ok-2289: Oklahoma Accountancy Board — Licensure and Regulation of Accountancy

Summary

With remote work growing in popularity over the last few years, the change to 10:15-21-1 specifically addresses the requirement to obtain an Oklahoma reciprocal CPA certificate for any individual residing in and holding out as a CPA in Oklahoma regardless of the location of the employing firm. While the requirement to obtain a reciprocal certificate can be inferred by our current rule language, this change should address the vagueness and clear up confusion. The changes to 10:15-33-4 and 10:15-33-6 concern the peer review program for those CPAs and CPA firms that perform attestation work. Our current rules are silent as to if the program must be completed after attestation work has ended. The change to 10:15-33-4 clears up confusion by requiring the peer review be completed unless attest services were not performed in the review year. The new language added to 10:15-33-6 follows the updated peer review standards of the AICPA, which expanded the information collected during the peer review process that can be provided to the state regulatory boards. Our rule change makes the provision of this information mandatory. Our Board regularly receives requests from firms that wish to abbreviate their name for branding purposes. Currently, our rules read that a firm must operate under the name that's registered with the Board. The change to 10:15--8.1 allows a firm to use an abbreviation or acronym with certain safeguards in place. The additional language to 10:15-39-9 specifically allows the Board to take disciplinary action when an Oklahoma CPA or CPA firm is subject to an enforcement action by an entity overseen by a state or federal agency, such as the Public Company Accounting Oversight Board.

The agency’s own summary, as published.