The bill amends South Dakota's public accountant licensure laws to enhance clarity and update various definitions, requirements, and procedures related to public accountancy. Notable changes include the introduction of new definitions such as "manager" and "member" of a limited liability company, and the requirement for applicants to provide documentation of a bachelor's or graduate degree with a concentration in accounting to qualify for the examination. The bill also differentiates experience requirements for certificate applicants based on whether they hold a graduate or bachelor's degree and specifies acceptable types of accounting experience. Additionally, it empowers the South Dakota Board of Accountancy to establish rules governing fees, professional conduct, and peer review processes, while allowing the board to issue certificates to applicants from other states who meet or exceed state qualifications.

Moreover, the bill addresses the issuance of certificates to individuals with foreign designations in public accountancy, stipulating that the board must issue a certificate to those whose foreign credentials are deemed comparable to state-issued certificates, contingent upon meeting specific conditions. These conditions include recognition of state certificates by the foreign authority, validity of the foreign designation, and compliance with educational, examination, and experience requirements as determined by the board. The bill also clarifies practice privileges for individuals with valid CPA certificates from other states, allowing them to practice in South Dakota without obtaining a state certificate or permit, provided they meet certain educational and experience criteria and comply with state laws. Overall, the amendments aim to streamline the licensure process while maintaining regulatory standards for public accountants in South Dakota.

Statutes affected:
Introduced, 01/07/2026: 36-20B-1, 36-20B-12, 36-20B-15, 36-20B-21, 36-20B-22, 36-20B-25, 36-20B-26, 36-20B-30, 36-20B-66, 36-20B-67