Wisconsin Legislature: 217,33

217,28 Section 28. Subchapter III (title) of chapter Accy 2 [precedes Accy 2.202] of the administrative code is created to read:

chapter accy 2

subchapter III

education

217,29 Section 29. Accy 2.202 (1) (a) to (f) and (2) of the administrative code are created to read:

Accy 2.202 (1) (a) Intermediate financial accounting.

(b) Advanced financial accounting.

(d) Taxation.

(e) Auditing.

(f) Accounting information systems.

(2) At least 24 semester hours in business courses other than accounting courses, at the undergraduate or graduate level, including at least one course in each of the following subjects:

(a) Economics.

(b) Finance.

(d) Management or organizational behavior.

(e) Business law.

(f) Information technology.

Note: The courses covering the subjects of advanced financial accounting, cost or managerial accounting, taxation, and auditing under s. Accy 2.202 (1), would generally be courses taken beyond the introduction level. A course would generally be considered advanced financial accounting if it covers one or more of the following topics: foreign currency transactions, partnerships, state and local governments, not-for-profit entities, consolidations, mergers and acquisitions, intercompany transactions, fraud investigations, accounting theory, and accounting research.

217,30 Section 30. Subchapter IV (title) of chapter Accy 2 [precedes Accy 2.301] of the administrative code is created to read:

chapter accy 2

subchapter iv

examination

217,31 Section 31. Accy 2.305 (1) (g) of the administrative code is created to read:

Accy 2.305 (1) (g) Falsifying or misrepresenting educational credentials or other information required for admission to the examination.

217,32 Section 32. Subchapter V (title) of chapter Accy 2 [precedes Accy 2.401] of the administrative code is created to read:

chapter accy 2

subchapter v

experience

217,33 Section 33. Accy 2.401 (2) of the administrative code is created to read:

Accy 2.401 (2) Experience may consist of providing any type of services or advice using accounting, attest, compilation, management advisory, financial advisory, tax, or related consulting skills.

217,34 Section 34. Subchapter VI (title) of chapter Accy 2 [precedes Accy 2.501] of the administrative code is created to read:

Chapter accy 2

subchapter VI

LICENSURE

217,35 Section 35. Accy 2.501 of the administrative code is created to read:

Accy 2.501 Requirements for renewal and reinstatement of individual licenses. (1) Renewal before 5 years. An individual certified public accountant who files an application for renewal of a license within 5 years after the renewal date may renew his or her license by filing with the board all of the following:

(a) An application for renewal on a form prescribed by the department.

(b) The fee determined by the department under s. 440.03 (9) (a), Stats., and the applicable late renewal fee specified in s. 440.08 (3) (a), Stats.

(2) Renewal after 5 years. An individual certified public accountant who files an application for renewal of a license 5 years or more after the renewal date may renew his or her license by filing with the board all of the following:

(a) An application for renewal on a form prescribed by the department.

(b) The fee determined by the department under s. 440.03 (9) (a), Stats., and the applicable late renewal fee specified in s. 440.08 (3) (a), Stats.

(c) Verification of successful completion of examinations specified in s. Accy 2.301 or education specified in s. Accy 2.202 or both as may be prescribed by the board.

(3) Reinstatement. (a) Notwithstanding the board's authority under s. 442.12 (1) (g), Stats., to grant a hearing pursuant to an application in writing and notice, an individual certified public accountant who has a license with unmet disciplinary requirements and who has failed to renew the license within 5 years after the renewal date, or an individual whose license has been surrendered or revoked, may apply for reinstatement of his or her license. The request shall be in writing and be accompanied by all of the following:

1. The materials and fee specified in sub. (2) (a) to (c).

2. Evidence of completion of disciplinary requirements, if applicable.

3. Evidence of rehabilitation or change in circumstances warranting reinstatement of the credential.

(b) The board shall grant reinstatement of a license following an application for reinstatement under par. (a) if the board determines the individual has satisfied the requirements under par. (a) 1. to 3. and the board determines reinstatement is warranted.

217,36 Section 36. Chapter Accy 3 (title) of the administrative code is repealed and recreated to read:

chapter accy 3

endorsement

217,37 Section 37. Subchapter I (title) of chapter Accy 3 [precedes Accy 3.001] of the administrative code is created to read:

chapter accy 3

subchapter i

authority and definitions

217,38 Section 38. Accy 3.01 of the administrative code is repealed.

217,39 Section 39. Accy 3.02 of the administrative code is renumbered Accy 2.301 and amended to read:

Accy 2.301 Examination. A candidate for a certified public accountant certificate shall successfully pass the certified public accountant examination set forth in s. Accy 3.03 2.302 and the professional ethics examination set forth in s. Accy 3.10 2.306.

217,40 Section 40. Accy 3.03 of the administrative code is renumbered Accy 2.302, and Accy 2.302 (1), as renumbered, is amended to read:

Accy 2.302 (1) The subjects covering the discipline of accounting in the certified public accountant examination shall be as provided in the 4 sections of the by the board of examiners of the American institute of certified public accountants uniform certified public accountant examination Institute of Certified Public Accountants Uniform Certified Public Accountant Examination. The passing grade on each section is 75 or higher.

217,41 Section 41. Accy 3.03 (1) (Note) of the administrative code is repealed.

217,42 Section 42. Accy 3.04 of the administrative code is renumbered Accy 2.303 and amended to read:

Accy 2.303 Education required for examination. A candidate for the certified public accountant examination must possess a bachelor's or higher degree with a resident major in accounting, as defined in s. Accy 7.02 (3), or the reasonable equivalence of a resident major in accounting, as defined in s. Accy 7.03 (1), or reasonably expect to receive a degree with a resident major in accounting or its reasonable equivalence within 45 days following the date of examination complete 120 semester hours of education, including courses covering each of the subjects and the semester hours specified in s. Accy 2.202 (1) and (2).

217,43 Section 43. Accy 3.05 (title) and (1) (intro.) and (a) of the administrative code are renumbered Accy 2.101 (title), (intro.) and (1), and Accy 2.101 (title) and (intro.), as renumbered, are amended to read:

Accy 2.101 (title) Examination application Application. (intro.) A candidate for the certified public accountant examination applying for a certificate as a certified public accountant shall apply on an application form provided by the board and file the application in the board office no later than 60 days prior to the examination date. The application shall be supported by all of the following:

217,44 Section 44. Accy 3.05 (1) (b) (intro.) and 1. of the administrative code are consolidated, renumbered Accy 2.101 (2) and amended to read:

Accy 2.101 (2) Proof of fulfilling the educational requirements specified in s. Accy 2.202 and s. 442.04 (5), Stats., by submitting either: 1. Certified certified copies of transcripts for all academic work completed at an institution, as defined in s. 442.04 (5) (a), Stats., at least one of which must reflect the award of a bachelor's or higher degree, if the candidate has graduated prior to filing the application and the completion of 150 semester hours, including in courses covering each of the subjects and the semester hours specified in s. Accy 2.202 (1) and (2).

217,45 Section 45. Accy 3.05 (1) (b) 2. and 3. and (c), (2) and (3) of the administrative code are repealed.

217,46 Section 46. Accy 3.05 (3) (Note) of the administrative code is repealed.

217,47 Section 47. Accy 3.055 of the administrative code is repealed.

217,48 Section 48. Accy 3.06 of the administrative code is renumbered Accy 2.304, and Accy 2.304 (title), (1), (3) and (4), as renumbered, are amended to read:

Accy 2.304 (title) Examination Candidates for examination. (1) A candidate shall be allowed to sit for each section of the uniform certified public accountant examination individually and in any order.

(3) A candidate must pass all 4 sections of the uniform certified public accountant examination within a rolling 18-month period which that begins on the date that the first section is passed.

(4) If all 4 sections any section of the uniform certified public accountant examination are is not passed within the rolling 18-month period, credit for any section passed outside the 18-month period shall expire and that section shall be retaken.

217,49 Section 49. Accy 3.07 of the administrative code is repealed.

217,50 Section 50. Accy 3.08 of the administrative code is repealed.

217,51 Section 51. Accy 3.09 of the administrative code is renumbered Accy 2.305, and Accy 2.305 (1) (intro.), (a) to (d), (2) and (4), as renumbered, are amended to read:

Accy 2.305 (1) (intro.) Cheating on the certified public accountant examination is a serious breach of integrity and indicates a lack of good professional character. Cheating on an examination includes, but is not limited to any of the following:

(a) Communications concerning an examination being written taken between candidates inside or outside of the examination room, or copying another's answers.

(b) Communications concerning an examination being written taken with accomplices outside of the examination room.

(c) Substitution by a candidate of another person to sit in the examination room for the candidate and write take one or more of the examination questions or papers for the candidate.

(d) Reference to "crib notes," test books, electronic media, or other materials, other than those provided to the candidate as part of the examination, inside or outside of the examination room during periods examinations are being written taken.

(2) Penalties imposed by the board for cheating on the examination shall be related to the seriousness of the offense. Cheating which that was planned in advance is the most serious offense. Penalties may include the entering of a failing grade on all sections written taken for the examinations in which cheating occurred and suspension of the right to write take the next scheduled examination after the examination in which cheating occurred or to the entering of a failing grade on all sections written for the examinations in which cheating occurred and suspension of the right to write for as many as the next 6 scheduled examinations after the examination in which cheating occurred. Time within which conditional credit previously earned for passing part of the examination may be extended by board action in situations where penalties are levied, and by as long as the period of suspension.

(4) Other jurisdictions to which a candidate may apply to write take the certified public accountant examination during a period of suspension of the right to write take the examination shall be notified of the penalty levied in Wisconsin.

217,52 Section 52. Accy 3.10 of the administrative code is renumbered Accy 2.306.

217,53 Section 53. Subchapter II (title) of chapter Accy 3 [precedes Accy 3.101] of the administrative code is created to read:

chapter accy 3

subchapter II

certification by endorsement