Brief Description: The Board of Public Accountancy proposes to update various regulations addressing section references of the updated AICPA Code of Professional Standards and Standards for Performing and Reporting on Peer Reviews, National State Auditors Association (NSAA) Peer Review Manual that the board adopts by reference, examination, hours of continuing education, individual study, publications, inactive licenses, and approved quality review programs.
The Board of Public Accountancy (Board) proposes to adopt regulation changes in Title 12, Chapter 04 of the Alaska Administrative Code including the following:
- 12 AAC 04.004. Code of professional conduct, is proposed to update section references and to adopt by reference the updated Code of Professional Conduct of the AICPA Professional Standards.
- 12 AAC 04.038. Attest functions, is proposed to update section references and to adopt by reference the updated AICPA Professional Standards.
- 12 AAC 04.165. Application for licensure by reciprocity, is proposed to require notarized application, list of references, and verification that CPA exam has been passed to the requirements of licensure by reciprocity applications.
- 12 AAC 04.175. Application for licensure by examination, is proposed to require notarized application for licensure by examination, and to amend the conforming regulation citations.
- 12 AAC 04.185. Education defined for certified public accountant applicants, is proposed to remove requirement for the University of Alaska to approve regional accreditation and providing additional clarity on education that is acceptable to meet the accounting concentration requirements.
- 12 AAC 04.200. Examination, is proposed to amend the conforming regulation citations.
- 12 AAC 04.205. Examination transition to computer-based testing, is proposed to be repealed. This section is no longer needed.
- 12 AAC 04.300. Hours of continuing education required, is proposed to remove subsection (b) of this section that allowed licensees who did not earn at least 20 hours in each year of the renewal cycle to take an additional 8 hours of continuing education. If adopted by the board, these regulation changes would take effect on January 1, 2022, and would apply to the licensing term beginning on that date.
- 12 AAC 04.370. Individual study, is proposed to be repealed. This section is no longer needed. If adopted by the board, these regulation changes would take effect on January 1, 2022, and would apply to the licensing term beginning on that date.
- 12 AAC 04.390. Publications, is proposed to be repealed. This section is no longer needed. If adopted by the board, these regulation changes would take effect on January 1, 2022, and would apply to the licensing term beginning on that date.
- 12 AAC 04.430. Inactive licenses, is proposed to clarify how an inactive licensee can hold themselves out to the public and states clearly that inactive licensees may not practice public accounting.
- 12 AAC 04.610. Approved quality review programs, is proposed to update the references and to adopt by reference the updated AICPA Standards for Performing and Reporting on Peer Reviews and the current revised National State Auditors Association (NSAA) Peer Review Manual.
You may comment on the proposed regulation changes, including the potential costs to private persons of complying with the proposed changes, by submitting written comments to Jun Maiquis, Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806, Juneau, AK 99811-0806. Additionally, the Board will accept comments by facsimile at (907) 465-2974 and by electronic mail at RegulationsAndPubliccomment@alaska.gov. Comments may also be submitted through the Alaska Online Public Notice System by accessing this notice on the system at http://notice.alaska.gov/203974, and using the comment link. The comments must be received not later than 4:30 p.m. on November 3, 2021. Comments received after this deadline will not be considered by the Board.
You may submit written questions relevant to the proposed action to Jun Maiquis, Regulations Specialist, Division of Corporations, Business and Professional Licensing, P.O. Box 110806, Juneau, AK 99811-0806 or by e-mail at RegulationsAndPublicComment@alaska.gov. The questions must be received at least 10 days before the end of the public comment period. The Board will aggregate its response to substantially similar questions and make the questions and responses available on the Alaska Online Public Notice System and on the Board’s website at https://www.commerce.alaska.gov/web/cbpl/ProfessionalLicensing/BoardofPublicAccountancy.aspx. The Board may, but is not required to, answer written questions received after the 10-day cut-off date and before the end of the comment period.
If you are a person with a disability who needs a special accommodation in order to participate in this process, please contact Jun Maiquis at (907) 465-2537 or RegulationsAndPublicComment@alaska.gov not later than October 27, 2021 to ensure that any necessary accommodation can be provided.
A copy of the proposed regulation changes is available on the Alaska Online Public Notice System and by contacting Jun Maiquis at (907) 465-2537 or RegulationsAndPublicComment@alaska.gov, or go to https://www.commerce.alaska.gov/web/portals/5/pub/CPA-1021.pdf.
A copy of the material proposed for adoption by reference may be viewed at the Board’s office at the Department of Commerce, Community, and Economic Development, Division of Corporations, Business and Professional Licensing, Atwood Bldg., 550 W. 7th Avenue, Suite 1500, Anchorage, or in the Juneau office at the SOB, 333 Willoughby Avenue, 9th Floor.
After the public comment period ends, the Board will either adopt the proposed regulation changes or other provisions dealing with the same subject, without further notice, or decide to take no action. The language of the final regulation may be different from that of the proposed regulation. You should comment during the time allowed if your interests could be affected. Written comments and questions received are public records and are subject to public inspection.
Statutory Authority: AS 08.04.070; AS 08.04.080; AS 08.04.105; AS 08.04.110; AS 08.04.120; AS 08.04.130; AS 08.04.150; AS 08.04.195; AS 08.04.410; AS 08.04.423; AS 08.04.425; AS 08.04.426
Statutes Being Implemented, Interpreted, or Made Specific: AS 08.04.070; AS 08.04.080; AS 08.04.105; AS 08.04.110; AS 08.04.120; AS 08.04.130; AS 08.04.150; AS 08.04.195; AS 08.04.410; AS 08.04.423; AS 08.04.425; AS 08.04.426
Fiscal Information: The proposed regulation changes are not expected to require an increased appropriation.
DATE: 10/1/2012
Jun Maiquis, Regulations Specialist
Division of Corporations, Business and Professional Licensing
For each occupation regulated under the Division of Corporations, Business and Professional Licensing, the Division keeps a list of individuals or organizations who are interested in the regulations of that occupation. The Division automatically sends a Notice of Proposed Regulations to the parties on the appropriate list each time there is a proposed change in an occupation's regulations in Title 12 of the Alaska Administrative Code. If you would like your address added to or removed from such a list, send your request to the Division at the address above, giving your name, either your e-mail address or mailing address (as you prefer for receiving notices), and the occupational area in which you are interested.
ADDITIONAL REGULATION NOTICE INFORMATION
(AS 44.62.190(d))
1. Adopting agency: Board of Public Accountancy – Department of Commerce, Community, and Economic Development, Division of Corporations, Business and Professional Licensing.
2. General subject of regulation: Update code of professional conduct of the section references of the American Institute of Certified Public Accountants (AICPA) Professional Standards and National State Auditors Association (NSAA) Peer Review Manual, licensure by reciprocity and examination, education, examination, hours of continuing education, individual study, publications, and inactive licenses.
3. Citation of regulation: 12 AAC 04.004, 12 AAC 04.038, 12 AAC 04.165, 12 AAC 04.175, 12 AAC 04.185, 12 AAC 04.200, 12 AAC 04.205, 12 AAC 04.300, 12 AAC 04.370, 12 AAC 04.390, 12 AAC 04.430, and 12 AAC 04.610.
4. Department of Law file number: To be assigned.
5. Reason for the proposed action: Update and clarification of current regulations; compliance with state statute.
6. Appropriation/Allocation: Corporations, Business and Professional Licensing – #2360.
7. Estimated annual cost to comply with the proposed action to:
A private person: None known.
Another state agency: None known.
A municipality: None known.
8. Cost of implementation to the state agency and available funding (in thousands of dollars): No costs are expected in FY 2022 or in subsequent years.
9. The name of the contact person for the regulation:
Cori Hondolero, Executive Administrator
Alaska Board of Public Accountancy
Division of Corporations, Business and Professional Licensing
Department of Commerce, Community, and Economic Development
Telephone: (907) 269-4712
E-mail: cori.hondolero@alaska.gov
10. The origin of the proposed action: Board of Public Accountancy.
11. Date: 10/1/2021
Prepared by: Jun Maiquis
Regulations Specialist