201 KAR 1:170. License Application to receive a privilege to practice under substantial equivalency standards.

      RELATES TO: KRS 325.220, 325.280, 325.330

      STATUTORY AUTHORITY: KRS 325.240

      NECESSITY, FUNCTION AND CONFORMITY: KRS 325.220 defines substantial equivalency. KRS 325.280(3) establishes the standards to obtain a privilege to practice under the substantial equivalency standards and when the privilege expires. This administrative regulation describes the procedures to obtain a privilege to practice as a certified public accountant under the substantial equivalency standards.

      Section 1. Procedure for Determining States with Comparable Licensing Standards. (1) The board shall review the licensing requirements of other states no less than once per calendar year at a regularly scheduled meeting.

      (2) This review shall examine the requirements of each state related to examination, experience and education to determine that the requirements are comparable to those in this state.

      (3) The board may use information developed by the National Association of State Boards of Accountancy (NASBA) in making this determination.

      Section 2. (1) A person who is actively licensed as a certified public accountant in another state may submit the "Application for a Privilege to Practice as a Kentucky Certified Public Accountant under Substantial Equivalency Standards".

      (2) With the application, the person shall include a nonrefundable payment to the "Kentucky State Board of Accountancy" of $100 dollars.

      (3) The privilege shall be in effect upon receipt of the application at the board office.

      (4) The privilege shall expire on July 1 of the second year following the date it was issued.

      (5) The privilege may be renewed by complying with 201 KAR 1:065.

      Section 3. Incorporation by Reference. (1) "Application for a Privilege to Practice as a Kentucky Certified Public Accountant under Substantial Equivalency Standards (2005)" is incorporated by reference.

      (2) This material may be inspected, copied, or obtained, subject to applicable copyright law, at the State Board of Accountancy, 332 W. Broadway, Suite 310, Louisville, Kentucky 40202, Monday through Friday, 8 a.m. to 4:30 p.m. (27 Ky.R. 610; eff. 10-16-2000; 31 Ky.R. 1528; eff. 5-26-05.)