2011 Kentucky Revised Statutes CHAPTER 325 PUBLIC ACCOUNTANTS 325.282 Privilege to practice granted to out-of-state licensee meeting substantially equivalent licensure requirements -- Qualifications -- Conditions agreed to -- When coordination with in-state firm required.
KY Rev Stat § 325.282 (1996 through Reg Sess) What's This?
325.282 Privilege to practice granted to out-of-state licensee meeting substantially
equivalent licensure requirements -- Qualifications -- Conditions agreed to -When coordination with in-state firm required.
(1)
(2)
(3)
(4)
A person who:
(a) Does not have an office located in this state;
(b) Holds a valid and active license to practice as a certified public accountant
from any state that the board has determined to have licensure requirements
substantially equivalent to those found in this chapter and the accompanying
administrative regulations promulgated thereunder; and
(c) Offers to perform or performs a regulated activity in person or by mail,
telephone, or other electronic means in this state;
shall have all the privileges granted to the holder of a license issued under this
chapter without having to obtain a license from the board.
Notwithstanding any other provision of this chapter, a person who satisfies the
requirements of subsection (1) of this section:
(a) Is not required to provide notice of offering or providing such services to the
board; and
(b) Is subject to the requirements listed in subsection (3) of this section.
A person who offers to perform or performs a regulated activity in person or by
mail, telephone, or other electronic means in this state pursuant to this section
agrees to:
(a) Submit to the personal and subject matter jurisdiction and disciplinary
authority of the board;
(b) Comply with the provisions of this chapter and the administrative regulations
of the board;
(c) Cease exercising the privilege if the license issued by the board or agency
located in the state of the person's principal place of business expires or is no
longer valid;
(d) The appointment of the state board or agency where the person's principal
place of business is located and which issued the person's license as the agent
upon whom process may be served in any action or proceeding by the
Kentucky State Board of Accountancy against that person;
(e) Notify the board prior to opening any office in this state and immediately
apply for a license under KRS 325.280; and
(f) Notify the board immediately if the person's license in the state where his or
her principal place of business is located becomes inactive, lapses, or is
subjected to any disciplinary action.
The board may take disciplinary action against a person granted a privilege under
this section for an act committed by the person in another state if the act at the time
of its commission is a violation of that state's law or regulations and this chapter or
administrative regulations promulgated pursuant to this chapter.
(5)
A person who qualifies for the practice privilege under this section and offers to
perform or performs one (1) or more of the following services for a client with its
home office located in this state or for a person who is a resident of this state shall
perform the service or services through a firm which has obtained a license issued
under KRS 325.301:
(a) Any financial statement audit or other engagement to be performed in
accordance with the Statements on Auditing Standards;
(b) Any examination of prospective financial statements to be performed in
accordance with the Statements on Standards for Attestation Engagements; or
(c) Any engagement to be performed in accordance with the Public Company
Accounting Oversight Board Auditing Standards.
Effective: July 15, 2008
History: Created 2008 Ky. Acts ch. 101, sec. 3, effective July 15, 2008.
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