Guam § 35104 - Guam Board of Accountancy.

§ 35104. Guam Board of Accountancy.

(a) There is hereby created the Guam Board of Accountancy, which

shall have responsibility for the administration and enforcement of this

Chapter.

(1) The Board shall consist of five (5) members appointed by I

Maga’låhi, all of whom shall be residents of Guam and holders of

licenses currently valid under § 35105 of this Chapter.

(2) The term of each member of the Board shall be four (4) years.

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(3) Vacancies occurring during a term shall be filled by

appointment by I Maga’låhi for the unexpired remaining term.

(4) Upon the expiration of a member's term of office, such member

shall continue to serve until a successor shall have been appointed and

takes office.

(5) Any member of the Board whose license under § 35105 of this

Chapter is revoked or suspended shall automatically cease to be a

member of the Board.

(6) I Maga’låhi may, after a hearing pursuant to the

Administrative Adjudication Law, remove any member of the Board for

neglect of duty or other cause.

(b) The Board shall elect annually from among its members a chairman

and such other officers as the Board may determine to be appropriate.

(1) The Board shall meet at such times and places as may be fixed

by the Board.

(2) Meetings of the Board shall be open to the public except

insofar as they are concerned with investigations under § 35110 of this

Chapter and except as may be necessary to protect information that is

required to be kept confidential by Board rules or by the laws of Guam.

(3) A majority of the Board members then in office shall constitute

a quorum at any meeting duly called.

(4) The Board shall have a seal which shall be judicially noticed.

(5) The Board shall retain or arrange for the retention of all

applications and all documents under oath that are filed with the Board

and also records of its proceedings, and it shall maintain a registry of

the names and addresses of all licensees under this Chapter.

(6) In any proceeding in court, civil or criminal, arising out of or

founded upon any provision of this Chapter, copies of any of said

records certified as true copies under the seal of the Board shall be

admissible in evidence as tending to prove the contents of said records.

(c) Each member of the Board shall be reimbursed for the member=s

actual and necessary expenses incurred in the discharge of the member=s

official duties.

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(d) Notwithstanding the Central Accounting Act, all fees and money

collected by the Board under this Chapter shall be accounted for by the

Board and deposited in a special fund known as the ‘Guam Board of

Accountancy Fund.’

(1) The Board shall maintain said Fund in a bank licensed to do

business on Guam, and funds therein shall be paid out only upon a

request for payment, or requisition, submitted by the Executive Director

and countersigned by the Chairperson of the Board, or some other

member specifically designated by the Board. All monies in this Fund

are subject to legislative appropriation for the use of the Board in

performing its duties. Said monies shall be expended solely to

administer the provisions of this Chapter, and may include, but shall

not be limited to,

(A) the cost of investigations, taking testimony and

procuring the attendance of witnesses before the Board or its

committees;

(B) all legal proceedings brought pursuant to this Chapter;

and

(C) educational programs for the benefit of the public and

licensees and their employees.

(2) On or before January 30, 2009 for Fiscal Year 2010 and

January 30th for each fiscal year thereafter, the Board shall approve and

submit to I Liheslatura its annual budget for the following fiscal year.

If the Board fails to submit a budget for the next fiscal year, or if I

Liheslatura fails to approve the annual budget before the next fiscal

year, the current fiscal year’s budget shall become law for the next

fiscal year, subject to legislative modification.

(e) The Board shall file an annual report of its activities with I

Maga=lahi, I Liheslatura,[the Governor, the Legislature] and the Public

Auditor, which report shall include a listing of all current licensees under

this Chapter. The Board shall mail a copy of the annual report to any person

requesting it and paying a reasonable charge therefor.

(f) The Board may employ or contract for the services of an executive

director and such other personnel as it deems necessary in its administration

and enforcement of this Chapter. It may appoint such committees or persons,

to advise or assist it in such administration and enforcement, as it may see

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fit. It may retain its own counsel to advise and assist it in addition to such

advice and assistance as is provided by the Attorney General of Guam.

(g) (1) The Board shall have the power to take all action that is

necessary and proper to effectuate the purposes of this Chapter,

including the power to sue and be sued in its official name as an agency

of Guam.

(2) The Board shall also have the power to issue subpoenas to

compel the attendance of witnesses and the production of documents; to

administer oaths; to take testimony; to cooperate with the PCAOB and

the appropriate State and federal regulatory authorities having

jurisdiction over the professional conduct in question in investigation

and enforcement concerning violations of this Chapter and comparable

acts of other states; to cooperate in enforcement with appropriate

foreign regulatory authorities in instances which have or may result in

criminal conviction, loss of license or suspension, admonishment or

censure; and to receive evidence concerning all matters within the

scope of this Chapter.

(3) In case of disobedience of a subpoena, the Board may invoke

the aid of any court or other appropriate regulatory authority in

requiring the attendance and testimony of witnesses and the production

of documentary evidence.

(4) For purposes of this Subsection, ‘appropriate foreign

regulatory authorities’ shall be those foreign authorities granting

substantially equivalent foreign designations in accordance with §

35106(h) of this Chapter.

(5) The Board, its members, and its agents shall be immune from

personal liability for actions taken in good faith in the discharge of the

Board’s responsibilities, and the government of Guam shall hold the

Board, its members, and its agents harmless from all costs, damages,

and attorneys’ fees arising from claims and suits against them with

respect to matters to which such immunity applies.

(h) The Board may adopt rules governing its administration and

enforcement of this Chapter and the conduct of licensees, including but not

limited to:

(1) Rules governing the Board=s meetings and the conduct of its

business;

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(2) Rules of procedure governing the conduct of investigations and

hearings by the Board;

(3) Rules specifying the educational and experience qualifications

required for the issuance of certificates under § 35105 of this Chapter

and the continuing professional education required for renewal of

licenses under § 35106 of this Chapter;

(4) Rules of professional conduct directed to controlling the

quality and probity of services by licensees, and dealing among other

things with independence, integrity, and objectivity; competence and

technical standards; responsibilities to the public; and responsibilities to

clients;

(5) Rules governing the professional standards applicable to

licensees;

(6) Rules governing the manner and circumstances of use of the

titles >certified public accountant= and >CPA=;

(7) Rules regarding peer review that may be required to be

performed under provisions of this Chapter;

(8) Rules on substantial equivalence to implement § 35122; and

(9) Such other rules as the Board may deem necessary or

appropriate for implementing the provisions and the purposes of this

Chapter.

(i) All rules or amendments thereto as promulgated under Subsection

(h) of this § 35104, or under any other provision of this Chapter shall be

adopted pursuant to the rule making procedures set forth in the

Administrative Adjudication Law.

(j) Records, papers, and other documents containing information

collected or compiled by the Board, its members, employees, contractors, or

agents, including its legal counsel, as a result of a complaint, investigation,

inquiry, or interview in connection with an application for examination,

certification, or registration, or in connection with a licensee’s professional

ethics and conduct, shall not be considered public records within the

meaning of Guam’s public records laws. Additionally, any record, paper, or

other document received by the Board as a result of a self-reporting

requirement shall not be considered public records within the meaning of

Guam’s public records laws. When any such record, paper, or other

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document is admitted into evidence in a hearing held by the Board, it shall

then be a public record within the meaning of Guam’s public records laws.

However, upon a showing of good cause, the presiding officer at such a

hearing may order that confidential or privileged information be redacted or

admitted under seal.

(1) Notwithstanding any other provision of this Chapter,

information protected by this confidentiality provision shall not be

disclosed to other authorities unless the recipient confirms in writing

that it will assure preservation of confidentiality, and the licensee has

been given reasonable notice that the information will be provided to

another entity.

(2) Notwithstanding any contrary provision in Guam’s public

records laws, disclosures to law enforcement and regulatory authorities

and, only to the extent deemed necessary to conduct an investigation, to

the subject of the investigation, persons whose complaints are being

investigated and witnesses questioned in the course of investigation, as

provided in § 35110(b), shall not be considered public disclosures and

shall not deprive such records of their confidential status.

(3) Nothing in this Subsection shall be construed as a waiver of

any privilege, such as attorney-client privilege, which may also apply to

any records covered by this Subsection.

(4) Nothing in this Subsection shall confer confidential status on

any record collected under this Subsection that was a public record

when collected or thereafter becomes a public record through other

lawful means.