The new edition of the Uniform Accountancy Act (UAA) contains important updates, designed both to ensure protection of the public interest and to respond to evolving changes in the practice of accountancy.
The first of the major changes is the acknowledgement that CPAs who are at least 55 years of age may place their license in inactive status and not continue with CPE requirements. Additional changes allow for the awarding of a certificate to a holder of a substantially equivalent foreign designation without the need for mutual recognition of US CPAs, as well as definitions of “compilation” and “preparation of financial statements” which serve to clarify other provisions of the Act.
In the Model Rules, changes are directed to the licensee and are in accord with the revised “Statement on Standards for Continuing Professional Education,” found in Appendix A. The “Legislative Policy (Annotated) of the American Institute of Certified Public Accountants” (Appendix A in earlier editions of the UAA) has been deleted, as has the NASBA Model Code of Conduct (Rule 10-4 in earlier editions of the Model Rules).
Click the links below to view the Act and Model Rules documents in their entirety.
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