Issuance and Renewal of Licenses, and Maintenance of

Competency.

(a)The Board shall grant or renew licenses to persons who make application and demonstrate:

(1)that their qualifications, including where applicable, the qualifications prescribed by § 35105, are in accordance with the following Subsections of this Section, or

(2)that they are eligible under the substantial equivalency standard set out in § 35122 of this Chapter which requires licensure for those CPAs that establish their principal place of business in another state. The holder of a license issued under this Section may only provide attest services, as defined, in a CPA firm that holds a permit issued under § 35107 of this Chapter.

(b)Licenses shall be initially issued, and renewed, for periods of not more than three

(3)years but in any event shall expire on the last day of June.

(1)Applications for such licenses shall be made in such form, and in the case of applications for renewal, between such dates, as the Board shall by rule specify, and the Board shall grant or deny any such application no later than sixty

(60)days after the application is filed in proper form.

(2)In any case where the applicant seeks the opportunity to show that issuance or renewal of a license was mistakenly denied, or where the Board is not able to determine whether it should be granted or denied, the Board may issue to the applicant a provisional license, which shall expire ninety

(90)days after its issuance or when the Board determines whether or not to issue or renew the license for which application was made, whichever shall first occur.

(c)Non-substantial equivalency reciprocity. COL4122017 CH. 35 ACCOUNTANCY

(1)With regard to applicants that do not qualify for reciprocity under the substantial equivalency standard set out in §35122 of this Chapter, the Board shall issue a license to a holder of a certificate, license, or permit issued by another state upon a showing that:

(A)The applicant passed the uniform CPA examination;

(B)The applicant had four

(4)years of experience outside of Guam of the type described in § 35105(f) or meets comparable requirements prescribed by the Board by rule, after passing the examination upon which the applicant’s certificate was based and within the ten

(10)years immediately preceding the application; and

(C)If the applicant’s certificate, license, or permit was issued more than four

(4)years prior to the application for issuance of an initial license under this Section, that the applicant has fulfilled the requirements of continuing professional education that would have been applicable under Subsection

(d)of this Section.

(2)

(A)As an alternative to the requirements of § 35106(c)(1) of this Chapter, a certificate holder licensed by another State who establishes their principal place of business in Guam shall request the issuance of a license and Guam CPA Firm Permit to Practice from the Board prior to establishing such principal place of business.

(B)The Board shall issue a certificate and license to such person who obtains from the NASBA National Qualification Appraisal Service verification that such individual’s CPA qualifications are substantially equivalent to the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act.

(3)An application under this Section may be made through the NASBA Qualification Appraisal Service.

(d)

(1)For renewal of a license under this § 35106 each licensee shall participate in a program of learning designed to maintain professional competency. Such program of learning must comply with rules adopted by the Board.

(2)The Board may by rule create an exception to this requirement for licensees who do not perform or offer to perform for the public one COL4122017 CH. 35 ACCOUNTANCY

(1)or more kinds of services involving the use of accounting or auditing skills, including issuance of reports on financial statements, or of one

(1)or more kinds of management advisory, financial advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.

(A)Licensees granted such an exception by the Board must place the word ‘inactive’ or such other indicative wording as the Board may prescribe by rule, adjacent to their CPA title on any business card, letterhead or any other document or device, with the exception of their CPA certificate, on which their CPA title appears.

(B)A licensee availing of such exception who desires to resume performing or offering to perform services for the public as described in this Section must comply with the rules adopted by the Board for ‘reactivation’ of their license.

(e)The Board shall by rule require as a condition for renewal of a license under this Section, by any license holder who issues compilation reports for the public other than through a CPA firm, that such individual undergo, no more frequently than once every three

(3)years, a peer review conducted in such manner as the Board shall by rule specify, and such review shall include verification that such individual has met the competency requirements set out in professional standards for such services.

(f)The Board shall charge a fee for each application for initial issuance, or renewal, of a license under this Section in an amount prescribed by the Board by rule.

(g)Applicants for initial issuance, or renewal, of licenses under this Section shall in their applications list all states in which they have applied for or hold certificates, licenses, or permits and list any past denial, revocation or suspension of a certificate, license or permit, and each holder of or applicant for a license under this § 35106 shall notify the Board in writing, within thirty

(30)days after its occurrence, of any issuance, denial, revocation, or suspension of a certificate, license or permit by another state.

(h)The Board shall issue a license to a holder of a substantially equivalent foreign designation, provided that: COL4122017 CH. 35 ACCOUNTANCY

(1)The foreign authority which granted the designation makes similar provision to allow a person who holds a valid license issued by Guam to obtain such foreign authority=s comparable designation; and

(2)The foreign designation was:

(A)duly issued by a foreign authority that regulates the practice of public accountancy and the foreign designation has not expired or been revoked or suspended;

(B)entitles the holder to issue reports upon financial statements; and

(C)was issued upon the basis of educational, examination, and experience requirements established by the foreign authority or by law; and

(3)The applicant:

(A)received the designation, based on educational and examination standards substantially equivalent to those in effect in Guam, at the time the foreign designation was granted;

(B)completed an experience requirement, substantially equivalent to the requirement set out in § 35105(f), in the jurisdiction which granted the foreign designation or has completed four

(4)years of professional experience in Guam; or meets equivalent requirements prescribed by the Board by rule, within the

(10)ten years immediately preceding the application; and

(C)passed a uniform qualifying examination in national standards and, if the Board requires in its rules, an examination on the laws, regulations and code of ethical conduct in effect in Guam.

(i)An applicant under § 35106(h) shall in the application list all jurisdictions, foreign and domestic, in which the applicant has applied for or holds a designation to practice public accountancy, and each holder of a license issued under this Subsection shall notify the Board in writing, within thirty

(30)days after its occurrence, of any issuance, denial, revocation or suspension of a designation or commencement of a disciplinary or enforcement action by any jurisdiction. COL4122017 CH. 35 ACCOUNTANCY

(j)The Board has the sole authority to interpret the application of the provisions of Subsections

(h)and

(i)of this Section.

(k)Upon the effective date of this Chapter, any person holding a currently valid Individual Permit to Practice issued under prior Guam law shall be automatically issued a License.