(A) A licensee may apply to the board for permission to place the word "Retired" adjacent to his "Certified Public Accountant" title on any document or device on which the "Certified Public Accountant" title appears if he has:

(1) attained at least thirty years of combined experience as a licensee in this State or in a substantially equivalent state;

Terms Used In South Carolina Code 40-2-275

  • Board: means the South Carolina Board of Accountancy. See South Carolina Code 40-2-20
  • Compilation: means providing a service of any compilation engagement to be performed in accordance with SSARS. 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
  • Professional: means arising out of or related to the specialized knowledge or skills associated with licensees. 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
  • substantially equivalent: is a determination by the board or its designee that the education, examination, and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to, or exceed the completion of, a baccalaureate or higher degree in an accounting concentration that includes one hundred fifty semester hours of education, at least one year of acceptable experience, and successful completion of the Uniform CPA Examination. See South Carolina Code 40-2-20

(2) reached at least fifty-five years of age during a prior license year;

(3) works no more than an average of twenty hours per week; and

(4) does not offer attest services pursuant to § 40-2-20(2) or compilation services pursuant to § 40-2-20(6).

(B) A licensee with "Retired" status pursuant to subsection (A) may meet the continuing professional education requirement for renewal in § 40-2-250(C) by documenting the completion of one-half the required hours during the immediately preceding calendar year, provided that he includes no more than one-half of the required hours with the carryover of excess hours provided through board regulation.

(C) All other requirements for the renewal of a license with "Retired" status remain the same as in § 40-2-250.

(D) Nothing in this section is intended to prevent a licensee with "Retired" status from providing prepared financial statements or income tax returns.

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