Kentucky HB 224: AN ACT relating to CPA licensure.

Bill Text

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AN ACT relating to CPA licensure. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 325.240 is amended to read as follows: 3
(1) The board shall elect annually a president and such other officers as it deems 4
necessary. 5
(2) The board may promulgate, and amend from time to time, administrative 6
regulations, in accordance with the provisions of KRS Chapter 13A, for the orderly 7
conduct of its affairs, for the administration of this chapter, and to establish and 8
maintain a high standard of integrity and dignity in the profession of public 9
accounting. 10
(3) A majority of the board shall constitute a quorum for the transaction of business. 11
(4) The board shall have a seal which shall be judicially noticed. The board shall keep 12
records of its proceedings, and in any proceeding in court, civil or criminal, arising 13
out of or founded upon any provision of this chapter, copies of said records certified 14
as correct under the seal of the board shall be admissible in evidence as tending to 15
prove the content of said records. 16
(5) The board may employ an executive director and such other personnel as it deems 17
necessary in its administration and enforcement of this chapter. It may appoint such 18
committees or persons, to advise or assist it in the administration and enforcement, 19
as it may see fit. It may retain its own counsel to advise and assist it, in addition to 20
such advice and assistance as is provided by the Attorney General of this state. 21
(6) The board may join or participate in professional organizations and associations that 22
promote improvement of the practice of accounting for the protection of the public 23
or to facilitate the activities of the board. 24
(7) The board may expend funds from its account created by KRS 325.250 to: 25
(a) Assist with accounting educational programs proposed or offered in the 26
primary and secondary schools in this state; and 27

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(b) Operate a scholarship program to assist students enrolled in a Kentucky- 1
based college or university who also satisfy other criteria contained in an 2
administrative regulation promulgated by the board. 3
The amount of the expenditure for these programs shall not interfere with the 4
performance of the board's other responsibilities. 5
(8) Former and current members of the board, its agents, and employees shall be 6
immune from suit for any discretionary act performed by them in good faith.[The 7
board may purchase professional liability insurance for its members, staff, and 8
investigators. The purchase of or failure to purchase insurance shall not be deemed 9
a waiver of any immunity already conferred on the board, its members, staff, and 10
investigators.] 11
Section 2. KRS 325.280 is amended to read as follows: 12
(1) The board may issue a license to practice by reciprocity, if the applicant: 13
(a) Submits an application for a license to practice any regulated activity, upon 14
forms approved by the board; 15
(b) Pays[, that includes] all required fees, in the amounts as determined by 16
administrative regulation promulgated by the board;[,] and 17
(c) Meets the following requirements: 18
1.[(a)] Satisfies the educational requirement in KRS 325.261(3); 19
2. Receives[The applicant received] a grade on the Uniform CPA 20
Exam[Certified Public Accountants Examination] in another state that 21
was equivalent to a passing grade at the time in this Commonwealth; 22
3.[(b)] Holds[ The applicant holds] a valid active license, and is in 23
good standing as a certified public accountant, issued under the laws of 24
any other state; and 25
4.[(c) 1.] a. Meets[The applicant meets] all current experience 26
requirements in this chapter, except for KRS 27

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325.261(6)(b),[Commonwealth] at the time application is made; 1
or[ 2
2.]b. Within the ten (10) years immediately preceding the application, 3
had four (4) years of experience in the practice of the regulated 4
activities acceptable to the board upon which the license was 5
based. 6
(2) The board may issue a license to practice the regulated activities without 7
examination to an applicant who holds a valid license to engage in the practice of 8
the regulated activities in good standing from a foreign country if: 9
(a) The applicant's foreign country makes similar provisions to allow a person 10
who holds a valid license to practice the regulated activities issued by this 11
Commonwealth to obtain that foreign country's comparable designation; 12
(b) The authority of the foreign country that issued the designation regulates the 13
practice of the regulated activities, including the issuance of reports; 14
(c) The foreign designation was granted upon education and examination 15
requirements whic