Minutes of Meeting By Conference Call

November 19, 2004

10:00 – 11:40 A.M. (CST)

The South Dakota State Board of Accountancy met by conference call at 10:00 p.m. (CST) on Friday, November 19, 2004. Board members present were John Graham, Marty Guindon, John Mitchell, and John Peterson. Dave Olson and Mary Day were unable to attend. Also present were, Executive Director, Bobbi Barnhill, and Legal Counsel, Sherri Sundem Wald.

Chair, John Graham called the meeting to order and asked if there were any additional agenda items. The 150 hour discussion was deleted from the agenda and tabled until the next face to face meeting. Revised financial statements were added for board approval. Inactive quick poll from the Wyoming Board of Accountancy was added for board discussion. Response from NASBA to Thomson RIA letter regarding QAS approved continuing professional education was added. One new peer review for board approval and one follow up peer review was added to the agenda. The status of the board’s FTE job announcement was also added.

A motion was made, and seconded to approve the October 29, 2004 board meeting minutes. A roll call was taken and the motion was unanimously carried.

A motion was made and seconded to amend the June 29, 2004 minutes to delete any reference to actions taken in respect to Peer Reviews. A roll call was taken and the motion was unanimously carried.

A motion was made and seconded to approve the October 29, 2004 Rules Hearing Minutes with an amendment noting the addition of the definition for colleges and universities. A roll call was taken and the motion was unanimously carried.

A motion was made, and seconded to approve the financial statements through October 31, 2004. A roll call was taken and the motion was unanimously carried.

Marty Guindon gave a report to the board on his analysis of the PCAOB agreement. A motion was made, seconded to table the discussion until such time as the Executive Director confirms how long the agreement will remain in effect, and what provisions exist to terminate such agreement by the board.

The Executive Director gave a report to the board on the status of the current job announcement to be issued for the filling of the board’s full time vacancy.

The Executive Director gave a report to the board on her attendance at the first meeting of the Compliance Assurance Committee for the 2004-05 year in Dallas, Texas on December 21, 2004.

A motion was made, and seconded to enter into executive session for the purpose of peer review. A motion was made and seconded to come out of peer review. A roll call was taken and the motion was unanimously carried.

The board members discussed the Wyoming quick poll regarding inactive and retired status. The Executive Director will complete the poll and return to the Wyoming Board of Accountancy.

The Board members and Executive Director completed the NASBA Regional Focus Questions to be submitted to the NASBA Central Region Director by December 20, 2004.

A motion was made, and seconded to table the PCAOB Standing Advisory Group Meeting paper for further review by the board. A roll call was taken and the motion was unanimously carried.

All business having come before the board was concluded and the meeting was adjourned at 11:40 A.M. (CST).

____________________________

John D. Graham, Chair

Attest: ______________________________ _______________________________

Bobbi Barnhill, Executive Director                                 John M. Mitchell, CPA

Secretary-Treasurer