting and relat ed schedules, exhibits,
748748 statements, or reports which are to be used for
749749 publication or for the purp ose of obtaining
750750 credit, or for filing with a court of law or with
751751 any governmental agency, or for any other
752752 purpose,
753753 (4) generally or incidentally to the wo rk described
754754 herein, renders professional services to clients
755755 in any or all matters relating to acc ounting
756756 procedure and to the recording, presentation , or
757757 certification of financial information or data,
758758 (5) keeps books, or prepares trial balances,
759759 financial statements, or reports, all as a part
760760 of bookkeeping services for clients,
761761 (6) prepares or signs as the tax preparer, tax
762762 returns for clients, consults with clients on tax
763763 matters, conducts studies for cli ents on tax
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815815 matters and prepares reports for cli ents on tax
816816 matters, unless the services are uncompensated
817817 and are limited solely to the registrant ’s, or
818818 the registrant’s spouse’s lineal and collateral
819819 heirs,
820820 (7) prepares personal financial or investment p lans
821821 or provides to clients products or services of
822822 others in implementation of personal financial or
823823 investment plans, or
824824 (8) provides management advisory services to clients.
825825 b. Except for an individual granted practice privileges
826826 under Section 15.12A of this title or a firm exempt
827827 from the permit and registration requirements under
828828 Section 15.15C of this title, an individual or firm
829829 not holding a certificate, license or permit shall not
830830 be deemed to be engaged in the practice of public
831831 accounting if the individual or firm does not hold
832832 itself out, solicit, or advertise for clients using
833833 the certified public accountant or public accountant
834834 designation and engages only in the following
835835 services:
836836 (1) keeps books, or prepares trial balances,
837837 financial statements, or reports,; provided, such
838838 instruments do not use the terms “audit”,
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890890 “audited”, “exam”, “examined”, “review” or
891891 “reviewed” or are not exhibited as having been
892892 prepared by a certified public accountant or
893893 public accountant. Except for an individual
894894 granted practice privileges under Section 15.12A
895895 of this title or a firm exempt from the permit
896896 and registration requirements under Section
897897 15.15C of this title, nonregistrants may use the
898898 following disclaimer language in connection with
899899 financial statements and be in compliance with
900900 the Oklahoma Accountan cy Act: “I (we) have not
901901 audited, examined or reviewed the accompanying
902902 financial statements and a ccordingly do not
903903 express an opinion or any other form of assurance
904904 on them.”,
905905 (2) prepares or signs as the tax preparer, tax
906906 returns for clients, consults w ith clients on tax
907907 matters, conducts studies for clients on tax
908908 matters and prepares reports for cl ients on tax
909909 matters,
910910 (3) prepares personal financial or investment plans
911911 or provides to clients products o r services of
912912 others in implementation of personal financial or
913913 investment plans, or
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965965 (4) provides management advisory services to clients.
966966 c. Only permit holders, individuals granted practice
967967 privileges under Section 15.12A of this title, or
968968 firms exempt from the permit and registration
969969 requirements under Section 15.15C of this title and
970970 who also meet the requirements of paragraph 3 of
971971 subsection A of Section 15.15 of this title may render
972972 or offer to render any attest service, as defined
973973 herein, or issue a report on financial state ments
974974 which purport to be in compliance with the Statements
975975 on Standards for Accou nting and Review Services
976976 (SSARS). This restriction shall not prohibit any act
977977 of a public official or public employee in the
978978 performance of that p erson’s duties. This rest riction
979979 shall not be construed to prohibit the performance by
980980 any unlicensed indiv idual of other services as set out
981981 in subparagraph b of this paragraph.
982982 d. A person is not deemed to be practicing public
983983 accounting within the mean ing of this section solely
984984 by displaying an Oklahom a CPA certificate or a PA
985985 license in an office, identifyi ng himself or herself
986986 as a CPA or PA on letterhead or business cards, or
987987 identifying himself or herself as a CPA or PA.
988988 However, the designation of CPA or PA on such
989989
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10401040 letterheads, business cards, public signs,
10411041 advertisements, publications directed to clien ts or
10421042 potential clients, financial or t ax documents of a
10431043 client, performance of any attest service or issuance
10441044 of a report constitutes the practice of public
10451045 accounting and requires a permit, practic e privileges
10461046 under Section 15.12A of this title, or an ex emption
10471047 from the permit and registratio n requirements under
10481048 Section 15.15C of this title;
10491049 35. “Preissuance review” means a review preformed pursuan t to a
10501050 set of procedures that include review of eng agement document,
10511051 report, and clients’ financial statements in order to permit the
10521052 reviewer to assess compliance with all applicable professional
10531053 standards;
10541054 36. “Principal place of business ” means the office location
10551055 designated by the licensee for the pur poses of substantial
10561056 equivalency and reciprocity;
10571057 37. “Professional corporation ” means a corporation organized
10581058 pursuant to the laws of this state;
10591059 38. “Professional” means arising out of or related to th e
10601060 specialized knowledge or skills associated with C PAs or PAs;
10611061 39. “Public accountant” means any individual who has received a
10621062 license from the Board;
10631063
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11141114 40. “Public interest” means the collective well -being of the
11151115 community of people and institutions the p rofession serves;
11161116 41. “Qualification applicant” means an individual who has made
11171117 application to the Board t o qualify to become a candidate for
11181118 examination;
11191119 42. “Registrant” means a CPA, PA, or firm composed of certified
11201120 public accountants or public accou ntants or combination of b oth
11211121 currently registered with the Board pursuant to the authority of the
11221122 Oklahoma Accountancy Act;
11231123 43. “Report”, when used with reference to any attest or
11241124 compilation service, means an opinion, report or other form of
11251125 language that states or implies assur ance as to the reliabilit y of
11261126 the attested information or complied financial state ments, and that
11271127 also includes or is acc ompanied by any statement or implication that
11281128 the person or firm issuing it has special knowledge or competen ce in
11291129 accounting or auditi ng. Such a statement or implication of special
11301130 knowledge or competence may arise from use by the issuer of the
11311131 report of names or titles indicating that the person or firm is an
11321132 accountant or auditor, or from the language of the report itself.
11331133 The term “report” includes any form of language which disclaims an
11341134 opinion when such form of language is conventionally understood to
11351135 imply any positive assurance as to the reliability of the attested
11361136 information or compiled financial state ments referred to and/or
11371137 special competence on the part of the person or firm issuing such
11381138
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11891189 language; and it includes any other form of language tha t is
11901190 conventionally understood to imply such assurance and/or such
11911191 special knowledge or competence. This def inition is not intended to
11921192 include a report prepare d by a person not holding a certificate or
11931193 license or not granted practice privileges under Sect ion 15.12A of
11941194 this title. However, such report shall not refer to “audit”,
11951195 “audited”, “exam”, “examined”, “review” or “reviewed”, nor use the
11961196 language “in accordance with standards established by the American
11971197 Institute of Certified Public Accountants ” or successor of said
11981198 entity, or governmental agency approved by the Board, except for the
11991199 Internal Revenue Servi ce. Except for an individ ual granted practice
12001200 privileges under Section 15.12A of this title or a firm exemp t from
12011201 the permit and registration requ irements under Section 15.15C of
12021202 this title, nonregistrants may use the following disclaimer language
12031203 in connection with financial stat ements not to be in viola tion of
12041204 the Oklahoma Accountancy Act: “I (we) have not audited, examined,
12051205 or reviewed the accom panying financial statements and accordingly do
12061206 not express an opinion or any other form of assurance on them .”;
12071207 44. “Representation” means any oral or written communication
12081208 including but not limited to the use of ti tle or legends on
12091209 letterheads, business cards, office doors, advertisements, and
12101210 listings conveying the fact that an individual or entity holds a
12111211 certificate, license or perm it;
12121212
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12631263 45. “Review”, when used with reference to financial statements,
12641264 means a registrant or an individual granted practice privileges
12651265 under Section 15.12A of this title, that also meets the requirements
12661266 of paragraph 3 of subsection A of Section 15.15 of thi s title or a
12671267 firm exempt from the permit and registration requirements under
12681268 Section 15.15C of this title performing inquiry and analytical
12691269 procedures that provide the registran t with a reasonable basis for
12701270 expressing limited assurance that there are no ma terial
12711271 modifications that should be made to the statements in order for
12721272 them to be in conformity with generally accepted acco unting
12731273 principles or, if applicable, with another co mprehensive basis of
12741274 accounting; and
12751275 46. “Substantial equivalency” is a determination by the
12761276 Oklahoma Accountancy Board or its designee that:
12771277 a. the education, examination and experience requirements
12781278 contained in the statutes and administrative rules of
12791279 another jurisdiction are comparable to, or exceed, the
12801280 education, examination an d experience requirements
12811281 contained in the AICPA/NASBA Uniform Accountancy Act,
12821282 or
12831283 b. that an individual certified public acc ountant’s or
12841284 public accountant’s education, examinat ion and
12851285 experience qualifications are c omparable to or exceed
12861286 the education, examination and experience requirements
12871287
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13381338 contained in the Oklahoma Accountancy Act and rules of
13391339 the Board.
13401340 In ascertaining subst antial equivalency as used in the Oklahoma
13411341 Accountancy Act, the Board or its designee shall take into account
13421342 the qualifications wi thout regard to the sequence in which
13431343 experience, education, or examination requirements were attained.
13441344 SECTION 2. AMENDATORY 59 O.S. 2011, Section 15.2, as
13451345 last amended by Section 6, Chapter 116, O.S.L. 2020 (59 O.S. Supp.
13461346 2020, Section 15.2), is amended to read as follows:
13471347 Section 15.2. A. There is hereby re -created, to continue until
13481348 July 1, 2023, in accordance with the provisions of the Oklahoma
13491349 Sunset Law, the Oklahoma Accountancy Board. The Oklahoma
13501350 Accountancy Board shall have the responsibility fo r administering
13511351 and enforcing the Oklahoma Accountancy Act. The Oklahoma
13521352 Accountancy Board shall be composed of seven (7) members, who shall
13531353 have professional or practical experience in the use of account ing
13541354 services and financial matters, so as to be qua lified to make
13551355 judgments about the qualifications and conduct of persons and firms
13561356 subject to regulation under the Oklahoma Accountancy Act to be
13571357 appointed by the Governor and confirmed by the Senate. The number
13581358 of registrant members shall not be more tha n six, not including a
13591359 firm, who shall serve terms of five (5) years. No member who h as
13601360 served two successive complete terms shall be eligible for
13611361 reappointment, but an appointment to fill an unexpired te rm shall
13621362
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14131413 not be considered a complete term for this purpose. The public
14141414 member shall serve coterminously with the Governor appointing th e
14151415 public member.
14161416 B. One member shall be either a public accountant licensed and
14171417 holding a permit pursuant to the provi sions of the Oklahoma
14181418 Accountancy Act, or a person with professional or practical
14191419 experience in the use of accounting services and financ ial matters
14201420 and who shall have met the educational requirements to qualify a s a
14211421 candidate for examination for the licen se of public accountant as
14221422 provided in subsection B of Section 15.8 of this title. A list of
14231423 qualified persons shall be compiled and sub mitted to the Governor by
14241424 the Oklahoma Society of Public Accountants, or suc cessor
14251425 organization from time to time as ap pointment of the Board member is
14261426 required to be made. A list of three names shall be submitted for
14271427 each single appointment from which th e Governor may make the
14281428 appointment.
14291429 C. Five members shall be certified pub lic accountants holding
14301430 certificates and four shall hold permits issued pursuant to the
14311431 provisions of the Oklahoma Accountancy Act, at least four of whom
14321432 shall have been engaged in the practice of public accounting as a
14331433 certified public accountant continuo usly for not less than five (5)
14341434 out of the last fifteen (15) years immediately preceding their
14351435 appointments. A list of qualified persons shall be compiled and
14361436 submitted to the Gov ernor by the Oklahoma Society of Certified
14371437
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14881488 Public Accountants from time to t ime as appointments of the
14891489 certified public accountant Board members are required. A list of
14901490 three names shall be submitted for each single appointment from
14911491 which the Governor may make the appointment.
14921492 D. One member C. Two members shall be a public member members
14931493 who is are not a certified public accountant accountants or licensed
14941494 public accountant accountants. The public member members shall be
14951495 appointed by the Governor to a term coterminous with the Governor.
14961496 The public member members shall serve at the pleasure of the
14971497 Governor.
14981498 E. D. Upon the expiration of the term of office, a member shall
14991499 continue to serve until a qualified successor has been appointed.
15001500 Confirmation by the S enate is required during the next regular
15011501 session of the Oklahoma Senate for the member to continue to serve.
15021502 SECTION 3. AMENDATORY 59 O.S. 2011, Section 15.11, is
15031503 amended to read as follows:
15041504 Section 15.11. A. No individual, other than as described in
15051505 subparagraph d of paragraph 34 of Section 15.1A of this title, shall
15061506 assume or use the title o r designation “Certified Public Accountant”
15071507 or the abbreviation “C.P.A.” or any other title, designation, words,
15081508 letters, abbreviation, sign, card, o r device tending to indicate or
15091509 represent that such individual is a certified public accountant,
15101510 unless such individual has received a certificate as a certif ied
15111511 public accountant and holds a valid permit issued pursuant to the
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15631563 provisions of the Oklahoma A ccountancy Act or is granted practice
15641564 privileges under Section 15.15C of this title that also meets the
15651565 requirements of paragraph 3 of subsection A of Section 15.15 of this
15661566 title. All offices in this state for the practice of public
15671567 accounting by such individual shall be maintained and registered as
15681568 required by the Oklahoma Accountancy Act.
15691569 B. No entity shall assume or use the title or designation
15701570 “Certified Public Accountant” or the abbreviation “C.P.A.” or any
15711571 other title, designation, words, letters, abbreviation, sign , card
15721572 or device tending to indicate or represent that such entity is
15731573 composed of certified public accountants unless such entity is
15741574 registered as a firm of certified public accountants and holds a
15751575 valid permit issued pursuant to the provisions of the Okla homa
15761576 Accountancy Act or is exempt from the registration and permit
15771577 requirements under Section 15.15C of this title. All offices in
15781578 this state for the practice of public accounting by such entity
15791579 shall be maintained and registered as required by the Oklaho ma
15801580 Accountancy Act.
15811581 C. No individual, other than as described in subparagraph d of
15821582 paragraph 34 of Section 15.1A of this title, shall assume or use the
15831583 title or designation “Public Accountant” or the abbreviation “P.A.”
15841584 or any other title, designation, wo rds, letters, abbreviation, sign,
15851585 card, or device tending to indicate or repre sent that such
15861586 individual is a public accountant, unless such individual is
15871587
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16381638 licensed as a public accountant, or is a certified public accountant
16391639 and holds a valid permit issued p ursuant to the provisions of the
16401640 Oklahoma Accountancy Act. All offices in thi s state for the
16411641 practice of public accounting by such individual shall be maintained
16421642 and registered as required by the Oklahoma Accountancy Act.
16431643 D. No entity shall assume or use the title or designation
16441644 “Public Accountant” or any other title, designation, words, letters,
16451645 abbreviation, sign, card, or device tending to indicate or represent
16461646 that such entity is composed of public accountants, unless such
16471647 entity is registered as a fi rm of public accountants and holds a
16481648 valid permit issued pursuant to the provi sions of the Oklahoma
16491649 Accountancy Act. All offices in this state for the practice of
16501650 public accounting by such entity shall be maintained and registered
16511651 as required by the Oklah oma Accountancy Act.
16521652 E. No individual or entity shall assume or use the title or
16531653 designation “Certified Accountant”, “Chartered Accountant”,
16541654 “Enrolled Accountant”, “Licensed Accountant”, “Registered
16551655 Accountant” or any other title or designation which coul d be
16561656 confused with “Certified Public Accountant ” or “Public Accountant”,
16571657 or any of the abbreviations “CA”, “EA”, except as it relates to the
16581658 term “enrolled agent” as defined by the Internal Revenue Service,
16591659 “RA”, or “LA”, or similar abbreviations which cou ld be confused with
16601660 “CPA” or “PA”; provided, however, that anyone who holds a valid
16611661 permit and whose offices in this state for the practice of public
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17131713 accounting are maintained and registered as required by the Oklahoma
17141714 Accountancy Act or is granted practic e privileges under Section
17151715 15.12A of this title may hold oneself out to the pu blic as an
17161716 “Accountant” or “Auditor”.
17171717 F. No individual or entity not holding a valid permit, not
17181718 granted practice privileges under Section 15.12A of this title, or
17191719 not exempt from the permit requirement under Section 15.15C of this
17201720 title that also meets the requireme nts of paragraph 3 of subsection
17211721 A of Section 15.15 of this title shall hold oneself or itself out to
17221722 the public as an “Accountant” or “Auditor” by use of either or both
17231723 of such words on any sign, card, letterhead, or in any advertisement
17241724 or directory, without specifically indicating that such individual
17251725 or entity does not hold such a pe rmit. The provisions of this
17261726 subsection shall not be construed to prohibit any officer, employee,
17271727 partner or principal of any entity from describing oneself by the
17281728 position, title or office one holds in such organization; nor shall
17291729 this subsection prohibi t any act of public official or public
17301730 employee in the performance of the duties as such.
17311731 G. Any individual or entity who is registered with the Board
17321732 but does not hold a v alid permit issued pursuant to the Oklahoma
17331733 Accountancy Act may not issue a report on financial statements of
17341734 any other person, firm, organization recognized by the State of
17351735 Oklahoma, or governmental unit. This prohibition does not apply to
17361736 an officer, partner, or employee of any firm or organization
17371737
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17881788 affixing a signature to any statemen t or report in reference to the
17891789 financial affairs of such firm or organization with any wording
17901790 designating the position, title, or office that is held therein; nor
17911791 prohibit any act of a public official or employee in the performance
17921792 of the duties as such.
17931793 SECTION 4. AMENDATORY 59 O.S. 2011, Section 15.12A, is
17941794 amended to read as follows:
17951795 Section 15.12A. A. 1. An individual whose principal place of
17961796 business is not in this state a nd who holds a valid certificate or
17971797 license as a Certified Public Accountant or Public Accountant from
17981798 any jurisdiction which the Oklahoma Accountancy B oard’s designee has
17991799 verified to be in substantial equi valence to the Certi fied Public
18001800 Accountant and Public Accountant licensure requirements of the
18011801 AICPA/NASBA Uniform Accountancy Act shall be presumed to have
18021802 qualifications substantially equivalent to th is state’s requirements
18031803 and shall have all the privile ges of certificate a nd license holders
18041804 of this state without the need to obtain a certificate, license or
18051805 permit required under Sections 15.9, 15.13, 15.14A, 15.15 and 15.15A
18061806 of this title. An individu al who offers or renders professional
18071807 services, whether in person or by ma il, telephone or electronic
18081808 means, under this section shall be granted practice privileges in
18091809 this state and no notice, fee or submission shall be provided by any
18101810 such individual. Such an individual shall be subject to the
18111811 requirements in paragraph 3 of this subsection.
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18631863 2. An individual whose principal place of business is not in
18641864 this state who holds a valid certificate or license as a Certified
18651865 Public Accountant or Public Accountan t from any jurisdiction which
18661866 the Oklahoma Accountancy Board’s designee has not verified to be in
18671867 substantial equivalence to the Certified Public Accountant licensure
18681868 requirements of the AICPA/NASBA Uniform Accountancy Act shall be
18691869 presumed to have qualifi cations substantially equivalent to this
18701870 state’s requirements and shall ha ve all the privileges of
18711871 certificate and license holders of this state without the need to
18721872 obtain a certificate, license or permit required under Sections
18731873 15.9, 15.13, 15.14A, 15.15 and 15.15A of this title. Any individual
18741874 who passed the Uniform CPA Exami nation and holds a valid certi ficate
18751875 or license issued by any other state prior to January 1, 2012, may
18761876 be exempt from the education requirement of the Uniform Accountancy
18771877 Act for purposes of this paragraph. An individual who offers or
18781878 renders professional services, whether in person, or by mail,
18791879 telephone or electronic means, under this section, shall be granted
18801880 practice privileges in this state and no notice, fee or submission
18811881 shall be provided by any such individual. Such an individ ual shall
18821882 be subject to the requirements in paragr aph 3 of this subsection.
18831883 3. An individual certificate holder or license holder of
18841884 another jurisdiction exercising the privilege afforded under this
18851885 section, and any firm which employs that certificate hol der or
18861886
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19371937 license holder hereby simultaneously consen t, as a condition of the
19381938 granting of this privilege:
19391939 a. to the personal and subject matter jurisdiction and
19401940 disciplinary authority of the Board,
19411941 b. to comply with the Oklahoma Accountancy Act and the
19421942 Board’s rules,
19431943 c. that in the event the certificate hold er or license
19441944 holder from the jurisdiction of the individual ’s
19451945 principal place of business is no longer valid, the
19461946 individual will cease offering or ren dering
19471947 professional services in this state individuall y or on
19481948 behalf of a firm, and
19491949 d. to the appointment of the state board which issued the
19501950 certificate or license as the agent upon whom process
19511951 may be served in any action or proceeding by the Board
19521952 against the certificate or license holder.
19531953 4. A certified public accounting or public accounting firm that
19541954 is licensed and has its primary place of business in another state,
19551955 does not have an office in this state and does not provide the
19561956 professional services described in subparagraphs a, b, and c of
19571957 paragraph 5 of this subsection f or a client whose home office is in
19581958 this state, is not subject to the requirements of paragraph 1 or 2
19591959 of subsection A of Section 15.15 of this title may practice perform
19601960 services described in subsection 12 of Section 15.1A of this title
19611961
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20122012 and other nonattest professional services while using the title
20132013 “CPA” or “CPA firm” in this state without a firm license, permit, or
20142014 notice to the Board if the firm ’s practice in this state is
20152015 performed by an individual who is licensed in Oklahoma or who has
20162016 been granted practice privileges under parag raph 1 or 2 of this
20172017 subsection, and the firm can lawfully do so in the state where the
20182018 individuals with practice privileges have the ir principal place of
20192019 business.
20202020 5. An individual who has been granted practice privileges unde r
20212021 this section who, for any entity with its home office in this state,
20222022 performs any of the following services:
20232023 a. any audit or other engagement to be performed in
20242024 accordance with Statements on Auditing Standards,
20252025 b. any review of a financial statement to b e performed in
20262026 accordance with the Statements on Standards for
20272027 Accounting and Review Services (SSARS),
20282028 c. any report performed in accordance with Statements on
20292029 Standards for Attestation Engagements (SSAE), and
20302030 d. any engagement to be performed in accordanc e with the
20312031 Auditing Standards of the Public Company Accounting
20322032 Oversight Board (PCAOB),
20332033 attest services described in subsection 5 of Section 15.1A of this
20342034 title may only do so throug h a firm which meets the requirements of
20352035 paragraph 3 of subsection A of Section 15.15 of this title for
20362036
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20872087 exemption from the registration requirements o r which has obtained a
20882088 registration under Section 15.15 and a permit issued under Section
20892089 15.15A of this title.
20902090 B. A registrant of this state offering or rendering services or
20912091 using the registrant’s CPA or PA title in another jurisdiction shall
20922092 be subject to disciplinary action in this state fo r an act committed
20932093 in another jurisdiction which would sub ject the certificate or
20942094 license holder to discipline in that jurisdiction. The Bo ard shall
20952095 be required to investig ate any complaint made by the board of
20962096 accountancy of another jurisdiction.
20972097 SECTION 5. AMENDATORY 59 O.S. 2011, Section 15.14A, as
20982098 last amended by Section 5, Chapter 327, O.S.L. 2019 (59 O.S. Supp.
20992099 2020, Section 15.14A), is amended to read as follows:
21002100 Section 15.14A. A. Before any individual may practice public
21012101 accounting or hold himself or herself out as being engaged in the
21022102 practice of public accounting as a certified public accountant or
21032103 public accountant in this state, such per son shall obtain a permit
21042104 from the Oklahoma Acc ountancy Board, unless such person is g ranted
21052105 practice privileges under Section 15.12A of this title. Any
21062106 individual, corporation or partnership or any other entity who
21072107 provides any of the services defined he reinabove as the “practice of
21082108 public accounting” without holding a license and permit, or without
21092109 holding a certificate and permit, shall be assessed a fine not to
21102110 exceed Ten Thousand Dollars ($10,000.00) for each separate offense,
21112111
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21622162 unless such person is gr anted practice privileges under Section
21632163 15.12A of this title, or such entity is exempt from the permit and
21642164 registration requirements of Section 15.15C of this title or is
21652165 exempt from the registration requirements of paragra ph 3 of
21662166 subsection A of Section 1 5.15 of this title.
21672167 B. The Board shall promulgate rules establishing the
21682168 qualifications for obtaining a permit to practice public accounting
21692169 in this state. Such rules shall include but not be limited to
21702170 provisions that:
21712171 1. Any individual seeking a permi t must have a valid
21722172 certificate or license;
21732173 2. Any individual or entity seeking a per mit must be registered
21742174 pursuant to the provisions of the Oklahoma Accou ntancy Act;
21752175 3. Any individual seeking a permit must meet continui ng
21762176 professional education require ments as set forth by the Oklahoma
21772177 Accountancy Act and rules promulgated by the Board; and
21782178 4. There shall be no examination for obtaining a permit.
21792179 C. All such individuals shall, upon application and compliance
21802180 with the rules establishing qualifications for obtaining a permit
21812181 and payment of the fees, be granted an annual permit to practic e
21822182 public accounting in this state. Al l permits issued shall be
21832183 renewed on the last day of the individual ’s birth month in
21842184 conjunction with the registrant’s certificate or license renewal.
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22362236 The Board may issue interim permits upon payment of the same fees
22372237 required for annual permits.
22382238 D. Failure to apply for and obtain a perm it shall disqualify an
22392239 individual from practicing public accountin g in this state until
22402240 such time as a valid permit has been obtained.
22412241 E. The Board shall charge a fee for each individu al permit not
22422242 to exceed Two Hundred Do llars ($200.00).
22432243 SECTION 6. AMENDATORY 59 O.S. 2011, Section 15.15, is
22442244 amended to read as follows:
22452245 Section 15.15. A. The Oklahoma Accountancy Board, upon
22462246 application, shall grant or register any firm, including sole
22472247 proprietorships, seeking to pro vide public accounting services to
22482248 the public in this state if su ch firm demonstrates its
22492249 qualifications therefore in accordance with this section. All
22502250 firms, except sole proprietorships with an office in this state,
22512251 shall pay an annual registration fee n ot to exceed One Hundred
22522252 Dollars ($100.00). The following must r egister with the Board under
22532253 this section:
22542254 1. Any firm with an office in this state engaged in the
22552255 practice of public accounting or the practice of attest services as
22562256 defined in paragraph 5 of Section 15.1A of this title;
22572257 2. Any firm with an office in th is state that uses the title
22582258 “CPA”, “PA”, “CPA firm” or “PA firm”; or
22592259
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23102310 3. Any firm that does not have an office in this state but
23112311 performs offers or renders attest services as described in
23122312 subparagraph a, c, or d of par agraph 5 of Section 15.1A of this
23132313 title for a client having its home office in this sta te subsection 5
23142314 of Section 15.1A of this title, un less it meets each of the
23152315 following requirements :
23162316 a. it complies with the qualifications described in
23172317 paragraphs 1 and 3 of subsection F of Section 15.15A
23182318 of this title,
23192319 b. it complies with the qualificati ons described in
23202320 Section 15.10 of this title,
23212321 c. it performs such services through an individual with
23222322 practice privileges under Section 15.12A of this
23232323 title, and
23242324 d. it can lawfully do so in the state where the
23252325 individuals with practice privileges have their
23262326 practice of business.
23272327 B. All such registrations shall expire on June 30 of each year
23282328 and may be renewed annually for a period of one (1) year by
23292329 registrants in good standing upon filing the registration and upon
23302330 payment of the annual fee not later than June 30 of each year.
23312331 C. Interim registrations shall be at full rates.
23322332 D. Upon failure of a firm to pay registration fees on or before
23332333 the last day of June, the Board shall notify the fir m in writing by
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23852385 certified mail to the last known address of the fi rm, as reflected
23862386 in the records of the Board, of the firm ’s failure to comply with
23872387 the Oklahoma Accountancy Act.
23882388 E. A registration granted under authority of this section shall
23892389 automatically be revoked if the firm fails to renew its registration
23902390 on or before June 30.
23912391 F. A firm whose registration is automatically revoked pursuant
23922392 to this section may be reinstated by the Board upon payment of a fee
23932393 to be set by the Board which shall not excee d Two Hundred Dollars
23942394 ($200.00).
23952395 G. An individual who has practic e privileges under Section
23962396 15.12A of this title who performs services for which firm
23972397 registration is required under this section shall not be required to
23982398 meet the certificate, license, regis tration or permit requirements
23992399 of Section 15.9, 15.13, 15.13A, 15. 14 or 15.14A of this title.
24002400 SECTION 7. AMENDATORY 59 O.S. 2011, Section 15.15A, as
24012401 last amended by Section 1, Chapter 218, O.S.L. 2015 (59 O.S. Supp.
24022402 2020, Section 15.15A), is amended to read as follow s:
24032403 Section 15.15A. A. The Oklahoma Accountancy Board, upon
24042404 application, shall issue a permit to practice public acc ounting to
24052405 each firm seeking to provide professional services to the public in
24062406 this state except that a firm not required to regist er with the
24072407 Board under paragraph 4 of subsection A of Section 15.12A of this
24082408 title and a firm exempt from the registration requirements under
24092409
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24602460 paragraph 3 of subsection A of Section 1 5.15 of this title shall
24612461 also not be required to obtain a pe rmit under this secti on.
24622462 Renewals of firm permits s hall be applied for during the month of
24632463 May of each year.
24642464 B. Applicants for in itial firm permits shall provide the Board
24652465 with the following information:
24662466 1. A list of all states in which the firm has app lied for or
24672467 been issued a permit or its equivalent w ithin the five (5) years
24682468 immediately preceding the date of application;
24692469 2. Relevant details as to a denial, revocation , or suspension
24702470 of a permit or its equivalent of the firm, or any partner or
24712471 shareholder of the firm in an y other state or jurisdiction;
24722472 3. Documentary proof that the firm has complied with the
24732473 requirements of the O klahoma Office of the Secretary of State
24742474 applicable to such entities; and
24752475 4. Such other information as the Board deems appro priate for
24762476 demonstrating that the qualifications of the firm are sufficient for
24772477 the practice of public accounting in this state.
24782478 C. The following changes in a firm affecting the offices in
24792479 this state shall be reported to the Board within thirty (30)
24802480 calendar days from the dat e of occurrence:
24812481 1. Changes in the partners or shareholders of the fir m;
24822482 2. Changes in the structure of the firm;
24832483 3. Change of the designated manager of the firm;
24842484
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25352535 4. Changes in the number or location of offices of the firm;
25362536 and
25372537 5. Denial, revocation, or suspension of certificates, licenses,
25382538 permits, or their equivalent t o the firm or its partners,
25392539 shareholders, or employees other than in this state.
25402540 D. The Board shall be notified in the event the firm is
25412541 dissolved. Such notificat ion shall be made wit hin thirty (30)
25422542 calendar days of the dissolution. The Board shall adop t rules for
25432543 notice and rules appointing the responsible party to receive such
25442544 notice for the various types of firms authorized to receive permits.
25452545 Such notice of dissolution shall cont ain but not be limited to the
25462546 following information:
25472547 1. A list of all partners and shareholders at the time o f
25482548 dissolution;
25492549 2. The location of each office of the firm at the time of
25502550 dissolution; and
25512551 3. The date the dissolution becam e effective.
25522552 E. The Board shall set a fee of not mo re than Two Hundred
25532553 Dollars ($200.00) fo r each initial or renewal firm permit e xcept for
25542554 sole proprietorships.
25552555 F. Each firm seeking a permit to practice accounting as a CPA
25562556 firm shall be issued a permit by the Board upon app lication and
25572557 payment of appropriate fees. A firm applying for a permit shall
25582558 provide documentary proof to the Board that:
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26102610 1. Except as authorized in Section 15.15B of this title, a
26112611 simple majority of the ownership of the firm, in te rms of financial
26122612 interests and voting rights, belong s to partners or shareholders
26132613 engaged in the practice of public accounting in t he United States
26142614 and holding a certificate as a certified public accountant in one or
26152615 more jurisdictions. Although firms may include non-certificate
26162616 holder owners, the firm and its ownership must comply with rules
26172617 promulgated by the Board; and
26182618 2. Each designated manager of an office in this state is a
26192619 holder of a valid Oklahoma certificate and permit to practice as a
26202620 certified public accountant; a nd
26212621 3. All nonlicensed owners a re active individual participants in
26222622 the public accounting firm or affiliated e ntities, except as
26232623 authorized in Section 15.15B of this title.
26242624 G. Each firm seeking a permit to practice accounting as a PA
26252625 firm shall be issued a permit by the Board upon appl ication and
26262626 payment of appropriate fees. A firm applying for a permit shall
26272627 provide documentary proof to the Board that:
26282628 1. Except as authorized in Section 15.15B of this title, a
26292629 simple majority of th e ownership of the fi rm, in terms of financial
26302630 interests and voting rights, belongs to partn ers or shareholders
26312631 engaged in the practice of public accounting in the United States
26322632 and holding a license as a public accountant in one or more
26332633 jurisdictions. Although firms may incl ude nonlicense holder owners,
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26852685 the firm and its ownership must comply wi th rules promulgated by the
26862686 Board; and
26872687 2. Each designated manager of an office in this state has
26882688 received an Oklahoma license and permit to practice as a public
26892689 accountant or certifica te and permit to practice as a certified
26902690 public accountant; and
26912691 3. All nonlicensed owners are active individu al participants in
26922692 the public accounting firm or affiliated entities, except as
26932693 authorized in Section 15.15B of this title.
26942694 H. Any individual lic ensee who is responsible for su pervising
26952695 attest or compilation services and signs or authorizes someone to
26962696 sign the accountant’s report on the financial statement on behalf of
26972697 the firm shall meet the competency requirements set out in the
26982698 professional standards for such services.
26992699 I. Any individual licensee who signs or autho rizes someone to
27002700 sign the accountant’s report on the financial statements on behalf
27012701 of the firm shall meet the competency requirements of the prior
27022702 subsection.
27032703 SECTION 8. AMENDATORY 59 O.S. 2011, Section 15.15C, is
27042704 amended to read as follows:
27052705 Section 15.15C. It shall not be a violation of the Oklahoma
27062706 Accountancy Act for a firm which is not registered under Section
27072707 15.15 of Title 59 of the Oklaho ma Statutes and does not hold a valid
27082708 permit under Section 15.15A of Title 59 of the Oklahoma Statutes
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27602760 this title and which does not have an office in this state to
27612761 provide its professional services in this state so long as it
27622762 complies with the requirements of paragr aph 4 of subsection A of
27632763 Section 15.12A of Title 59 of the Oklahoma Statutes this title or
27642764 meets the requirements of paragraph 3 of subsection A of Section
27652765 15.15 of this title, whichever is applicable .
27662766 SECTION 9. AMENDATORY 59 O.S. 2011, Section 15.25, is
27672767 amended to read as follows :
27682768 Section 15.25. Any individual or entity who:
27692769 1. Represents himself, herself or itself as having received a
27702770 certificate, license , or permit and otherwise presents himself,
27712771 herself or itself to the pub lic as having specialized knowledge or
27722772 skills associated with CPAs and PAs without having received such
27732773 certificate, license, or permit; or
27742774 2. Continues to use such title or designation after such
27752775 certificate, license , or permit has been recalled, revoked ,
27762776 surrendered, canceled, or suspended or refuses to s urrender such
27772777 certificate, license , or permit; or
27782778 3. Falsely represents himself, herself or itself as being a CPA
27792779 or licensed as a public accountant, or firm of CPAs or licensed
27802780 public accountants, or w ho incorrectly designates the character of
27812781 the certificate, license or permit which he, she or it holds; or
27822782 4. Otherwise violates any of the provisions of the Oklahoma
27832783 Accountancy Act;
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28352835 upon conviction shall be deemed guilty of a misdemeanor.
28362836 Provided,; however, that an individual granted practice
28372837 privileges under Section 15.12A of this title or a firm exempt from
28382838 the permit and registration requirements under Section 15.15C of
28392839 this title or paragraph 3 of subsectio n A of Section 15.15 of this
28402840 title may hold out as a CPA or a firm of CPAs, respectively, withou t
28412841 violation of this section.
28422842 SECTION 10. AMENDATORY 59 O.S. 2011, Section 15.37, is
28432843 amended to read as follows:
28442844 Section 15.37. No ordinance, trust or other legal instrument
28452845 shall provide for any audit services to be performed other than by a
28462846 registrant holding a valid permit or an individual granted practice
28472847 privileges under Section 15.12A of this title or a firm exempt from
28482848 the registration requirement under paragraph 3 of subsection A of
28492849 Section 15.15 of this title .
28502850 SECTION 11. This act shall become effective July 1, 2021.
28512851 SECTION 12. It being immediately necessary for the preservation
28522852 of the public peace, health or safety, an emergency is hereby
28532853 declared to exist, by reason whereof thi s act shall take effect and
28542854 be in full force from and after its passage and approval.
28552855
28562856 58-1-1183 NP 1/21/2021 3:15:05 PM