The bill amends the 1999 Public Accountancy Act in New Mexico by updating definitions and qualifications for certification as a certified public accountant (CPA). It introduces the term "comparable licensure requirements," which mandates that practitioners from other states must meet standards that are at least equivalent to New Mexico's. The bill outlines the educational and experience prerequisites for certification, including a baccalaureate degree and specific accounting experience, and details the examination process, including provisions for credit for examination sections passed in other states. Additionally, it establishes new requirements for the issuance and renewal of certificates, emphasizing the need for continuing professional education to maintain competency.

Further amendments clarify the requirements for CPAs and firms operating in New Mexico, stipulating that all partners, officers, shareholders, members, or managers of a firm must hold a valid certificate if their principal place of business is in the state. The bill allows for non-certificate holder owners in firms, provided they designate a responsible New Mexico certificate holder. It also mandates registration of each office within New Mexico and disclosure of any changes in firm ownership or office locations. The bill outlines enforcement measures for unlawful acts in public accountancy, specifies that attest services can only be provided by certified individuals or compliant firms, and introduces associated fees for examinations and permits. The provisions of this act are set to take effect on 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