Report Title:

Accounting

Description:

Eliminates experience in private or government accounting as a substitute of the two years of professional experience in public accountancy practice that is required for licensure as a public accountant.

THE SENATE

S.B. NO.

1549

TWENTY-SECOND LEGISLATURE, 2003

 

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. The legislature finds that there is no experience in private or government accounting that is equivalent to professional experience in public accounting. The purpose of this Act is to eliminate the substitute experience allowances for the experience requirements for licensure as a public accountant.

SECTION 2. 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 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. The nature, variety, and depth of acceptable private or government accounting or auditing experience shall be defined by the board in its rules.]"

SECTION 3. Statutory material to be repealed is bracketed and stricken.

SECTION 4. This Act shall take effect upon its approval.

INTRODUCED BY:

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