§ 5-3.1-8 - Permits for accountants licensed by foreign countries.
SECTION 5-3.1-8
§ 5-3.1-8 Permits for accountants licensedby foreign countries. – (a) An annual limited permit to engage in the practice of public accounting inthis state may be issued by the board, upon application for the permit andpayment of the required fee, to any person who is the holder of a certificate,license, or degree from a foreign country constituting a recognizedqualification for the practice of public accounting in that country, providedthat: (1) the board determines that the requirements for obtaining thecertificate, license, or degree are substantially equivalent to thoseprescribed under this chapter for obtaining a certificate in this state; (2)the certificate, license or degree at the time of application is then in fullforce and effect; and (3) the applicant meets all other requirements under thissection. In the event the board determines that the requirements for obtainingthe certificate, license, or degree are not substantially equivalent to thoseprescribed in this chapter for obtaining a certificate in this state, the boardmay require, as a condition to granting a permit under this section, that theapplicant pass the written examinations required of candidates for acertificate under § 5-3.1-5(a)(4). Any permit issued under this sectionshall be issued in the name of the applicant followed by the recognizedaccounting designation by which he or she is known in the country wherelicensed, translated into the English language, followed by the name of thecountry. Annual limited permits to engage in the practice of public accountingqualify the holder to practice public accounting in this state solely as tomatters concerning residents, governments, and corporations or other businessentities, including the divisions, subsidiaries, or any affiliates of thebusiness entity, of the foreign country in which the holder is licensed topractice public accounting. A person who is issued a permit under this section,when engaging in the practice of public accounting in this state, shall onlyuse the title under which he or she is generally known in his or her owncountry, translated into the English language and indicates after the title thename of the country from which he or she received his or her certificate,license, or degree.
(b) All annual limited permits issued under this sectionshall expire on the last day of June of each year and may be renewed for aperiod of one year in accordance with subsection (c) of this section.Submission of the application for original issuance or renewal of an annuallimited permit constitutes the appointment of the secretary of state as anagent for the applicant for service of process in any action or proceedingarising out of any transaction or operation connected with or incidental to thepractice of public accounting in this state by the applicant.
(c) Applications for renewal of an annual limited permit aresubmitted to the board by February 15 of each year and shall be accompanied byevidence of satisfaction of the continuing professional education requirementspromulgated by board regulation. The evidence shall be in any form that theboard requires. Failure to furnish the evidence constitutes grounds for refusalto renew the permit unless the board in its discretion determines that thefailure was due to reasonable cause or excusable neglect. Notwithstanding thepreceding, the board, in its discretion, may waive the above continuingeducation requirements if:
(1) The licensing authority of the foreign country in whichthe holder of the annual limited permit is licensed has establishedrequirements for continuing education for practitioners or public accounting;
(2) The applicant has filed with the board an affidavitstating that he or she is in compliance with those continuing educationrequirements at the time of the application for renewal; and
(3) The board determines that the continuing educationrequirements are substantially equivalent to those promulgated by the boardunder this chapter.
(d) An application for a permit under this section shall listall other jurisdictions in which the applicant has applied for or holds acertificate, license, or degree to practice public accountancy or a permit topractice. Each applicant for or holder of a permit under this section shall,within thirty (30) days of the occurrence of the event, notify the board inwriting:
(1) Of the issuance, denial, revocation, or suspension of thecertificate, license, degree, or permit; or
(2) Of the commencement of any disciplinary or enforcementaction against the applicant or holder by any jurisdiction.
(e) An applicant under this section shall also list in theapplication the address of every office established or maintained in this statefor the limited practice of public accounting. All of those offices shall beunder the direct supervision of an accountant licensed either by this state orby a foreign country who holds an annual limited permit to practice issuedunder this section, and shall be designated by the name and title of theaccountant. If applicable, the title is translated into the English languageand followed by the name of the foreign country where the accountant islicensed. All applicants for or holders of a permit under this section shallnotify the board, in writing, within thirty (30) days of the occurrence of theevent:
(1) Of any change in the number or location of offices withinthis state required to be listed in the application; and
(2) Of any change in the identities of the personssupervising those offices.
(f) The board shall charge a fee to each person who makesapplication for original issuance or renewal of a permit under this section.The fee shall be paid in U.S. currency at the time the application is made.Fees charged under this section shall be established by the board.