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Subpart 1.

Foreign countries.

The board may designate a professional accounting credential or professional registration issued in a foreign country as generally equivalent to a CPA license and:


may rely on the International Qualifications Appraisal Board for evaluation of foreign credential equivalency;


may accept a foreign accounting credential in partial satisfaction of its domestic credentialing requirements if:


the holder of the foreign accounting credential met the issuing body's education requirement and passed the issuing body's examination used to qualify its own domestic candidates; and


the foreign credential is valid and in good standing at the time of application for a domestic credential; and


if the foreign jurisdiction that granted the accounting credential to the foreign applicant is a party to a currently valid mutual recognition agreement with NASBA, the credential holder is presumed to be generally equivalent and is subject to other qualifying requirements as provided in the mutual recognition agreement.

Subp. 2.

Qualifying examinations.

The board shall satisfy its requirements through qualifying examinations that the holder of a foreign credential deemed by the board to be generally equivalent to a CPA certificate possesses adequate knowledge of United States practice standards and the board's regulations. The board may rely on the National Association of State Boards of Accountancy, the American Institute of Certified Public Accountants, or other professional bodies to develop, administer, and grade the qualifying examinations. The board shall specify the qualifying examinations and process by resolution.

Subp. 3.

Requirements for renewal.

An applicant for renewal of a CPA certificate originally issued in reliance on a foreign accounting credential shall:


make application for renewal at the time and in the manner prescribed by the board for all other certificate renewals;


pay the fees as prescribed for all other certificate renewals;


if the applicant has a foreign credential in effect at the time of the application for renewal of the CPA certification, present documentation from the foreign accounting credential issuing body that the applicant's foreign credential has not been suspended or revoked and the applicant is not the subject of a current investigation. If the applicant for renewal no longer has a foreign credential, the applicant must present proof from the foreign credentialing body that the applicant for renewal was not the subject of any disciplinary proceedings or investigations at the time that the foreign credential lapsed; and


either show completion of continuing professional education substantially equivalent to that required under part 1105.3000 within the three-year period preceding renewal application, or petition the board for complete or partial waiver of the CPE requirement based on the ratio of foreign practice to practice in this state.

Subp. 4.


The holder of a license or practice privilege issued or granted by the board in reliance on a foreign accounting credential or license shall report any investigations undertaken, or sanctions imposed, by a foreign credentialing or licensing body against the CPA's foreign credential or license, or any discipline ordered by any regulatory authority having jurisdiction over the holder's conduct in the practice of accountancy.

Subp. 5.

Sanctions against foreign credentials.

Suspension or revocation of, or refusal to renew, the CPA's foreign accounting credential by the foreign credentialing body may be evidence of conduct reflecting adversely upon the CPA's fitness to retain the certificate and may be a prima facie basis for board action.

Subp. 6.


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 the certificate and is a prima facie basis for board action.

Subp. 7.


The board shall notify the appropriate foreign credentialing authorities of any sanctions imposed against a CPA.

Subp. 8.

Joint investigations.

The board may participate in joint investigations with foreign credentialing bodies and may rely on evidence supplied by those bodies in disciplinary hearings.

Statutory Authority:

MS s 326.18; 326A.02


27 SR 1425; 33 SR 476

Published Electronically:

September 18, 2008