PUBLIC LAWS
First Special Session of the 122nd

PART D

     Sec. D-1. 32 MRSA §12228, sub-§3, ¶A, as amended by PL 1999, c. 245, §3, is repealed.

     Sec. D-2. 32 MRSA §12228, sub-§3, ¶B, as amended by PL 1999, c. 245, §3, is further amended to read:

B. After October 1, 2002, at At least 150 semester hours of education, including a minimum 4-year baccalaureate or higher degree conferred by a college or university acceptable to the board, the total educational program to include basic courses in accounting and auditing determined to be appropriate under board rules. Rules adopted by the board pursuant to this paragraph are routine technical rules as defined in Title 5, chapter 375, subchapter II-A 2-A; and

     Sec. D-3. 32 MRSA §12228, sub-§10, as amended by PL 2003, c. 688, Pt. C, §21, is further amended by amending the first paragraph to read:

     10. Experience. During the 5-year period immediately following October 1, 1997, the applicant shall show that the applicant has had 2 years of experience in the practice of public accountancy or its equivalent, meeting requirements prescribed by the board by rule; or, if the applicant's educational qualifications include a masters degree conferred by a college or university approved by the board, then only one year of experience in that practice or its equivalent is required. After October 1, 2002, for For initial issuance of a certificate under this subsection, an applicant shall demonstrate 2 years of experience under the direction of a licensee certified public accountant licensed by any state or territory of the United States or equivalent direction, as determined by the board, by a licensed professional in another country and shall must meet the other requirements prescribed by the board by rule. The applicant's experience must include the use of accounting or auditing skills, including the issuance of reports on financial statements, and at least one of the following: the provision of management advisory, financial advisory or consulting services; the preparation of tax returns; the furnishing of advice on tax matters; or equivalent activities defined by the board by rule. Board rules adopted pursuant to this subsection are routine technical rules as defined in Title 5, chapter 375, subchapter 2-A. To the extent the applicant's experience is as a revenue agent or in a similar position engaged in the examination of personal and corporate income tax returns for the Bureau of Revenue Services, the applicant receives credit at the rate of 50% toward the experience required by this subsection. To the extent the applicant's experience is as an examiner engaged in financial examinations for the Bureau of Insurance, the applicant receives credit under this subsection if that experience meets the following standards:

     Sec. D-4. 32 MRSA §12251, sub-§4, as amended by PL 1999, c. 245, §8, is further amended to read:

     4. Out-of-state certificates. The board shall issue a permit to a holder of a certificate as a certified public accountant or a public accountant issued by another state upon showing that:

A. The applicant passed the examination required for issuance of the certificate with grades that would have been passing grades at the time in this State;
B. The applicant:

(1) Meets all current requirements in this State for issuance of a certificate at the time the application is made;
(2) At the time of the issuance of the applicant's certificate in the other state, met all the requirements then applicable in this State; or and
(3) Had 4 years of experience in the practice of public accountancy or equivalent meeting requirements prescribed by the board by rule, after passing the examination upon which the certificate was based and within the 10 years immediately preceding the application; and
(4) Was eligible to take and passed the examination required for issuance of the certificate with grades that would have been passing grades at the time in this State;

C. The applicant meets the requirements of subsection 3, paragraph B.; or
D. The applicant had 4 years of experience in the practice of public accountancy or equivalent meeting requirements prescribed by the board by rule, after passing the examination upon which the certificate is based and within the 10 years preceding the submission of the application.

     Sec. D-5. 32 MRSA §12252, sub-§8, as enacted by PL 1999, c. 619, §3, is amended to read:

     8. Peer review for certified public accountancy firms. Effective January 1, 2001, the board shall require, as As a condition to the granting or renewal of permits to certified public accountancy firms, that each applicant that provides a defined service other than compilations must successfully participate in an approved peer review program. Participation in such a program is governed by the following.

A. If the firm provides a defined service other than compilations as of the date of the initial granting or first renewal of a certified public accountancy firm's permit following December 15, 2000, a A peer review must be completed within 18 months after the initial granting or first renewal of the permit following December 15, 2000. After December 15, 2000, the The firm must undergo a peer review every 3 years for as long as it provides a defined service other than compilations. The firm may satisfy this requirement by showing evidence of the satisfactory completion of a peer review within 18 months prior to January 1, 2001.
B. A certified public accountancy firm that does not provide a defined service other than compilations is not required to undergo a peer review if the firm annually confirms in writing to the board that it does not provide a defined service other than compilations. A certified public accountancy firm that subsequently provides a defined service other than compilations must undergo a peer review within 18 months after the fiscal year end of the first defined services engagement other than compilations that it accepts. Subsequent peer reviews are governed by the provisions of paragraph A.

The board is authorized to adopt rules to carry out the intent of this subsection. Rules adopted pursuant to this subsection are routine technical rules pursuant to Title 5, chapter 375, subchapter II-A 2-A.

About the 1st Regular & 1st Special Session Laws Of Maine

Contact the Office of the Revisor of Statutes