Assembly Bill 696 proposes significant changes to the laws governing the practice of accounting in Wisconsin, particularly regarding the educational and experience requirements for obtaining a Certified Public Accountant (CPA) certificate. The bill replaces the existing requirement of 150 semester hours of education and one year of public accounting experience with new pathways that vary based on the applicant's degree. It allows individuals to take the CPA examination after completing a bachelor's degree or 120 hours of education, and it specifies the types of work experience that qualify for licensure. Additionally, the bill modifies the rules for individuals holding CPA licenses from other states, requiring them to meet similar standards to those in Wisconsin rather than relying on third-party verification.

The bill also includes various amendments to existing statutes and administrative rules, such as repealing the requirement for semester hours in accounting information systems and adjusting continuing education requirements for license renewal. It clarifies the evaluation process for work experience and the sufficiency of that experience, which can now be obtained through various employment settings, including government and academia. Overall, the bill aims to streamline the process for becoming a CPA in Wisconsin while ensuring that candidates possess the necessary skills and knowledge to serve the public effectively.

Statutes affected:
Bill Text: 442.025(4)(a)2, 442.025, 442.03, 442.04(5)(b)3, 442.04, 442.04(5)(b)4, 442.04(5)(b)5, 442.04(6)(b)