05
SB55/AP
Senate
Bill 55
By:
Senators Seabaugh of the 28th and Balfour of the
9th
AS PASSED
AS PASSED
AN
ACT
To
amend Chapter 3 of Title 43 of the Official Code of Georgia Annotated, relating
to accountants, so as to change the composition of the state board of
accountancy; to repeal certain provisions relating to registered public
accountants; to provide that public accountants shall upon application be
certificated as certified public accountants; to remove references to registered
public accountants; to change certain provisions relating to use of titles and
devices, false or fraudulent claims, and regulation of solicitation of
employment; to amend Chapter 40 of Title 43 of the Official Code of Georgia
Annotated, relating to real estate brokers and salespersons, so as to remove
references to registered public accountants; to amend Article 13 of Chapter 1 of
Title 7 of the Official Code of Georgia Annotated, relating to licensing of
mortgage lenders and mortgage brokers, so as to remove references to registered
public accountants; to amend Chapter 12 of Title 16 of the Official Code of
Georgia Annotated, relating to offenses against health and morals, so as to
remove references to registered public accountants; to provide for related
matters; to provide an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Chapter
3 of Title 43 of the Official Code of Georgia Annotated, relating to
accountants, is amended by striking subsection (b) of Code Section 43-3-3,
relating to the members of the State Board of Accountancy, and inserting in lieu
thereof a new subsection (b) to read as follows:
"(b)
The board shall consist of seven members, to be appointed by the Governor with
the approval of the Senate. Each member of the board shall be a resident of this
state. Six members of the board shall be certified public accountants, all of
whom shall hold a permit to practice public accounting issued under Code Section
43-3-24. One member shall be appointed from the public at large and shall be a
person to whom neither this state nor any other state has ever issued a
certificate, registration, license, or permit to engage in the practice of
public accounting. The person serving on the board on June 30, 2005, as a
registered public accountant member of the board shall serve the remainder of
the term to which such person was appointed as one of the certified public
accountant members of the
board."
SECTION
2.
Said
chapter is further amended by striking Code Section 43-3-13, relating to
requirements for certificate of "registered public accountant," and inserting in
its place the following:
"43-3-13.
Notwithstanding
any other provision of this chapter, on and after July 1, 2005, each registered
public accountant who holds a live permit and who is in good standing shall be
certificated as a certified public accountant. On and after July 1, 2005, the
board shall not consider any application for a certificate of registered public
accountant."
SECTION
3.
Said
chapter is further amended by repealing Code Section 43-3-14, relating to
examinations for registered public accountants, and inserting in its place the
following:
"43-3-14.
Reserved."
SECTION
4.
Said
chapter is further amended by repealing Code Section 43-3-16, relating to
certificate holder as "registered public accountant," and inserting in its place
the following:
"43-3-16.
Reserved."
SECTION
5.
Said
chapter is further amended by repealing Code Section 43-3-18, relating to
reciprocity for registered public accountants, and inserting in its place the
following:
"43-3-18.
Reserved."
SECTION
6.
Said
chapter is further amended by repealing Code Section 43-3-19, relating to
persons holding registered public accountant certificates as of July 1, 1977,
and inserting in its place the following:
"43-3-19.
Reserved."
SECTION
7.
Said
chapter is further amended by striking subsection (b) of Code Section 43-3-21,
relating to registration requirements for firms of public accountants or
certified public accountants; by redesignating subsections (c), (d), and (e) as
subsections (b), (c), and (d), respectively; and by striking subsection (a) and
inserting in its place the following:
"(a)
A firm practicing public accountancy in this state shall register with the board
as a firm of certified public accountants, provided it meets the following
requirements:
(1)
Each partner, member, or shareholder of the firm shall be a certified public
accountant of some state in good standing;
(2)
The firm shall be in compliance with all requirements and provisions of state
law governing the organizational form of the firm;
(3)
The firm shall comply with all regulations pertaining to firms registered with
the board; and
(4)
The resident manager of the office of the firm and each partner, member, or
shareholder thereof personally engaged within this state in the practice of
public accountancy shall be a certified public accountant of this state in good
standing."
SECTION
8.
Said
chapter is further amended by striking subsection (a) and paragraph (1) of
subsection (b) of Code Section 43-3-24, relating to issuance of permits to
practice accountancy and issuance of temporary permits to nonresidents, and
inserting in their place the following:
"(a)
A permit to engage in the practice of public accountancy in this state shall be
issued by the division director, at the direction of the board, to each person
who is certificated as a certified public accountant under Code Sections 43-3-6
through 43-3-12 or registered as a foreign accountant under Code Section 43-3-20
who shall have furnished evidence, satisfactory to the board, of compliance with
the requirements of Code Section 43-3-25, and to individuals and firms
registered under Code Section 43-3-21, provided that such entities are
maintained and registered as required under Code Sections 43-3-21 and 43-3-23.
There shall be a biennial permit fee in an amount to be determined by the
board."
"(1)
An applicant for a temporary permit under this subsection shall show that he or
she is duly licensed and authorized to practice as a certified public accountant
or as a firm of certified public accountants or the equivalent in another state
and shall give the name of each person who will be engaged in the practice of
public accounting in this state in the performance of the professional
engagement which is the subject of the
application;".
SECTION
9.
Said
chapter is further amended by striking subsection (a) of Code Section 43-3-25,
relating to continuing professional education requirements, and inserting in its
place the following:
"(a)
Every application for renewal of a live permit by any individual who is and has
been certificated as a certified public accountant or registered as a foreign
accountant by this state for one year or more shall be accompanied or supported
by such evidence as the board shall prescribe of satisfactory completion of
continuing professional education as provided in this Code section, provided
that the board may relax or suspend requirements of continuing professional
education in instances where an
applicant́s
health requires it or in instances of individual
hardship."
SECTION
10.
Said
chapter is further amended by striking the introductory language of subsection
(a) of Code Section 43-3-28, relating to revocation, suspension, or refusal to
renew certificate, registration, or permit and immunity, and inserting in its
place the following:
"(a)
After notice and hearing as provided in Code Section 43-3-30, the board may
revoke or suspend any certification issued under Code Sections 43-3-6 through
43-3-12 or a registration issued under Code Section 43-3-20 or may revoke,
suspend, or refuse to renew any live permit or may censure the holder of any
such permit for any cause which the board may deem sufficient, including,
without limiting the generality of the foregoing, any one or any combination of
the following
causes:".
SECTION
11.
Said
chapter is further amended by striking subsections (c) and (d) of Code Section
43-3-35, relating to use of titles or devices, false or fraudulent claims, and
regulation of solicitation of employment; by redesignating subsections (f), (g),
(h), and (i) as subsections (d), (e), (f), and (g), respectively; and by
striking subsection (e) and inserting in its place the following:
"(c)
No individual, firm, or any other person or entity shall assume or use: (1) any
title or designation likely to be confused with 'certified public accountant,'
including, without limiting the generality of the foregoing, 'certified
accountant,' 'enrolled accountant,' 'licensed accountant,' 'licensed public
accountant,' or 'registered accountant'; or (2) any abbreviation likely to be
confused with 'C.P.A.,' including, without limiting the generality of the
foregoing, 'C.A.,' 'E.A.,' 'R.A.,' 'L.A.,' or 'L.P.A.,' provided that a foreign
accountant registered under Code Section 43-3-20 who holds a live permit and all
of whose offices in this state for the practice of public accountancy are
maintained and registered as required under Code Sections 43-3-21 and 43-3-23
may use the title under which he or she is generally known in his or her
country, followed by the name of the country from which he or she received his
or her certificate, license, or
degree."
SECTION
12.
Chapter
40 of Title 43 of the Official Code of Georgia Annotated, relating to real
estate brokers and salespersons, is amended by striking paragraph (14) of
subsection (a) of Code Section 43-40-29, relating to exceptions to operation of
chapter, and inserting in its place the following:
"(14)
A licensed certified public accountant acting solely as an incident to the
practice of public
accounting."
SECTION
13.
Article
13 of Chapter 1 of Title 7 of the Official Code of Georgia Annotated, relating
to licensing of mortgage lenders and mortgage brokers, is amended by striking
paragraph (2) of Code Section 7-1-1000, relating to definitions, and inserting
in its place the following:
"(2)
'Audited financial statement' means the product of the examination of financial
statements in accordance with generally accepted auditing standards by an
independent certified public accountant, which product consists of an opinion on
the financial statements indicating their conformity with generally accepted
accounting
principles."
SECTION
14.
Chapter
12 of Title 16 of the Official Code of Georgia Annotated, relating to offenses
against health and morals, is amended by striking subsection (j) of Code Section
16-12-22.1, relating to raffles operated by nonprofit, tax-exempt organizations,
and inserting in its place the following:
"(j)
On or before April 15 of each year, every nonprofit, tax-exempt organization
engaged in operating raffles shall file with the sheriff a report disclosing all
receipts and expenditures relating to the operation of raffles in the previous
year. The report shall be in addition to all other reports required by law. The
report shall be prepared and signed by a certified public accountant competent
to prepare such a report and shall be deemed a public record subject to public
inspection."
SECTION
15.
Said
chapter is further amended by striking Code Section 16-12-59, relating to annual
report to be filed with the director of the Georgia Bureau of Investigation by
bingo game operators, and inserting in its place the following:
"16-12-59.
On
or before April 15 of each year, every nonprofit, tax-exempt organization
engaged in operating bingo games shall file with the director a report
disclosing all receipts and expenditures relating to the operation of bingo
games in the previous year. The report shall be in addition to all other
reports required by law. The report shall be prepared and signed by a certified
public accountant competent to prepare such a report and shall be deemed a
public record subject to public
inspection."
SECTION
16.
This
Act shall become effective on July 1, 2005.
SECTION
17.
All
laws and parts of laws in conflict with this Act are repealed.