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Board of Accountancy 2016 Legislative Update, Board of Accountancy 07/01/2016

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2016 Legislative Update for the

Tennessee State Board of Accountancy

The Tennessee General Assembly has recently made changes to statutes which may impact you as a holder of a license with the Tennessee State Board of Accountancy. Pursuant to Tenn. Code. Ann. § 4-3-1306(d), you are receiving this notice because you have elected to receive notification by e-mail of certain changes or potential changes to the law applicable to your profession. These new changes as set out in the following Public Chapters specifically amend the Tennessee Code Annotated as follows:

Public Chapter 560, is commonly known as a “sunset bill” and it extends the Board of Accountancy four years to June 30, 2020. This law took effect March 2, 2016. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://share.tn.gov/sos/acts/109/pub/pc0560.pdf.

Public Chapter 595, amends the requirements for the executive director of the Board, the requirements for sitting for the CPA examination and certain details regarding peer review. Specifically, the law removes the requirement that the Executive Director be a certified public accountant in the state and that students wishing to be admitted to the CPA examination must have a baccalaureate or higher degree conferred with a concentration in accounting or the equivalent. In addition, the law now permits Board access to peer review documents; however, the proceedings, records, and work papers of a review committee will remain confidential and shall not be subject to legal process or administrative proceedings other than a state board of accountancy proceeding. This law took effect on March 10, 2016. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://share.tn.gov/sos/acts/109/pub/pc0595.pdf.

Public Chapter No. 1053, known as the “Right to Earn a Living Act”, requires that on or before December 31, 2016, each state licensing authority (state board, commission, council or committee) submit all existing or pending regulations to the chairs of the Government Operations Committees and that the committees perform a study of all submitted regulations and, at their discretion, conduct a hearing regarding any such regulation. During the review of the entry regulations, the committees shall consider whether an entry regulation is not required by state or federal law, is unnecessary to protect the public health, safety or welfare, has the purpose or effect of unnecessarily inhibiting competition or arbitrarily denying entry into the profession, if such regulation could be accomplished by less restrictive means or if the regulation is outside the scope of the licensing authority’s statutory authority. If a regulation meets one of those factors, the committees may disapprove of the regulation and request that the authority amend or repeal it. If the licensing agency does not initiate compliance with the committees’ request within ninety (90) days or does not comply within a reasonable amount of time, the committees may then vote to request that the General Assembly suspend all or part of the agency’s rulemaking authority. Beginning January 1, 2018, each licensing authority must submit all new entry regulations to the committees prior to a “Sunset” hearing being held. This law took effect upon passage, April 28, 2016. A copy of the new law is available for review on the website of the Tennessee Secretary of State here: http://share.tn.gov/sos/acts/109/pub/pc1053.pdf.

If you have any questions or concerns about these new laws, please contact us by email at reg.boards@tn.gov.

Dept. of Commerce & Insurance | 500 James Robertson Pkwy | Nashville, TN 37243-0565
(615) 741-2241
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