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17-12-504. Renewals and renewal fees.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-504. Renewals and renewal fees.
(a)(1) Individual certified public accountants and public accountants shall pay an annual fee in an amount to be determined by Arkansas State Board of Public Accountancy rule.
(2) Unless otherwise provided by board rule, all licenses shall expire on December 31 of each year and may be renewed annually for a period of one (1) year by current licensees in good standing upon payment of the annual renewal fee.
(b)(1) A firm registered with the board shall pay an annual registration fee in an amount to be determined by board rule.
(2) Unless otherwise provided by board rule, all firm registrations shall expire on December 31 of each year and may be renewed annually for a period of one (1) year by registrants in good standing upon payment of the annual renewal fee.
(c) The board may establish a reduced renewal fee for any licensee who has attained a specified age and has met all other qualifications determined by the board.
(d)(1) A licensee may choose not to renew a license by notifying the board in writing before the expiration date of the license.
(2) The licensee shall surrender the license to the board immediately upon its expiration or otherwise comply with board rules concerning the disposition of the license.
(e) A licensee who complies with the requirements of subsection (d) of this section may apply to renew or reinstate his or her license or to receive a new license as provided in this section.
(f)(1) Beginning the first day of the first month after expiration, each licensee shall pay a monthly penalty for the late renewal of a license or registration in an amount determined by the board.
(2) If the license or registration is not renewed by the first day of the fourth month after expiration, the license or r
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-504
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:17-12-504
Source file: gov.ar.code.title.17.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2f02c1901bf4cd49745751bafeca18dcbc111683581420bd31474a1e2ec6ef46
Source location: content.xml paragraph 1474
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17-12-504. Renewals and renewal fees.
(a)(1) Individual certified public accountants and public accountants shall pay an annual fee in an amount to be determined by Arkansas State Board of Public Accountancy rule.
(2) Unless otherwise provided by board rule, all licenses shall expire on December 31 of each year and may be renewed annually for a period of one (1) year by current licensees in good standing upon payment of the annual renewal fee.
(b)(1) A firm registered with the board shall pay an annual registration fee in an amount to be determined by board rule.
(2) Unless otherwise provided by board rule, all firm registrations shall expire on December 31 of each year and may be renewed annually for a period of one (1) year by registrants in good standing upon payment of the annual renewal fee.
(c) The board may establish a reduced renewal fee for any licensee who has attained a specified age and has met all other qualifications determined by the board.
(d)(1) A licensee may choose not to renew a license by notifying the board in writing before the expiration date of the license.
(2) The licensee shall surrender the license to the board immediately upon its expiration or otherwise comply with board rules concerning the disposition of the license.
(e) A licensee who complies with the requirements of subsection (d) of this section may apply to renew or reinstate his or her license or to receive a new license as provided in this section.
(f)(1) Beginning the first day of the first month after expiration, each licensee shall pay a monthly penalty for the late renewal of a license or registration in an amount determined by the board.
(2) If the license or registration is not renewed by the first day of the fourth month after expiration, the license or registration shall lapse.
(g)(1) Upon application received within three (3) years following the expiration of a license, the board may reinstate a lapsed license.
(2) A license may be reinstated if the applicant:
(A) Pays a reinstatement fee determined by the board; and
(B) Complies with continuing professional education and any other requirements applicable to:
(i) The renewal of the license at the date of its expiration; and
(ii) The reinstatement of the license at the date of the application for reinstatement.
(h)(1) Any license or registration that is not reinstated within three (3) years following expiration shall be void and shall not be subject to renewal or reinstatement.
(2) The holder of a void license or registration may apply for a new license or registration under § 17-12-301 et seq. or § 17-12-401 et seq.
(3) The board may require the applicant to comply with educational or other requirements deemed appropriate by the board, including successful completion of the examination identified in § 17-12-304 in order to obtain a new license.
(i) Any licensee who fails to timely renew his or her license to practice shall not perform attest services as defined in § 17-12-103(a)(2) until he or she has obtained a license to practice under this subsection.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-103. Definitions.
(a) As used in this chapter:
(1) “AICPA” means the American Institute of Certified Public Accountants, or its successor;
(2) “Attest” means providing the following services:
(A) An audit or other engagement to be performed in accordance with the AICPA Statements on Auditing Standards;
(B) A review of a financial statement to be performed in accordance with the AICPA Statements on Standards for Accounting and Review Services;
(C) An examination of prospective financial information to be performed in accordance with the AICPA Statements on Standards for Attestation Engagements;
(D) An engagement to be performed in accordance with PCAOB standards; and
(E) An examination, review, or agreed-upon procedures engagement to be performed in accordance with the AICPA Statements on Auditing Standards for Attestation Engagements other than an examination described in subdivision (a)(2)(C) of this section;
(3) “Beneficial owner” means an individual who is the grantor and sole trustee of a revocable trust in which the individual reserves the unrestricted right to revoke the trust;
(4) “Certificate” means a certificate as “certified public accountant” issued under § 17-12-301 or a corresponding certificate as “certified public accountant” issued after examination under the laws of any other state;
(5) “Compilation” means providing a service of any compilation engagement to be performed in accordance with the AICPA Statements on Standards for Accounting and Review Services;
(6) “Conviction” means all instances in a criminal case in which a defendant has been found guilty or pleads guilty or nolo contendere regardless of whether:
(A) Sentencing or imposition of sentencing has been deferred or suspended; or
(B) The adjudication of guilt
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-103. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-301. Requirements generally.
(a) A certificate as a certified public accountant shall be granted by the Arkansas State Board of Public Accountancy to any person:
(1) Who has met the education and experience requirements set forth in this chapter and by the board; and
(2) Who has passed an examination in accounting and auditing and such related subjects as the board shall determine to be appropriate.
(b)(1) Any person who has received from the board a certificate as a certified public accountant which is currently in full force and effect shall be styled and known as a “certified public accountant” and may also use the abbreviation “CPA”.
(2) The board shall maintain a list of certified public accountants.
(c) Any certified public accountant may also be known as a “public accountant”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-301
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-304. Examination — Times — Resource assistance.
(a) The examination required by § 17-12-301(a)(2) shall be held by the Arkansas State Board of Public Accountancy and shall take place as often as the board shall determine to be desirable. However, the examination required by § 17-12-301(a)(2) shall be held not less frequently than one (1) time each year.
(b) The board may use any part of the Uniform Certified Public Accountant Examination and Advisory Grading Service from the American Institute of Certified Public Accountants as it deems appropriate to assist it in performing its duties under this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-304
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-304. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-12-401. Professional partnerships, corporations, limited liability companies, and sole proprietorships of certified public accountants.
(a) The Arkansas State Board of Public Accountancy shall grant or renew a registration as a CPA firm to an applicant that meets the qualifications of this section.
(b)(1) A firm shall hold a registration under this section if the firm:
(A) Has an office in this state:
(i) Engaged in the practice of public accounting; or
(ii) That uses the title “CPA” or “CPA firm”; or
(B) Does not have an office in this state but performs attest services described in § 17-12-103(a)(2)(A), § 17-12-103(a)(2)(C), or § 17-12-103(a)(2)(D) for a client having its home office in this state.
(2) A firm that does not have an office in this state may perform services under § 17-12-103(a)(2)(B), § 17-12-103(a)(2)(E), or § 17-12-103(a)(5) for a client having its home office in this state and may use the title “CPA” or “CPA firm” without registering under this section only if the firm:
(A) Meets the applicable qualifications of this section and § 17-12-507;
(B) Performs the services through an individual with practice privileges under § 17-12-311; and
(C) Meets the peer review requirements under § 17-12-508.
(3) A firm that is not subject to the requirements of subdivision (b)(1)(B) or subdivision (b)(2) of this section may perform other professional services while using the title “CPA” or “CPA firm” in this state without registering under this section only if the firm:
(A) Performs the services through an individual with practice privileges under § 17-12-311; and
(B) Can lawfully perform the services in the state where the individuals with practice privileges have their principal place of business.
(c) If required to register under su
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-12-401
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 17-12-401. This identifies an authority to review, not proof of applicability.