Raised Bill No. 7020 seeks to modernize the regulatory framework for certified public accountants (CPAs) in Connecticut by amending existing statutes. The bill repeals Section 20-279b and replaces it with updated definitions and terms relevant to public accountancy, including clarifications on "Board," "Certificate," "License," "Licensee," "Permit," and "Practicing public accountancy." It introduces a new registration process for CPAs, allowing them to register their certificates annually for a fee to use the "CPA" title. Additionally, the bill modifies Section 20-280, empowering the State Board of Accountancy to adopt regulations regarding educational qualifications, experience requirements, and continuing professional education for license renewal, while removing outdated terms like "NASBA" and updating definitions for "PCAOB" and "Practice privilege."

The bill also revises the certification process by repealing Section 20-281c and establishing clearer requirements for obtaining a CPA certificate, including a defined "good character," specific educational prerequisites, and structured experience requirements. It allows individuals licensed in other states to practice in Connecticut without obtaining a state license, provided their home state's standards are comparable to Connecticut's. The term "practice privilege" is removed and replaced with "privileges afforded under this section," and it specifies that certain professional services must be provided through a firm with the necessary permit. The act is set to take effect on October 1, 2025, and aims to enhance the standards for certification and practice while ensuring compliance with state laws and board regulations.

Statutes affected:
Raised Bill: 20-279b, 20-281c, 20-281n