Current through Register Vol. 51, No. 3, September 1, 2024
RELATES TO:
KRS
325.330(6),
325.360,
325.370
NECESSITY, FUNCTION, AND CONFORMITY:
KRS
325.240(2) authorizes the
Kentucky State Board of Accountancy to promulgate administrative regulations
for the administration of KRS Chapter 325.
KRS
325.330(6) and (7) and
325.370 authorize the board to
reinstate and reissue licenses that have expired, been suspended, revoked or
denied renewal. This administrative regulation establishes the procedures for
reinstating or reissuing a license.
Section
1. Definition. "Accounting or auditing course" means:
(1) A field of study dealing with
pronouncements of authoritative accounting principles issued by the standard
setting bodies; and
(2)
(a) Auditing subjects related to the
examination of financial statements, operations, systems, and
programs;
(b) The review of
internal and management controls;
(c) The reporting on the results of audit
findings;
(d)
Compilations;
(e) Reviews;
and
(f) Other related subjects
generally classified with the accounting discipline, except for courses in tax
and computer software training.
Section 2. A licensee who fails to renew his
or her license by the August 1 renewal date shall be allowed to renew his or
her license by complying with the requirements of
KRS
325.330(7),
201 KAR 1:100,
201 KAR 1:065, and paying a $100
late fee, if:
(1) The license is renewed
online on or before September 1; or
(2) The renewal materials and payment are
received at the board office on or before September 1.
Section 3.
(1) A license expired for a period of more
than one (1) month or voluntarily surrendered for any reason, except if a
complaint is pending before the board, may be considered by the board for
reinstatement if the applicant:
(a) Submits a
completed License Reinstatement Application;
(b) Documents compliance with the continuing
professional education requirements established in subsection (2) of this
section; and
(c) Submits a money
order or check in the amount of $200 made payable to the Kentucky State Board
of Accountancy.
(2) An
applicant shall document successful completion of either sixty (60) or eighty
(80) hours of continuing professional education, based on the amount of hours
the applicant was to have completed when the applicant's license expired or was
voluntarily surrendered. The hours shall:
(a)
Include accounting or auditing courses that comprise at least one-half of the
total amount of hours of continuing professional education required for the
applicant;
(b) Include two (2)
hours of coursework in professional ethics;
(c) Have been completed within two (2) years
of the reinstatement request; and
(d) Not have been previously used to satisfy
Kentucky license renewal or reinstatement requirements.
(3) When submitting an application, an
applicant who is actively licensed in another state that maintains a continuing
education requirement shall satisfy all of the requirements of this section,
except for the continuing education hours required by subsection (2) of this
section.
Section 4.
(1) If a license was revoked for reasons
other than failure to satisfy the continuing professional education
requirements, it may be considered for reinstatement if the applicant for
reinstatement submits to the board, fifteen (15) days prior to the next
scheduled meeting, a letter:
(a) Requesting
reinstatement;
(b) Specifying the
manner in which the applicant for reinstatement has complied with the terms of
a disciplinary order of the board; and
(c) Stating the reasons for the reinstatement
request.
(2)
(a) Except as provided in paragraph (b) of
this subsection, the board shall:
1. Review
the request for reinstatement, the findings of fact, conclusions of law, and
board order;
2. Affirm or deny the
request; and
3. If denied, state in
writing the corrective or remedial education, training, or review required
before reinstatement shall be granted.
(b) The board shall not consider a request
for reinstatement submitted to the board:
1.
Prior to the date for resubmission that is specified in the disciplinary order
of the board; or
2. If the CPA or
CPA firm in a disciplinary order waived the ability to seek
reinstatement.
(3)
(a) If
an applicant for reinstatement disagrees with the board's determination under
this section, he or she may file a written request for a hearing before the
board.
(b) A hearing held pursuant
to the provisions of this subsection shall be conducted in accordance with
KRS
325.360 and
201 KAR 1:150.
Section 5.
Incorporation by Reference.
(1) "License
Reinstatement Application", August 2015, is incorporated by
reference.
(2) This material may be
inspected, copied, or obtained, subject to applicable copyright law, at the
State Board of Accountancy, 332 W. Broadway, Suite 310, Louisville, Kentucky
40202, Monday through Friday, 8 a.m. to 4:30 p.m.
STATUTORY AUTHORITY:
KRS
325.240(2),
325.330(6),
(7),
325.370(2)
