Substantial Equivalency

(a)An individual whose principal place of business is not in Guam.

(1)An individual whose principal place of business is not in Guam and who holds a valid license as a certified public accountant from any State which the NASBA National Qualification Appraisal Service has verified to be in substantial equivalence with the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act shall be presumed to have qualifications substantially equivalent to Guam’s requirements, and shall have all the privileges of licensees of Guam COL4122017 CH. 35 ACCOUNTANCY without the need to obtain a license under §§ 35105 or 35106 of this Chapter. Notwithstanding any other provision of law, an individual who offers or renders professional services, whether in person, by mail, telephone or electronic means, under this Section shall be granted practice privileges in Guam, and no notice or other submission shall be provided by any such individual. Such an individual shall be subject to the requirements in Subsection (a)(3) of this Section.

(2)An individual whose principal place of business is not in Guam and who holds a valid license as a certified public accountant from any State which the NASBA National Qualification Appraisal Service has not verified to be in substantial equivalence with the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act shall be presumed to have qualifications substantially equivalent to Guam’s requirements, and shall have all the privileges of licensees of Guam without the need to obtain a license under §§ 35105 or 35106 of this Chapter, if such individual 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. Any individual who passed the Uniform CPA Examination and holds a valid license issued by any other State prior to January 1, 2012 may be exempt from the education requirement in § 35105(c)(2) of this Chapter for purposes of this Subsection. Notwithstanding any other provision of law, an individual who offers or renders professional services, whether in person, by mail, telephone, or electronic means, under this Section shall be granted practice privileges in Guam, and no notice or other submission shall be provided by any such individual. Such an individual shall be subject to the requirements in Subsection (a)(3) of this Section.

(3)Any individual licensee of another State exercising the privilege afforded under this Section and the firm which employs that licensee hereby simultaneously consents, as a condition of the grant of this privilege:

(A)to the personal and subject matter jurisdiction and disciplinary authority of the Board;

(B)to comply with this Chapter and the Board’s rules; COL4122017 CH. 35 ACCOUNTANCY

(C)that in the event the license from the State of the individual’s principal place of business is no longer valid, the individual will cease offering or rendering professional services in Guam individually and on behalf of a firm; and

(D)to the appointment of the State Board which issued their license as their agent upon whom process may be served in any action or proceeding by this Board against the licensee.

(4)Any individual who has been granted practice privileges under this Section who performs any attest service described in § 35103(b) may only do so through a firm which meets the requirements of § 35107(a)(1)(C) or which has obtained a permit issued under § 35107 of this Chapter.

(b)A licensee of Guam offering or rendering services or using their CPA title in another state shall be subject to disciplinary action in Guam for an act committed in another state for which the licensee would be subject to discipline for an act committed in the other state. Notwithstanding § 35110(a), the Board shall be required to investigate any complaint made by the board of accountancy of another state.

(c)[Repealed.]