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Administrative Rules
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Rule Type:
--Select Rule Type--
Emergency
Permanent
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Adoption Date:
Title Number:
010
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Chapter Number:
Sub Chapters:
1; 3; 18; 22; 23; 27; 30; 32; 33; 43
Agency Name:
Accountancy Board, Oklahoma - OAB
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Mailing Address 2:
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Public Comment:
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This field contains a brief summary of any public comments that were received by the agency (limited to 2000 characters).
None received.
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Rule Impact:
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This field describes any costs associated with the rule, including fee increases (limited to 2000 characters).
By cleaning up the language and allowing for more leniency in the exam process and in the CPE rules, we expect the administrative burden to decrease at the OAB. We do not anticipate significant costs in implementing any changes referenced above, and there should be no significant change in revenue to the state. The peer review fee brings in less than $5,000 a year, and the reduction is only $25.
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Reason for Rule:
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This field provides a brief summary of the justification for the rule change (Limited to 2000 characters).
These proposed changes will clean-up and modernize the Oklahoma Accountancy Board (OAB) rules. First is CPE reciprocity affecting 10:15-30-8. The OAB has always had a continuing professional education (CPE) reciprocity CPE exemption for those that did not live in Oklahoma; however, it was only open to those who did not serve Oklahoma clients. After researching the issue, we found there was no significant difference between our CPE requirements and other states. As such, the rule has been changed to allow CPAs claiming this exemption to also serve Oklahoma clients. In addition, the OAB is looking to modernize our CPE requirements. Nano-learning is a trend which allows CPAs to take CPE in 10-minute increments, which is helpful for busy professionals. At this time, the OAB only allows CPE to be earned in .5 hour increments after the first hour is earned. Any additional time not on the half hour is rounded down to the closest half-hour. The proposed rule changes ends the rounding system, allowing CPAs to keep all CPE earned regardless of the decimal point. It also allows up to twenty nano-learning courses per year. The sections of administrative rule impacted are: 10:15-1-2, 10:15-32-3, 10:15-32-5, and 10:15-32-6. The OAB is looking to expand opportunities to CPA candidates. There has been a national initiative to extend the time given to candidates to pass all four parts of the CPA exam. Oklahoma is supportive of this idea and is looking to extend the time to sit for the exam from eighteen months to thirty. It will also change when the clock starts from when they sit for their first successful section to when they receive their first successful test score. It uses the date sat for the last successful section same as before. Furthermore, the ability to provide extensions to candidates for circumstances impacting their testing journey is limited to medical issues and active military. This expands it to include an extension option for circumstances beyond the candidateâ??s control. The rules affected by these changes are as follows: 10:15-18-3, 10:15-18-11, and 10:15-18-14. There were two legislative changes which necessitated corresponding rule changes: 120 to Sit and Firm Mobility. The changes mainly reflect the 120 to Sit and Firm Mobility legislation. The most significant change defines â??equivalentâ?? in regard to a bachelorâ??s degree to include someone in a dual bachelor's/masterâ??s program or is waiting on their degree for some administrative reason. These rule changes can be found in 10:15-3-1, 10:15-23-2, 10:15-3-2, 10:15-18-1, and 10:15-18-4. Peer Review is a very important part of the oversight process. As such, the OAB is working to make sure our rules are up to the most current standards. Currently our rules only specifically mention accelerated peer review after two failed or pass with deficiencies reports. This is no longer considered best practice so these rules simply allow for referral to enforcement. It also clarifies what information can be shared by the Peer Review Oversight Committee with the Board to ensure proper confidentiality. These changes can be found in 10:15-33-5, 10:15-33-6, and 10:15-33-7. All other proposed changes are to clean up old, outdated, or unneeded language as directed by the Governor's Executive Order 2020-03.
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Statutory Authority to promulgate the rules:
Title 59, Oklahoma Statutes, Section 15.5(B)(6)
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Establishes or increases fees?
Yes
No
If the proposed rules establish or increase fees, you must also submit a notice of fee increase, as required by 74 OS § 3117. To submit this notice, start a new filing and select "Fee Increase Notification" as the Type of Filing.
Attached Documents Table
Filename
Size
Agency_Rule_Report.pdf
0.09 MB
Impact_Statement.pdf
0.21 MB
2024_Permanent_Regulatory_Text.pdf
0.25 MB
Transmittal_Sheet_Statement_of_Submission.pdf
0.02 MB
Total Document size:
0.57 MB
