GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 577

Short Title:  CPA Education Requirements.	(Public)

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Sponsors: Senators Hoyle, Carpenter, Cochrane, Gulley, Perdue, Rand, Soles, Webster, and Cooper.

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Referred to:  Judiciary II/Election Laws

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April 4, 1995

A BILL TO BE ENTITLED
AN ACT TO AMEND THE EDUCATIONAL REQUIREMENTS FOR CERTIFIED PUBLIC ACCOUNTANTS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 93-12(5), as it becomes effective on January 1, 2001, and as amended by Section 2 of Chapter 214 of the 1991 Session Laws, reads as rewritten:
"(5)	To issue certificates of qualification admitting to practice as certified public accountants, each applicant who, having the qualifications herein specified, shall have passed an examination to the satisfaction of the Board, in 'accounting,' 'auditing,' 'business law,' and other related subjects.
		A person is eligible to take the examination given by the Board, or to receive a certificate of qualification to practice as a certified public accountant, who is a citizen of the United States or has declared his intention of becoming a citizen or is a resident alien, and has been domiciled in or resided for at least four months within the State of North Carolina immediately prior to the filing of an application to take the examination or to receive a certificate of qualification, is 18 years of age or over, and is of good moral 
		character.
In order to be eligible to take the examination given by the Board a person shall submit evidence satisfactory to the Board that the person holds a bachelors degree from a college or university accredited by one of the regional accrediting associations or from a college or university determined by the Board to have standards substantially equivalent to a regionally accredited institution.  The degree studies must include a concentration in 'accounting,' as defined by the Board, or be supplemented with courses that the Board determines to be substantially equivalent to a concentration in accounting.  The Board may, in its discretion, waive the education requirement of any candidate if the Board is satisfied from the result of a special written examination given the candidate by the Board to test his educational qualifications that he is as well qualified as if he met the education requirements specified above.  The Board may provide by regulation for the general scope of such examinations and may obtain such advice and assistance as it deems appropriate to assist it in preparing, administering and grading such special examinations.
		In order to be eligible to receive a certificate of qualification to practice as a certified public accountant a person shall submit evidence satisfactory to the Board that:
a2.	The applicant for a certificate of qualification has completed 150 semester hours that includes a bachelors degree with a concentration in accounting, and any other course work as the Board requires by rule from a college or university determined by the Board to have standards substantially equivalent to a regionally accredited institution; and
b2.	The applicant has the endorsement as to his eligibility of three certified public accountants who currently hold licenses in any state or territory of the United States or the District of Columbia and the applicant shall have had either:
a.	Two years experience in the field of accounting under the direct supervision of a certified public accountant who currently holds a valid license in any state or territory of the United States or the District of Columbia, or 
b.	Five years experience teaching accounting in a four-year college or university accredited by one of the regional accrediting associations or in a college or university determined by the Board to have standards substantially equivalent to a regionally accredited institution; or 
c.	Five years experience in the field of accounting; or five years experience teaching college transfer accounting courses at a community college or technical institute accredited by one of the regional accrediting associations; or 
d.	Any combination of such experience determined by the Board to be substantially equivalent to the foregoing.
		A Master's or more advanced degree in accounting, tax law, economics, business administration, or the equivalent thereof, or a law degree with emphasis in taxation or accounting from an accredited college or university may be substituted for one year of experience.  The Board may permit persons otherwise eligible to take its examinations and withhold certificates until such persons shall have had the required experience."
Sec. 2.  This act becomes effective January 1, 2001.