SB432

Senate Bill 432 proposes several updates to the regulation and licensure of accountants in Arkansas. It modifies provisions concerning examination fee waivers for initial licensure and clarifies reciprocity requirements for out-of-state accountants. The bill expands the authority of the Arkansas State Board of Public Accountancy to define and promote 'substantial equivalency' for practice privileges. Additionally, it revises rules regarding the reinstatement of lapsed accountant licenses and clarifies procedures for revocation when a license is not reinstated within three years. The bill also updates requirements and terminology related to the quality review and practice review programs for accounting firms and individual practitioners. Finally, it provides certain protections, such as immunity from civil liability, for persons acting on behalf of the Board during quality reviews.