The bill amends the 1999 Public Accountancy Act in New Mexico, focusing on updating definitions and qualifications for certification as a certified public accountant (CPA). A significant addition is the term "comparable licensure requirements," which establishes that practitioners from other states must meet standards that are at least equivalent to those in New Mexico. The bill also details the educational and experience prerequisites for certification, including the completion of a baccalaureate degree, specific accounting experience, and ongoing professional education for certification renewal. Additionally, it sets forth new provisions for the issuance and renewal of CPA certificates and permits, requiring the board to act on applications within a specified timeframe and allowing for provisional certificates during appeals.

Moreover, the bill clarifies that all partners, officers, shareholders, members, or managers of a firm must hold a valid certificate if their principal place of business is in New Mexico, while allowing for non-certificate holder owners under certain conditions. It mandates the registration of each office within New Mexico for initial issuance or renewal of permits and requires disclosure of any changes in firm ownership or office locations. The legislation also addresses enforcement of unlawful acts in public accountancy, stipulating that only certified individuals or firms can provide attest services. It introduces associated fees for examinations, certificate issuance, and firm permits, with an effective date set for January 1, 2026.

Statutes affected:
introduced version: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
CE substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
JC substitute: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27
Final Version: 61-28B-3, 61-28B-8, 61-28B-9, 61-28B-11, 61-28B-13, 61-28B-17, 61-28B-26, 61-28B-27