(A) A licensee may apply to the board for permission to place the word "Retired" adjacent to his "Certified Public Accountant" title on any document or device on which the "Certified Public Accountant" title appears if he has:
(1) attained at least thirty years of combined experience as a licensee in this State or in a substantially equivalent state;
(2) reached at least fifty-five years of age during a prior license year;
(3) works no more than an average of twenty hours per week; and
(4) does not offer attest services pursuant to Section 40-2-20(2) or compilation services pursuant to Section 40-2-20(6).
(B) A licensee with "Retired" status pursuant to subsection (A) may meet the continuing professional education requirement for renewal in Section 40-2-250(C) by documenting the completion of one-half the required hours during the immediately preceding calendar year, provided that he includes no more than one-half of the required hours with the carryover of excess hours provided through board regulation.
(C) All other requirements for the renewal of a license with "Retired" status remain the same as in Section 40-2-250.
(D) Nothing in this section is intended to prevent a licensee with "Retired" status from providing prepared financial statements or income tax returns.
HISTORY: 2022 Act No. 174 (S.812), Section 1, eff May 16, 2022.
Structure South Carolina Code of Laws
Title 40 - Professions and Occupations
Section 40-2-5. Purpose of chapter.
Section 40-2-70. Powers and duties of board.
Section 40-2-80. Investigations of complaints or other information suggesting violations; report.
Section 40-2-90. Report of violations to board; hearing; notice to accused licensee or registrant.
Section 40-2-130. Denial of authorization to practice.
Section 40-2-140. Effect of prior criminal conviction on authorization to practice.
Section 40-2-170. Costs of investigation and prosecution.
Section 40-2-180. Unpaid costs become judgment.
Section 40-2-200. Violations; penalty.
Section 40-2-240. Licensing of persons licensed in another state.
Section 40-2-245. Requirements to practice if licensed out of state.
Section 40-2-250. Renewal of licenses; reinstatement of lapsed licenses.
Section 40-2-255. Renewal of registration; peer reviews.
Section 40-2-270. "Emeritus" status.
Section 40-2-275. "Retired" status.
Section 40-2-330. Severability.
Section 40-2-510. Persons considered to be engaged in practice.
Section 40-2-520. Unlicensed practice.
Section 40-2-540. Authority of board.
Section 40-2-550. Applicant qualifications.
Section 40-2-560. Issuance of licenses.
Section 40-2-570. Disciplinary action.
Section 40-2-580. Initiation of proceedings; procedures.