Additionally, for licensure, the applicant shall either hold a baccalaureate degree, a baccalaureate degree and 30 additional semester hours of college education, or a post-baccalaureate degree from an accredited college or university recognized by the Missouri State Board of Accountancy ("Board") with the total educational program including a Board-appropriate accounting concentration or equivalent. If the applicant has a baccalaureate degree, the applicant shall have two years of experience. If the applicant has a baccalaureate degree and 30 additional semester hours of college education or a post-baccalaureate degree, the applicant shall have at least one year of experience.

This act also repeals the eligibility for examination if the applicant expects to meet the educational requirements within 60 days.

This act changes the educational and examination requirements for reciprocity of those individuals whose principal place of business, domicile, or residency is not in this state and who hold a valid and unrestricted public accounting license in another state. Current law provides that such non-Missouri individuals shall have all the privileges of licensees without the need to obtain a license, notify or register with the Board, or pay a fee if the license has been determined by the Board to be in substantial equivalence with the Missouri licensure requirements or if the individual's qualifications are substantially equivalent to Missouri licensure requirements. This act provides that a non-Missouri individual, whose license is in good standing, shall have all the privileges of a licensee without the need to obtain a license, notify or register with the Board, or pay a fee if the individual was required to show proof of passage of the Uniform Certified Public Accountant Examination and the educational and experience requirements of Missouri licensees. Additionally, non-Missouri individuals, whose licenses are in good standing to practice public accountancy from any state as of December 31, 2024, and who has practice privileges in this state as of December 31, 2024, shall continue to have such privileges.

Rather than receiving verification on substantial equivalence of an individual's qualifications from the NASBA National Qualification Appraisal Service, the Board may license a person whose qualifications the Board verifies to be comparable to the Missouri licensure requirements.

Sole practitioners or single member LLCs that use "certified public accountant," "CPA," or other abbreviations, but that do not offer nor perform attest services or other services subject to peer review may request exemption from the Board for the firm permit requirements.

This act provides that the rules regarding peer review shall include reasonable provision for compliance by a firm showing that it has undergone a peer review that is comparable, rather than satisfactory equivalent, to peer review generally required under current law within three years. Lastly, the Board may charge a fee for oversight of peer reviews, provided that the fee charged shall be comparable, rather than substantially equivalent, to the cost of oversight.

KATIE O'BRIEN