The bill amends various sections of the Arkansas Code concerning the practice of accountancy, specifically focusing on the definition of substantial equivalency and the licensure process for accountants. Key changes include the introduction of provisions that allow applicants eligible for certain board programs to have their examination fees waived, and the clarification that the Arkansas State Board of Public Accountancy will issue certificates to applicants from other states based on their qualifications without needing to meet reciprocity standards. Additionally, the experience requirement for initial certification has been updated to specify that applicants must have at least one year of experience.

Further amendments address the reinstatement and revocation of lapsed licenses, establishing a new timeline for applications and clarifying the conditions under which a license may be revoked. The bill also introduces a practice review requirement for licensed accountants, mandating annual reviews on a rotating basis and ensuring confidentiality of documents obtained during these reviews. Overall, the bill aims to streamline the licensure process, enhance the accountability of accountants, and promote the professional practice of accountancy in Arkansas.

Statutes affected:
SB 432: 17-12-306(d), 17-12-308(a), 17-12-309(a), 17-12-311, 17-12-301, 17-12-313, 17-12-501, 17-12-308, 17-12-302, 17-12-504(g), 17-12-504(h)
Act 428: 17-12-306(d), 17-12-308(a), 17-12-309(a), 17-12-311, 17-12-301, 17-12-313, 17-12-501, 17-12-308, 17-12-302, 17-12-504(g), 17-12-504(h)