MOBILITY (HB1058) BECAME EFFECTIVE JULY 1, 2009….HOW DOES IT AFFECT YOU?
SOUTH DAKOTA IS A SUBSTANTIALLY EQUIVALENT STATE
For Individuals…
- A South Dakota certificate holder must maintain their license in good standing (Active, Inactive or Retired) or relinquish the certificate to the Board.
- If you are a SD certificate holder and do not live in SD, yet maintain a certificate from the state you are residing in, you may relinquish your certificate to the Board.
For Individuals with Out-of-State CPA license…
An individual who holds an active license in a substantially equivalent jurisdiction or the individual CPA qualifications are substantially equivalent to the requirements in South Dakota may provide services in South Dakota or for South Dakota clients with no fee or notification to the Board.
If the service being provided is any audit or other engagement to be performed in accordance with SAS; any examination of prospective financial information to be performed in accordance with SSAE; or any engagement to be performed in accordance with the Auditing Standards of the PCAOB; then the individual must do so through an issued South Dakota firm permit and they must be listed on the firm permit.
For Firms in South Dakota…
- Offices performing attest services must have a firm permit.
- Offices that use the title CPAs, CPA firm, PAs, or PA firm, must have a firm permit.
- If your firm has a location in another state, that
location must maintain a firm permit if the firm is performing audit work,
examination of prospective financial information in accordance with SSAE or
performing an engagement in accordance with the auditing standards of PCAOB
for clients that reside in SD or have their home office in SD.
- Individual CPA’s that are performing the aforementioned duties must be listed on the firm permit
For Firms out-of-state…
- If the firm has a location that is performing audit
work, examination of prospective financial information in accordance with SSAE
or performing an engagement in accordance with the auditing standards of PCAOB
for clients that reside in SD or have their home office in SD a firm permit is
required.
- Individual CPA’s that are performing the aforementioned duties must be listed on the firm permit.
Consent to Jurisdiction...
A CPA of another state exercising practice privileges in South Dakota and the firm which employs the CPA consents, as a condition to the grant of this privilege, to the following:
The personal and subject matter jurisdiction and disciplinary authority of the South Dakota Board.
Compliance with the provisions of the South Dakota Accountancy Law and the rules and regulations adopted by the Board.
In the event the certificate from the state of the individual's principal place of business is no longer valid, the individual shall cease offering or rendering professional services in South Dakota individually and on behalf of the CPA firm.
The appointment of the board of accountancy which issued the individual or firm license as his agent upon whom process may be served in any action or proceeding by this Board against the licensee.