US Laws, Codes, Statutes & Cases

§94.  Substantial equivalency

A.(1)  An individual whose principal place of business is not in this state having a valid active certificate or license as a certified public accountant from any state which the board or its designee has verified to be in substantial equivalence with the licensure requirements of this Part shall be presumed to have qualifications substantially equivalent to this state's requirements and shall have all the privileges of active certificate holders and licensees of this state without the need to obtain a certificate or permit as provided in this Part.  However, such individuals shall notify the board of their intent to enter the state under this Section and pay any fee required by the board.

(2)  An individual whose principal place of business is not in this state having a valid active certificate or license as a certified public accountant from any state which the board or its designee has not verified to be in substantial equivalence with the licensure requirements of this Part shall be presumed to have qualifications substantially equivalent to this state's requirements and shall have all the privileges of active certificate holders and licensees of this state without the need to obtain the certificate or permit required by this Part, if such individual obtains from the board or its designee verification that such individual's CPA qualifications are substantially equivalent to the CPA licensure requirements required by this Part.  However, such individuals shall notify the board of their intent to exercise the privilege afforded by this Section and pay any fee required by the board.

(3)  Any licensee of another state exercising the privilege afforded by this Section consents, as a condition to the grant of this privilege, to the following:

(a)  The personal and subject matter jurisdiction of the board.

(b)  Compliance with the provisions of this Chapter and the rules and regulations adopted by the board.

(c)  The appointment of the board of accountancy which issued his license as his agent upon whom process may be served in any action or proceeding by this board against the licensee.

B.(1)  A licensee of this state offering or rendering services or using his or its CPA title in another state shall be subject to disciplinary action in this state for any act committed in another state for which the licensee would be subject to discipline in the other state.

(2)  Notwithstanding any other provision of this Part, the board shall be required to investigate any complaint made by the board of accountancy of another state.

Acts 1999, No. 473, §1, eff. June 18, 1999; Acts 2006, No. 214, §1.