New Mexico Register / Volume XXXI,
Issue 4 / February 25, 2020
PUBLIC RULE
HEARING AND REGULAR BOARD MEETING
The
New Mexico Public Accountancy Board (“Board”) will hold a rule hearing on
Tuesday, April 28, 2020 at 9:00 a.m.
Following the rule hearing, the Board will convene a board meeting to
consider adoption of the rules and address regular business. The rule hearing and board meeting will be
held at the New Mexico Regulation and Licensing Department, 5500 San Antonio
Dr. NE, Albuquerque, New Mexico, 87109.
The
purpose of the rule hearing is to consider proposed amendments to the following
rules:
16.60.1.7
NMAC – Definitions;
16.60.1.9
NMAC – Board Operation;
16.60.1.10
NMAC – Fees and Obligations;
16.60.2.10
NMAC – Examination Administration;
16.60.3.8
NMAC – Application Requirements;
16.60.3.9
NMAC – Initial Certificate/License Requirements
16.60.3.12
NMAC – Reinstatement Requirements
16.60.3.15
NMAC – Continuing Professional Education (CPE) Required to Obtain or Maintain
an “Active” CPA License;
16.60.4.8
NMAC – Firm Permit Application, Renewal, Reinstatement and Notification
Requirements;
16.60.5.11
NMAC – Rules of Conduct; and
16.60.5.13 NMAC – Unauthorized Use of the CPA Title.
To
obtain and review copies of the proposed changes you may go to the Board’s
website at: http://www.rld.state.nm.us/boards/Accountancy.aspx or
contact the New Mexico Public Accountancy Board at 505.222.9850 or by email at
Accountancy.Board@state.nm.us.
The
Board is currently accepting public comments on the proposed amendments. Please submit written comments on the
proposed changes to Jeanette Contreras, Board Executive Director, via
electronic mail at Accountancy.Board@state.nm.us by regular mail at 5500 San Antonio
Dr. NE, Albuquerque, NM 87109, no later than Monday, April 27, 2020. Persons will also be given the opportunity to
present their comments at the rule hearing.
All written comments will be posted to the Board’s website at:
http://www.rld.state.nm.us/boards/Accountancy.aspx, no more than three business
days following receipt to allow for public viewing.
An individual with a disability who is in need of a
reader, amplifier, qualified sign language interpreter, or other form of
auxiliary aid or service to attend or participate in the hearing, please
contact Jeanette Contreras, Board Executive Director at (505) 222-9851.
Statutory
Authority: The 1999 New
Mexico Public Accountancy Act, Sections 61-28B-5, NMSA 1978, among other provisions,
specifically authorizes the Board to “adopt and file rules necessary to carry
out the provisions of the 1999 Public Accountancy Act.”
Summary of
Proposed Changes:
In
addition to making minor clarification changes, the proposed rules are summarized
as follows:
16.60.1.7 NMAC
- Definitions
The
amendments to this section clarify and create new definitions that will create
better understanding of the Act.
16.60.1.9 NMAC
- Board Operation
The
amendment to this section will create flexibility for unforeseen situations in
regards to the amount of board meetings required a year.
16.60.1.10 NMAC
– Fees and Obligations
The
amendment to this section will remove the fee charged for a name change due to
marriage, divorce, legal name change, etc.
16.60.2.10
NMAC - Examination Administration
The amendment to this section will increase the amount
of times a candidate can retake the exam which will be in accordance with
proposed 2020 law change.
16.60.3.8 NMAC
- Application Requirements
The
amendments to this section will allow the board to accept electronic
signatures.
16.60.3.9 NMAC
- Initial Certificate/License
Requirements
The
amendment to this section will update the facility used for required background
checks and will clarify what is considered a complete renewal application.
16.60.3.12 NMAC
- Reinstatement Requirements
The
amendment to this section will allow the board the opportunity to assess the
professional competence of an applicant after five (5) years of not practicing
Certified Public Accountancy.
16.60.3.15 NMAC
- Continuing Professional Education
(CPE) Required to Obtain or Maintain an “Active” CPA License
The
amendments to this section will clarify what is considered a complete renewal
application; specify what services an “inactive” license holder can perform;
assess the competency of a licensee requesting “active” status after being in
“inactive” status for five (5) or more years; comply with the Uniform
Accountancy Act model rules and current nano-learning
methods and to maintain reciprocity with states adapting new rules; clarify
what is acceptable publications to earn continuing professional education;
clarify what is considered technical continuing professional education; add to
what is required on a continuing profession education completion certificate;
and add records of completion as evidence of compliance with CPE requirements.
16.60.4.8 NMAC
- Firm Permit Application, Renewal,
Reinstatement and Notification Requirements
The
amendment to this section will comply with the firm mobility law and allow the
Board to accept electronic signatures.
16.60.5.11 NMAC
- Rules of Conduct
The
amendment to this section will allow the public the opportunity to ensure their
Certified Public Accountant carries an active license or firm permit.
16.60.5.13 NMAC
- Unauthorized Use of the CPA Title
The
amendments to this section will clarify the “response” requirements for board
communications and to comply with firm mobility law changes.