The bill S. 176 seeks to amend the South Carolina Code of Laws to enhance the regulation of Certified Public Accountants (CPAs) and Public Accountants (PAs). Key amendments include correcting definitions related to "attest," "practice of accounting," and "substantial equivalency," as well as updating licensing requirements to incorporate electronic files and metadata tags. The bill revises educational and experience requirements for licensure, clarifies ownership structures for firms providing compilation services, and enhances the powers of the Board of Accountancy to review legislative changes. It also establishes that inspectors must have been licensed CPAs for at least five years and extends the validity of passed CPA examination sections from eighteen to thirty-six months.

Additionally, the bill introduces new requirements for non-CPA owners of CPA firms, mandating them to complete the same continuing professional education hours as licensed CPAs and ensuring they cannot assume ultimate responsibility for financial statements or attest engagements. It streamlines the process for out-of-state CPAs to practice in South Carolina without obtaining a state license, provided they meet specific criteria. The bill also includes a severability clause to maintain the effectiveness of the remaining provisions if any part is deemed unconstitutional. Overall, S. 176 aims to modernize and streamline the regulatory framework for accounting professionals in South Carolina, ensuring compliance and enhancing the integrity of the profession.

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