Chapter 735 Oregon Laws 2001

AN ACT

HB 2975

Relating to public accountants; creating new provisions; and amending ORS 673.050 and 673.100.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 673.100 is amended to read:

673.100. (1) The Oregon Board of Accountancy shall issue a license as a public accountant to a person who applies for the license and who:

(a) Passes an examination on the code of professional ethics adopted by the board;

(b) Meets the requirements of ORS 673.050 for admission to the examination for the certificate of certified public accountant;

(c) Takes the examination for the certificate of certified public accountant pursuant to ORS 673.060 and receives [passing grades in the two parts of the examination that include auditing and knowledge of accounting; and] a passing grade in those sections of the examination, excluding the auditing section, that the board by rule requires an applicant for a license as a public accountant to pass; and

(d) Has one year of public accountancy experience[, including auditing,] or the equivalent satisfactory to the board.

(2) An applicant for a license as a public accountant must make application on a form provided by the board. The board shall charge each applicant a fee for application in an amount determined by the board by rule.

SECTION 2. ORS 673.050 is amended to read:

673.050. (1) Except as provided in subsection (2) of this section, a candidate for admission to the examination for a certified public accountant certificate shall:

(a) Present satisfactory evidence of graduation with a baccalaureate or higher degree from a college or university that is accredited by one of the six regional accrediting associations or by another accrediting body that is recognized by the Oregon Board of Accountancy, and shall have completed 150 or more semester hours or 225 or more quarter hours or the equivalent thereof, including courses in the study of accounting, business, economics, finance, written and oral communications and other subjects as determined by the board as appropriate for the accountancy profession; or

(b) Be a public accountant who received a license under ORS 673.100 prior to January 1, 2000.

(2) A person may apply to take [those parts of] the examination for the certificate of certified public accountant in order to pass the sections described in ORS 673.100 on which a passing [grades] grade must be received before a license as a public accountant may be issued if the person presents satisfactory evidence of graduation from a high school with a four-year course or of having acquired an equivalent education, and has had two years of public accountancy experience or the equivalent satisfactory to the board.

SECTION 3. The amendments to ORS 673.050 and 673.100 by sections 1 and 2 of this 2001 Act apply to examinations for the certificate of certified public accountant taken on or after the effective date of this 2001 Act.

SECTION 4. Section 5 of this 2001 Act is added to and made a part of ORS 673.010 to 673.457.

SECTION 5. A public accountant licensed under ORS 673.100 may not perform audits.

SECTION 6. Section 5 of this 2001 Act applies to audits performed on or after the effective date of this 2001 Act.

Approved by the Governor July 3, 2001

Filed in the office of Secretary of State July 3, 2001

Effective date January 1, 2002

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