SB 829 - This act allows the Missouri State Board of Accountancy to rely upon professional accounting associations, including the American Institute of Certified Public Accounts (AICPA), when promulgating rules and regulations regarding the requirements of continuing education. The Board may also prescribe continuing education course content, duration, and organization in accordance with established nationally-recognized standards.
Currently, the Board shall not require the completion of more than 120 hours of continuing education in any 3-year period, not more than 40 hours of which shall be required in any one year. Beginning, January 1, 2019, the Board shall require the completion of 80 hours of education in any 2-year period. A minimum of 4 hours shall be in the area of ethics.
If an applicant for licensure or licensee reports insufficient continuing education hours, the Board shall notify the applicant or licensee in detail of the alleged failure to comply. If the applicant or licensee has completed at least 60 of the required 80 hours, he or she shall have 60 days from the date notice is received to cure the alleged failure. During the 60 day period, the Board shall not seek or impose disciplinary action against the applicant or licensee.
The Board may not unreasonably limit the method, means, or software used for reporting continuing education.
The Board shall require that peer reviews of firms be subject to oversight by an oversight body established or sanctioned by Board rule. The entity administering the peer reviews shall yearly provide information about the firms enrolled in the peer review program, as set forth in the act.
In connection with certain disciplinary proceedings, the Board may have access, from the permit holder that is the subject of the disciplinary proceeding, to the firm's most recently accepted peer review report. As long as a permit holder is enrolled in peer review, the Board shall have no authority to impose any discipline on a permit holder solely on the basis of the outcome of a peer review report.
Permit holders enrolled in peer review shall retain the peer review report, as required by AICPA peer review standards.
This act has an effective date of January 1, 2019.