§ 17-12-311 - Substantial equivalency.
17-12-311. Substantial equivalency.
(a) (1) An individual whose principal place of business is not in this state and who holds a valid license as a certified public accountant from a state which the NASBA National Qualification Appraisal Service has verified to be in substantial equivalence with the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act:
(A) Shall be presumed to have qualifications substantially equivalent to this state's requirements;
(B) Shall have all the privileges of licensees of this state without the need to obtain a certificate under 17-12-301 or 17-12-308 or a license under 17-12-313 or 17-12-501; and
(C) May offer or render professional services in person, by mail, by telephone, or by electronic means without notifying the Arkansas State Board of Public Accountancy or paying a fee.
(2) (A) An individual whose principal place of business is not in this state and who holds a valid license as a certified public accountant from a state which the NASBA National Qualification Appraisal Service has not verified to be in substantial equivalence with the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act:
(i) Shall be presumed to have qualifications substantially equivalent to the requirements of this state;
(ii) Shall have all the privileges of licensees of this state without the need to obtain a certificate under 17-12-301 or 17-12-308 or a license under 17-12-313 or 17-12-501 if the individual obtains from the NASBA National Qualification Appraisal Service verification that the individual's CPA qualifications are substantially equivalent to the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act; and
(iii) May offer or render professional services, whether in person, by mail, by telephone, or by electronic means without notifying the board or paying a fee.
(B) An individual who passed the Uniform CPA Examination and holds a valid license issued by any other state prior to January 1, 2012, may be exempt from the education requirement in 17-12-302 for purposes of this subdivision (a)(2).
(3) An individual licensee of another state exercising the privilege afforded under this section and the firm that employs that individual licensee consent and agree, as a condition of the exercise of this privilege to:
(A) The personal and subject matter jurisdiction and disciplinary authority of the board;
(B) Comply with this chapter and the board's rules;
(C) Cease offering or rendering professional services in this state individually and on behalf of a firm if the license from the state of the individual's principal place of business is no longer valid; and
(D) The appointment of the board that issued his or her license as his or her agent upon whom process may be served in an action or proceeding by the board against the licensee.
(4) An individual who qualifies for practice privileges under this section may perform the following services for a client with its home office in this state only through a firm that has registered under 17-12-401:
(A) A financial statement audit or other engagement to be performed in accordance with the "Statements on Auditing Standards";
(B) An examination of prospective financial information to be performed in accordance with "Statements on Standards for Attestation Engagements"; or
(C) An engagement to be performed in accordance with PCAOB standards.
(b) A licensee of this state offering or rendering services or using his or her CPA title in another state shall be subject to disciplinary action in this state for an act committed in another state for which the licensee would be subject to discipline for an act committed in the other state.
(c) The board may investigate any complaint made by the board of accountancy of another state.