SB 952
Modifies the licensing requirements and practice of certified public accountants and accounting firms
LR Number:
Last Action:
2/27/2008 - Removed S Consent Calendar
Journal Page:
SCS SB 952
Calendar Position:
Effective Date:
August 28, 2008

Current Bill Summary

SCS/SB 952 - This act modifies the licensing requirements and practice of certified public accountants and accounting firms.

Engagements to be performed in accordance with the auditing standards and rules of the Public Company Accounting Oversight Board are included in the definition of attest or attest services.

The act also modifies the out-of-state equivalency requirements for certified public accountants. Currently, an individual having a valid designation to practice whose principal place of business is in a state with equivalent qualifications for licensure shall have all of the privileges of licensure in this state. The act allows those having an out-of-state domicile or residency to also qualify. All out-of-state practitioners shall have an unrestricted license in their state to qualify and shall only practice in connection with a firm holding a valid permit to practice as a certified public accounting firm in this state. Out-of-state practitioners shall cease offering professional services if their out-of-state license ceases to be valid or becomes restricted.

The act also modifies the permit requirements for certified public accounting firms. The following firms must hold a permit:

• Those with Missouri offices that perform attest services.

• Those using the title CPA or CPA firm.

• Those that do not have an office in Missouri that perform attest services for clients with offices in Missouri.

Certain firms may use professional designations and perform compilation and review services and other professional services in certain circumstances.