The bill amends the Code of West Virginia to update the regulatory framework for certified public accountants by clarifying definitions and modifying the Board of Accountancy's rule-making authority. Key definitions such as "affiliated entity," "assurance," "attest services," and "substantial equivalency" are refined. The Board is granted the authority to propose rules for legislative approval concerning the issuance and renewal of certificates, continuing education, and professional conduct standards. Additionally, the bill revises the provisions for substantial equivalency practice privileges, allowing individuals with valid out-of-state certificates to practice in West Virginia without obtaining a state certificate, provided they meet certain initial licensing requirements.

The legislation also establishes practice privileges for individuals offering professional services in West Virginia without the need for notice, fees, or other submissions, while ensuring compliance with specific legal requirements. It clarifies that both the individual practitioner and their employing firm are subject to the jurisdiction of the state board of accountancy. Furthermore, the bill outlines the types of services practitioners may perform, including financial statement audits, and specifies that substantial equivalency practitioners can provide these services without a permit, although they must secure necessary authorization. Provisions are included to prevent misleading practices regarding professional titles, ensuring that only authorized individuals can represent themselves as certified public accountants. Overall, the bill aims to modernize and regulate the accountancy profession in West Virginia while maintaining high standards of professionalism and accountability.

Statutes affected:
Committee Substitute: 30-9-2, 30-9-5, 30-9-7, 30-9-8, 30-9-10, 30-9-11, 30-9-16, 30-9-26
Introduced Version: 30-9-2, 30-9-5, 30-9-7, 30-9-8, 30-9-9, 30-9-10, 30-9-11, 30-9-16, 30-9-26
Engrossed Committee Substitute: 30-9-2, 30-9-5, 30-9-7, 30-9-8, 30-9-10, 30-9-11, 30-9-16, 30-9-26
Enrolled Committee Substitute: 30-9-2, 30-9-5, 30-9-7, 30-9-8, 30-9-10, 30-9-11, 30-9-16, 30-9-26