Current through Register Vol. 35, No. 18, September 24, 2024
A.
Interstate reciprocity: The board may issue a certificate/license to the holder
of a certificate issued by a state other than New Mexico as defined under
Sections 3O, 11B and D, and 26A of the act provided that the license from the
other state is valid and in good standing and that the applicant:
(1) provides proof from a board-approved
national qualifications service that their CPA qualifications are substantially
equivalent to the CPA requirements of the act; or
(2) successfully completed the CPA
examination in accordance with the rules of the other state at the time it
granted the applicant's initial certificate; and
(3) meets the experience requirements under
the act and these rules for issuance of the initial certificate; and
(4) has met the CPE requirement of the state
in which he is currently licensed pursuant to the act and board
rules.
B. All applicants
for licensure by reciprocity shall have passed either the American institute of
certified public accountants ethics examination with a score of 90 percent or
higher or an ethics examination of another state board of accountancy with a
score of 90 percent or higher.
C.
An applicant who holds a certificate from another state based upon passage of
the examination but who does not hold a license to practice shall not be
eligible for licensure by reciprocity.
D. The board may rely on the national
association of state boards of accountancy (NASBA), the American institute of
certified public accountants (AICPA), or other professional bodies deemed
acceptable to the board for evaluation of other state's CPA qualification
requirements in making substantial equivalency determinations.
E. International reciprocity: The board may
designate a professional accounting credential issued in a foreign country as
substantially equivalent to a New Mexico CPA certificate and may issue a
certificate/license to the holder of a professional accounting credential
issued in a foreign country.
(1) The board
may rely on NASBA, AICPA, or other professional bodies deemed acceptable to the
board for evaluation of foreign credentials in making equivalency
determinations.
(2) The board may
satisfy itself through qualifying examination(s) that the holder of a foreign
country credential deemed by the board to be substantially equivalent to a CPA
certificate possesses adequate knowledge of U.S. practice standards and the
board's rules. The board will specify the qualifying examination(s) and may
rely on NASBA, AICPA, or other professional bodies to develop, administer, and
grade such qualifying examination(s).
(3) The board recognizes the existence of the
international qualifications appraisal board (IQAB), a joint body of NASBA and
AICPA, which is charged with:
(a) evaluating
the professional credentialing process of certified public accountants, or
their equivalents, from countries other than the United States; and
(b) negotiating principles of reciprocity
agreements with the appropriate professional and governmental bodies of other
countries seeking recognition as having requirements substantially equivalent
to the requirements for the certificate of a certified public accountant in the
United States.
(4) The
board shall honor the terms of all principles of reciprocity agreements issued
by IQAB.
(5) The board recognizes
the international uniform CPA qualification examination (IQEX), written and
graded by AICPA, as a measure of professional competency satisfactory to obtain
a New Mexico certificate by reciprocity.
(6) The board may accept a foreign country
accounting credential in partial satisfaction of its certificate/license
requirements if:
(a) the holder of the
foreign country accounting credential meets the issuing body's education
requirement and has passed the issuing body's examination used to qualify its
own domestic candidates; and
(b)
the foreign country credential is valid and in good standing at the time of
application for a certificate/license.
(7) The board shall accept the following
foreign credentials in partial satisfaction of its certificate/license
requirements:
(a) Canadian chartered
accountant;
(b) Australian
chartered accountant;
(c) Hong Kong
institute of CPAs;
(d) Mexican
contador publicos certificado;
(e)
chartered accountants in Ireland;
(f) New Zealand chartered
accountant.
F. An applicant for renewal of a CPA
certificate/license originally issued in reliance on a foreign country
accounting credential shall:
(1) meet all
board prescribed certificate/license renewal requirements; and
(2) present documentation from the foreign
country accounting credential issuing body that the applicant's foreign country
credential has not been suspended or revoked and is not the subject of a
current investigation; and
(3)
report any investigations undertaken or sanctions imposed by a foreign country
credential body against the CPA's foreign country credential.
G. If the foreign country
credential has lapsed, expired, or been cancelled, the applicant must present
proof from the foreign country credentialing body that the certificate
holder/licensee was not the subject of any disciplinary proceedings or
investigations at the time the foreign country credential lapsed.
H. Suspension or revocation of, or refusal to
renew, the CPA's foreign accounting credential by the foreign credentialing
body shall be considered evidence of conduct reflecting adversely upon the
CPA's fitness to retain the certificate and may be a basis for board
action.
I. Conviction of a felony
or any crime involving dishonesty or fraud under the laws of a foreign country
is evidence of conduct reflecting adversely on the CPA's fitness to retain a
certificate/license and is a basis for board action.
J. The board shall notify the appropriate
foreign country credentialing authorities of any sanctions imposed against a
CPA. The board may participate in joint investigations with foreign country
credentialing bodies and may rely on evidence supplied by such bodies in
disciplinary hearings.
