Report Title:

Public Accountancy; Experience Equivalency; Limitation

Description:

Allows private or government accounting experience to be applied towards the public accountancy experience requirement for the purpose of qualifying for a license, but not for a permit to practice. (SD1)

THE SENATE

S.B. NO.

1549

TWENTY-SECOND LEGISLATURE, 2003

S.D. 1

STATE OF HAWAII

 


 

A BILL FOR AN ACT

 

RELATING TO PUBLIC ACCOUNTANCY.

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. Section 466-5, Hawaii Revised Statutes, is amended by amending subsection (d) to read as follows:

"(d) Each applicant shall present satisfactory evidence in the form of a certified statement from present or former employer(s) that the applicant has met one of the following experience requirements for a license:

(1) Completion of one thousand five hundred chargeable hours in the performance of audits involving the application of generally accepted accounting principles and auditing standards earned while in public accounting practice; or

(2) Completion of two years of professional experience in public accountancy practice as defined in section 466-3. Completion of experience in private or government accounting or auditing work, deemed by the board to be equivalent to professional experience in public accountancy practice as defined in section 466-3, may be substituted for all or part of the two years of professional experience in public accounting practice[.], but a license granted on the basis of such equivalent experience shall not satisfy the requirement of section 466-7(b)(1) for the purpose of qualifying for a permit to practice. The nature, variety, and depth of acceptable private or government accounting or auditing experience shall be defined by the board in its rules."

SECTION 2. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.

SECTION 3. This Act shall take effect upon its approval.