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Subcommittee backs changes to CPA licensure pathway, exam deadline and firm-ownership language
Summary
The LCI professions and occupations subcommittee approved amendments and reported S.176 favorably, advancing changes to the CPA licensure pathway (bachelor's route), reciprocity/mobility, a 36-month exam window, and narrow trust-ownership language with a June 30 effective date.
The Labor, Commerce and Industry Professions and Occupations Subcommittee voted to approve S.176, a multi-part bill from the South Carolina Association of CPAs that changes CPA licensure pathways, exam time limits and firm-ownership language, and reported the bill favorably to the full committee.
David Noble, past chair of the South Carolina Association of CPAs, described three central components: (1) create a pathway to licensure based on a bachelor’s degree plus passing the CPA exam and two years of experience (where the current pathway requires a master’s degree and one year of experience); (2) align reciprocity with mobility so CPAs licensed in other states under a bachelor's pathway can obtain South Carolina licensure; and (3) extend the time candidates have to complete all parts of the CPA exam from 18…
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