South Carolina Code 40-2-250. Renewal of licenses; reinstatement of lapsed licenses
(B) The application for renewal of a license must include:
Terms Used In South Carolina Code 40-2-250
- Board: means the South Carolina Board of Accountancy. See South Carolina Code 40-2-20
- Experience: means providing any type of service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax, or consulting skills whether gained through employment in government, industry, academia, or public practice. See South Carolina Code 40-2-20
- License: means authorization to practice as issued under this chapter. See South Carolina Code 40-2-20
- Licensee: means the holder of a license. See South Carolina Code 40-2-20
- Practice of accounting: means :
(a) issuing a report on financial statements of a person, firm, organization, or governmental unit or offering to render or rendering any attest or compilation service. See South Carolina Code 40-2-20 - Professional: means arising out of or related to the specialized knowledge or skills associated with licensees. See South Carolina Code 40-2-20
- Renewal lapse date: is a date fifteen days subsequent to the renewal date. See South Carolina Code 40-2-20
- report: includes any form of language which disclaims an opinion when the form of language is conventionally understood to imply positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competency on the part of the person or firm issuing such language, or both; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competency, or both. See South Carolina Code 40-2-20
- State: means any state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, the Commonwealth of the Northern Mariana Islands, and Guam; except that "this State" means the State of South Carolina. See South Carolina Code 40-2-20
(1) current information concerning practice status;
(2) an accounting professional education report in a form acceptable to the board and subject to audit at the discretion of the board;
(3) an acknowledgment of the licensee’s responsibility to substantiate and maintain records to support his continuing professional education report; and
(4) a renewal fee, if any.
(C) A licensee shall document forty hours of continuing professional education that is acceptable to the board, completed during the immediately preceding calendar year.
(1) Hour limitations in specific topics or subjects may be determined by the board.
(2) The board may by regulation provide for the carryover of excess hours of continuing professional education, and such carryover may be applied as if completed during the immediately preceding calendar year.
(3) A licensee is not required to report continuing professional education for the year in which the initial license was obtained.
(4) No carryover is allowed from a year in which continuing professional education was not required.
(5) The board may review, approve, and test any content or delivery type of continuing professional education.
(6) An annual ethics requirement must be met and included in the documented hours of continuing professional education. No less than two hours of the annual forty hours of continuing professional education must relate to ethics.
(D) All licensees who have not filed an application for renewal by the renewal date must be given notice, prior to the renewal lapse date, that an application for renewal has not been received.
(E) If a licensee does not file an application for renewal on or before the renewal due date, then the license is considered late. If a licensee does not file an application for renewal on or before the renewal lapse date, then the license is considered lapsed. Continued practice with a lapsed license may be sanctioned as the unlicensed practice of accounting.
(F) Renewal applications filed or completed after the renewal lapse date are subject to a reinstatement fee in the amount of five hundred dollars.
(G) A certified public accountant, accounting practitioner, or public accountant whose license has lapsed or has been inactive for:
(1) fewer than three years, the license may be reinstated by applying to the board, submitting proof of completing forty continuing professional education units for each year the license has lapsed or has been inactive, and paying the reinstatement fee;
(2) three or more years, the license may be reinstated upon completion of six months of additional experience, and one hundred twenty hours of continuing professional education;
(3) an indefinite period and has active status outside of this State may reinstate the license by submitting an application under § 40-2-240.