The bill S. 176 seeks to amend various sections of the South Carolina Code of Laws to enhance the regulation of Certified Public Accountants (CPAs) and Public Accountants (PAs). Key amendments include correcting cross-references in definitions related to "attest," "practice of accounting," and "substantial equivalency." The bill updates licensing requirements to incorporate electronic files and metadata tags, revises educational and experience criteria for licensure, and clarifies the conditions under which firms can provide attest services. It also grants the board overseeing these professionals new powers to review and provide input on proposed legislative changes, while modifying applicant requirements to ensure compliance with educational and experience standards.

Additionally, the bill introduces changes regarding CPA firm ownership, mandating that non-CPA owners complete the same continuing professional education hours as licensed CPAs, including an annual ethics requirement. It specifies that non-CPA owners cannot take ultimate responsibility for financial statements or attest engagements and must adhere to the professional ethics code. The bill emphasizes that a majority of ownership in CPA firms must be held by licensed CPAs and allows individuals with principal places of business outside South Carolina to practice without a state license under certain conditions. It also repeals outdated provisions and includes a severability clause to maintain the validity of remaining provisions if any part is found unconstitutional. The act will take effect upon the Governor's approval.

Statutes affected:
01/14/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
02/26/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
02/26/2025-A: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
03/05/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
03/11/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
03/12/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
03/12/2025-A: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
04/01/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
04/09/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
04/30/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
05/01/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
05/05/2025: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245
Latest Version: 40-2-20, 40-2-30, 40-2-35, 40-2-40, 40-2-70, 40-2-80, 40-2-240, 40-2-245