State board of accountancy - continuing education requirements - continuation under sunset law. The automatic termination date of the regulation of accountants by the state board of accountancy is extended until September 1, 2030, pursuant to the provisions of the sunset law.
The act implements the recommendations of the department of regulatory agencies' sunset review and report on the state board of accountancy by:
- Making the use of fraudulent, coercive, or dishonest practices, or the demonstration of incompetence, untrustworthiness, or financial irresponsibility, grounds for discipline (section 9 of the act);
- Clarifying that foreign corporations operating a Colorado office must register with the board and adding "limited liability partnership" to the list of business types that must register (section 8);
- Permitting a person that is not certified or registered to use an accounting designation that includes the word "management" conferred by a bona fide nationally recognized accounting organization if the designation does not purport to confer the right to perform audit or attest services (sections 4 and 7);
- Authorizing the board to take disciplinary action against uncertified or unregistered persons, including resident managers, if they provide services that require certification or registration (section 9);
- Allowing a person to request inactive status via any board-approved method (section 5); and
- Making technical changes (sections 5, 10, and 11).
Section 3 updates the names of several regional accrediting agencies. Section 6 specifies that a nonresident certificate holder's completion of continuing education requirements in the holder's home state satisfies the Colorado continuing education requirements.
Specified provisions of the act are contingent upon House Bill 19-1172 becoming law.
(Note: This summary applies to this bill as enacted.)