Current revised American Institute of Certified Public Accountants (AICPA) Professional Standards and Peer Review Manual references, licensure requirements, education and work experience requirements, attest functions hours, education and examination requirements, continuing education, quality review, and definitions of terms:
Notice of Proposed Regulations Changes
Board of Public Accountancy
Brief Description: The Board of Public Accountancy proposes to update various regulations addressing current AICPA code of professional conduct and peer review manual, licensure requirements, education and work experience requirements, attest functions hours, education and examination requirements, continuing education, disciplinary guidelines, quality review requirements, and definitions of terms.
The Board of Public Accountancy (Board) proposes to adopt regulation changes in Title 12, Chapter 04 of the Alaska Administrative Code, dealing with current revised American Institute of Certified Public Accountants (AICPA) Professional Standards and Peer Review Manual references, licensure requirements, education and experience requirements, work experience points, attest functions hours, examination, continuing education, disciplinary guidelines, quality review, and definitions of terms, including the following:
1. 12 AAC 04.010, .030, .038, and .100, is proposed to be changed to adopt by reference the current revised AICPA Professional Standards.
2. 12 AAC 04.165, Application for licensure by reciprocity, is proposed to be changed to alter the requirements for licensure by reciprocity.
3. 12 AAC 04.175, Application for licensure by examination, is proposed to be changed to update the regulation references for license by examination to practice public accounting.
4. 12 AAC 04.180, Documentation of experience, is proposed to be changed to alter the work experience requirements to practice public accounting.
5. 12 AAC 04.181, Work experience points, is proposed to be repealed. The intended effect of this repeal is to conform to the proposed changes in section 12 AAC 04.180.
6. 12 AAC 04.183, Attest functions hours, is proposed to be repealed. The intended effect of this repeal is to remove the 500 attest hours required for licensure.
7. 12 AAC 04.185, Education defined for certified public accountant applicants, is proposed to be changed to alter the provisions related to the approved credential evaluation companies.
8. 12 AAC 04.200, Examination, is proposed to be changed to adopt by reference the current revised AICPA Comprehensive Course, and to amend the examination requirements for certified public accountant.
9. 12 AAC 04.300, Hours of continuing education required, is proposed to be changed to alter the continuing education requirements for renewal of a license to practice as a certified public accountant.
10. 12 AAC 04.310, Computation of nonacademic continuing education hours, is proposed to be changed to alter the computation of continuing education hours.
11. 12 AAC 04.350, Nonacademic program criteria, is proposed to be change to alter the nonacademic continuing education criteria approved by the board.
12. 12 AAC 04.520, Disciplinary guidelines, is proposed to be change to alter the provisions related to disciplinary guidelines.
13. 12 AAC 04.530, Definitions for disciplinary guidelines, is proposed to be changed to further define terms used for disciplinary guidelines.
14. 12 AAC 04.600, Quality review reporting requirements, is proposed to be changed to update the statutory references relating to quality review reporting requirements.
15. 12 AAC 04.610 and 12 AAC 04.620, is proposed to be changed to adopt by reference the current revised AICPA Peer Review Manual.
16. 12 AAC 04.690, Definitions related to quality review, is proposed to be changed to update the statutory references relating to definitions related to quality review.
17. 12 AAC 04.990, Definitions, is proposed to update the authority citation consistent with the statutory amendments made in Chapter 67, SLA 2010.
You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments to Jun Maiquis, Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806 Juneau, AK 99811-0806. Additionally, the Board will accept comments by facsimile at (907) 465-2974 and by electronic mail at jun.maiquis@alaska.gov. The comments must be received no later than 4:30 p.m. on May 4, 2015. You may submit written questions relevant to the proposed action to Jun Maiquis, Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806 Juneau, AK 99811-0806 or by e-mail at jun.maiquis@alaska.gov. The questions must be received at least 10 days before the end of the public comment period. The Board will aggregate its response to substantially similar questions and make the questions and response available on the Board’s website at http://commerce.state.ak.us/dnn/cbpl/ProfessionalLicensing/BoardofPublicAccountancy.aspx or on the Alaska Online Public Notice System. The Board may, but is not required to, answer written questions received after the 10-day cut-off date and before the end of the comment period.
If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Jun Maiquis at (907) 465-2537 no later than April 27, 2015 to ensure that any necessary accommodations can be provided. For a copy of the proposed regulation changes, contact Jun Maiquis at the address or phone number above, or go to http://commerce.state.ak.us/dnn/portals/5/pub/CPA-0415.pdf
After the public comment period ends, the Board will either adopt these or other provisions dealing with the same subject, without further notice, or decide to take no action on them. The language of the final regulations may be different from that of the proposed regulations. You should comment during the time allowed if your interests could be affected. Written comments and questions received are public records and are subject to public inspection.
Statutory Authority: AS 08.01.075; AS 08.04.070; AS 08.04.080; AS 08.04.105; AS 08.04.110; AS 08.04.120; AS 08.04.130; AS 08.04.150; AS 08.04.195; AS 08.04.410; AS 08.04.423; AS 08.04.425; AS 08.04.426; AS 08.04.450; AS 08.04.680
Statutes Being Implemented, Interpreted, or Made Specific: AS 08.01.075; AS 08.04.070; AS 08.04.080; AS 08.04.105; AS 08.04.110; AS 08.04.120; AS 08.04.130; AS 08.04.150; AS 08.04.195; AS 08.04.410; AS 08.04.423; AS 08.04.425; AS 08.04.426; AS 08.04.450; AS 08.04.680
Fiscal Information: The proposed regulation changes are not expected to require an increased appropriation.
DATE: 4/2/15
Jun Maiquis, Regulations Specialist Division of Corporations, Business and Professional Licensing For each occupation regulated under the Division of Corporations, Business and Professional Licensing, the Division keeps a list of individuals or organizations who are interested in the regulations of that occupation. The Division automatically sends a Notice of Proposed Regulations to the parties on the appropriate list each time there is a proposed change in an occupation's regulations in Title 12 of the Alaska Administrative Code. If you would like your address added to or removed from such a list, please send your request to the Division of Corporations, Business and Professional Licensing at the address above and include your name, address, and the occupational area in which you are interested.
Current revised American Institute of Certified Public Accountants (AICPA) Professional standards and peer review manual references, licensure requirements, education and work experience requirements, attest functions hours, education and examination requirements, continuing education, quality review, and definitions of terms:
ADDITIONAL REGULATIONS NOTICE INFORMATION
(AS 44.62.190(d))
1. Adopting agency: Board of Public Accountancy – Department of Commerce, Community, and Economic Development, Division of Corporations, Business and Professional Licensing.
2. General subject of regulation: Current AICPA professional standards and peer review manual, licensure requirements, education and work experience requirements, attest function hours, examination requirements, continuing education, disciplinary guidelines, quality review, and definitions of terms.
3. Citation of regulation: 12 AAC 04.010 – 12 AAC 04.990.
4. Department of Law file number: To be assigned.
5. Reason for the proposed action: Update and clarification of current regulations.
6. Appropriation/Allocation: Corporations, Business and Professional Licensing – #2360.
7. Estimated costs in the aggregate to comply with the proposed action to:
a. Private Persons: None.
b. Other State Agencies: None.
c. Municipalities: None.
8. Cost of implementation to the state agency and available funding (in thousands of dollars): No costs are expected in FY 2015 or in subsequent years.
9. The name of the contact person for the regulations:
Cori Hondolero, Executive Administrator
Board of Public Accountancy
Division of Corporations, Business and Professional Licensing
Department of Commerce, Community, and Economic Development
Telephone: (907) 269-4712
E-mail: cori.hondolero@alaska.gov
10. The origin of the proposed action: Board of Public Accountancy.
11. Date: 4/2/15
Prepared by: Jun Maiquis, Regulations Specialist