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 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 work experience needed, which can be verified by the Accounting Examining Board. Additionally, the bill modifies the rules for individuals licensed in other states, allowing them to practice in Wisconsin without needing third-party verification, provided they meet similar requirements.

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. Notably, it renumbers and amends several sections of the law, including the definition of an accredited institution and the criteria for work experience. The changes aim to streamline the process for becoming a CPA and ensure that the qualifications align with current industry standards.

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)