New 2019 Legislation
On May 20, 2019, Governor Jared Polis signed SB19-155 Sunset Accountancy Board. The new law goes into effect on July 1, 2019, and continues the Accountancy Board, which regulates certified public accountants and accounting firms, in the Department of Regulatory Agencies until September 1, 2030. The new law makes various technical changes and also:
- Modifies grounds for disciplinary action to include fraudulent, coercive, dishonest, incompetent, untrustworthy, or financially irresponsible practices.
- Clarifies that acting as the resident manager of a registered public accounting firm without an active CPA license is grounds for discipline.
- Specifies that foreign public accounting firms are exempt from state registration requirements provided their work in Colorado is incident to work conducted outside the state.
- Details the continuing education requirements for nonresident certificate holders.
- Specifies that individuals not licensed as CPAs may use an accounting designation that includes the word "management‚" conferred by nationally recognized accounting organizations, as long as the designation does not purport to confer the right to offer audit or attestation services.