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326.19 Certified public accountants; certificates and licensing.

Subdivision 1. Certificates and licenses as certified public accountants. (a) A certified public accountant certificate shall be granted to any person:

(1) who has attained the age of 18 years;

(2) who has met ethical standards set by the board;

(3) who has successfully completed an examination in the subjects and at the times the board may prescribe in its rules; and

(4) who meets all other requirements for issuance of a certificate, including payment of required fees.

(b) Until July 1, 2006, the examination shall be administered by the board only to a candidate who:

(1) holds a master's degree with a major in accounting from a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education;

(2) holds a baccalaureate degree, with a major in accounting, from a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education or who has in the opinion of the board at least an equivalent education;

(3) holds a baccalaureate degree from a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education and who has in the opinion of the board at least an equivalent education, or providing at least one year of experience of the type specified in subdivision 4 has been completed;

(4) provides evidence of having completed two or more years of study with passing grade average or above from a college, university, technical college, or a Minnesota licensed private school that is fully accredited by a recognized accrediting agency listed with the United States Department of Education or who has in the opinion of the board at least an equivalent education, providing that at least three years experience of the type specified in subdivision 4 has been completed; or

(5) holds a diploma as a graduate of an accredited high school or who has in the opinion of the board at least an equivalent education, providing that at least five years experience of the type specified in subdivision 4 has been completed.

(c) On or after July 1, 2006, the examination shall be administered by the board only to a candidate who has a baccalaureate or higher degree, with a major in accounting or a major in business with accounting emphasis, or an equivalent education, from a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education, or an equivalent accrediting association.

Subd. 2. Experience. (a) A certified public accountant license shall be granted to any person who has been issued a certified public accountant certificate under subdivision 3. Until July 1, 2006, those persons holding certified public accountant certificates issued under subdivision 1 who meet all other requirements for licensure, including payment of required fees, shall be granted licenses as certified public accountants, providing that they have completed the following required experience of the type specified in subdivision 4 in addition to any experience required in subdivision 1, paragraph (b):

(1) for those whose educational qualifications meet the requirements of subdivision 1, paragraph (b), clause (1), the experience requirement is one year;

(2) for those whose educational qualifications meet the requirements of subdivision 1, paragraph (b), clause (2), the experience requirement is two years;

(3) for those whose educational and experience qualifications meet the requirements of subdivision 1, paragraph (b), clause (3), the additional required experience is two years;

(4) for those whose educational and experience qualifications meet the requirements of subdivision 1, paragraph (b), clause (4), the additional required experience is two years; and

(5) for those whose educational and experience qualifications meet the requirements of subdivision 1, paragraph (b), clause (5), the additional required experience is one year.

(b) On or after July 1, 2006, those persons holding certified public accountant certificates issued under subdivision 1 shall be granted licenses as certified public accountants provided they certify to the board that they have completed at least 150 semester or 225 quarter hours at a college or university that is fully accredited by a recognized accrediting agency listed with the United States Department of Education, or an equivalent accrediting association, and have completed at least one year of experience of the type specified in subdivision 4.

Subd. 3. Certificate and license without examination. The board may, in its discretion, waive the examination of, and may issue a certificate and license as, a certified public accountant to any person possessing the qualifications mentioned in this section, who:

(1) is the holder of a CPA license or certificate, issued under the laws of another state, provided the requirements for the license or certificate in the state which has granted it to the applicant are, in the opinion of the board, equivalent to those in subdivisions 1 and 2;

(2) is the holder of a degree or certificate of certified public accountant or chartered accountant, or the equivalent thereof, issued in any foreign country, provided that the requirements for the degree or certificate are equivalent to those provided in subdivisions 1 and 2 for the license of certified public accountant in this state; or

(3) has in another jurisdiction completed successfully an examination which, in the opinion of the board, is comparable to that prescribed by the board in its rules and provided that the person has satisfied the other requirements of subdivisions 1 and 2.

Subd. 4. Qualifying experience for examination and granting of license. Qualifying experience for subdivisions 1, 2, and 3 include public accounting experience:

(1) as a staff employee of a certified public accountant, licensed public accountant, or a firm licensed for the practice of public accounting;

(2) as an auditor in the office of the legislative auditor or state auditor, or as an auditor or examiner with any other agency of government, which experience, in the opinion of the board is equally comprehensive and diversified;

(3) as a self-employed public accountant or as a partner in a firm; or

(4) in any combination of the foregoing capacities.

Subd. 5. Consultation. The board, in consultation with the University of Minnesota, the Minnesota state colleges and universities, private colleges, and private career schools regulated under chapter 141, shall establish criteria to assess equivalent education for purposes of subdivision 1, paragraph (c).

HIST: (5700) 1909 c 439 s 3; 1933 c 236; 1947 c 31 s 1; 1949 c 577 s 1; 1957 c 48; 1959 c 269 s 3; 1961 c 113 s 1; 1963 c 145 s 3; 1969 c 1036 s 1; 1971 c 811 s 2; 1973 c 492 s 14; 1973 c 725 s 56,57; 1974 c 325 s 1; 1976 c 222 s 162; 1979 c 326 s 4,15; 1980 c 591 s 5-8; 1981 c 12 s 1; 1987 c 258 s 12; 1989 c 246 s 2; 1998 c 340 s 4; 2000 c 346 s 1-3

* NOTE: This section is repealed by Laws 2001, chapter 109, article *1, section 18, effective January 1, 2003. Laws 2001, chapter 109, *article 1, section 19.

Official Publication of the State of Minnesota
Revisor of Statutes