2006 Kentucky Revised Statutes - .280   Qualifications for licensure as certified public accountant by reciprocity, for foreign accountants, and for out-of-state licensed practitioners with principal place of business outside Kentucky.

325.280 Qualifications for licensure as certified public accountant by reciprocity, for foreign accountants, and for out-of-state licensed practitioners with principal place of business outside Kentucky. (1) The board may issue a license to practice by reciprocity, if the applicant submits an application for a license to practice any regulated activity, upon forms approved by the board, that includes all required fees, in the amounts as determined by administrative regulation promulgated by the board, and meets the following requirements: (a)  The applicant received a grade on the Uniform Certified Public Accountants Examination in another state that was equivalent to a passing grade at the time in this Commonwealth; (b)  The applicant holds a valid active license, and is in good standing as a certified public accountant, issued under the laws of any other state; and (c)  1. The applicant meets all current experience requirements in this Commonwealth at the time application is made; or 2. Within the ten (10) years immediately preceding the application, had four (4) years of experience in the practice of the regulated activities acceptable to the board upon which the license was based. (2) The board may issue a license to practice the regulated activities without examination to an applicant who holds a valid license to engage in the practice of the regulated activities in good standing from a foreign country if: (a)  The applicant's foreign country makes similar provisions to allow a person who holds a valid license to practice the regulated activities issued by this Commonwealth to obtain that foreign country's comparable designation; (b)  The authority of the foreign country that issued the designation regulates the practice of the regulated activities, including the issuance of reports upon financial statements; (c)  The foreign designation was granted upon education and examination requirements which were established by the foreign authority or law and were substantially equivalent to those in effect in this Commonwealth at the time the foreign designation was granted; (d)  The applicant satisfies the applicable experience requirement contained in paragraph (c) of subsection (1) of this section; (e)  The applicant has successfully passed a uniform qualifying examination on United States national standards approved by the board; and (f)  The applicant submits an application for a license to practice the regulated activities, upon forms approved by the board, that includes all required fees, in the amounts as determined by administrative regulation promulgated by the board. (3) (a)  The board may grant a privilege to practice the regulated activities to a natural person whose principal place of business is not in this state and who holds an active and valid license in good standing to practice as a certified public Page 1 of 3 accountant in the state where his or her principal place of business is located and is deemed by the board to have substantially equivalent licensing standards. The board shall determine the procedure for reviewing and determining the substantial equivalency of any state. (b) A person applying for the privilege established in paragraph (a) of this section shall satisfy the following requirements: 1. Submit to the board notification to practice on a form adopted by the board and pay a fee not to exceed one hundred dollars ($100). The form shall be submitted prior to the applicant engaging in a regulated activity in this state or no later than thirty (30) calendar days thereafter; 2. Agree to submit to the personal and subject matter jurisdiction and disciplinary authority of the board; 3. Comply with the laws of this chapter and the board's administrative regulations; 4. Agree to the appointment of the state board that issued the license as the agent upon whom process may be served in any action or proceeding by the board against the applicant; 5. Agree to immediately cease offering services if any of the information filed is false; 6. Agree to notify the board immediately if the license in the applicant's home jurisdiction becomes inactive, lapses, or is subjected to any disciplinary action; 7. Agree that, notwithstanding the notice and hearing requirements of KRS 325.340, the privilege shall be automatically suspended or revoked if the home jurisdiction takes identical action on the license upon which the privilege is granted; and 8. Agree that if the applicant moves his or her principal place of business to Kentucky, he or she shall notify the board prior to the move and immediately apply for a license under subsection (1) or (2) of this section. (c) A privilege issued under this subsection shall automatically expire when one (1) of the following occurs: 1. The privilege is not renewed prior to July 1 of the second year following the date the privilege was last issued; or 2. The license upon which the privilege was granted expires. The privilege may be renewed if the applicant meets the requirements of this subsection and administrative regulations promulgated pursuant to this subsection. (d) The board may take disciplinary action against a licensee for an act committed in another state if the act at the time of its commission is a violation of this chapter and administrative regulations promulgated pursuant to this chapter. Effective: July 13, 2004 Page 2 of 3 History: Amended 2004 Ky. Acts ch. 34, sec. 1, effective July 13, 2004. -- Amended 2000 Ky. Acts ch. 99, sec. 5, effective July 14, 2000. -- Amended 1994 Ky. Acts ch. 248, sec. 5, effective July 15, 1994. -- Amended 1990 Ky. Acts ch. 285, sec. 4, effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 117, sec. 8, effective July 13, 1984. -- Amended 1968 Ky. Acts ch. 143, sec. 7. -- Created 1946 Ky. Acts ch. 210, secs. 3 (7), (8) and 4. Page 3 of 3