Guam § 35122 - Substantial Equivalency.

§ 35122. Substantial Equivalency.

(a) An individual whose principal place of business is not in Guam.

(1) An individual whose principal place of business is not in Guam

and who holds a valid license as a certified public accountant from any

State which the NASBA National Qualification Appraisal Service has

verified to be in substantial equivalence with the CPA licensure

requirements of the AICPA/NASBA Uniform Accountancy Act shall

be presumed to have qualifications substantially equivalent to Guam’s

requirements, and shall have all the privileges of licensees of Guam

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without the need to obtain a license under §§ 35105 or 35106 of this

Chapter. Notwithstanding any other provision of law, an individual

who offers or renders professional services, whether in person, by mail,

telephone or electronic means, under this Section shall be granted

practice privileges in Guam, and no notice or other submission shall be

provided by any such individual. Such an individual shall be subject to

the requirements in Subsection (a)(3) of this Section.

(2) An individual whose principal place of business is not in Guam

and who holds a valid license as a certified public accountant from any

State which the NASBA National Qualification Appraisal Service has

not verified to be in substantial equivalence with the CPA licensure

requirements of the AICPA/NASBA Uniform Accountancy Act shall

be presumed to have qualifications substantially equivalent to Guam’s

requirements, and shall have all the privileges of licensees of Guam

without the need to obtain a license under §§ 35105 or 35106 of this

Chapter, if such individual obtains from the NASBA National

Qualification Appraisal Service verification that such individual’s CPA

qualifications are substantially equivalent to the CPA licensure

requirements of the AICPA/NASBA Uniform Accountancy Act. Any

individual who passed the Uniform CPA Examination and holds a valid

license issued by any other State prior to January 1, 2012 may be

exempt from the education requirement in § 35105(c)(2) of this

Chapter for purposes of this Subsection. Notwithstanding any other

provision of law, an individual who offers or renders professional

services, whether in person, by mail, telephone, or electronic means,

under this Section shall be granted practice privileges in Guam, and no

notice or other submission shall be provided by any such individual.

Such an individual shall be subject to the requirements in Subsection

(a)(3) of this Section.

(3) Any individual licensee of another State exercising the

privilege afforded under this Section and the firm which employs that

licensee hereby simultaneously consents, as a condition of the grant of

this privilege:

(A) to the personal and subject matter jurisdiction and

disciplinary authority of the Board;

(B) to comply with this Chapter and the Board’s rules;

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(C) that in the event the license from the State of the

individual’s principal place of business is no longer valid, the

individual will cease offering or rendering professional services in

Guam individually and on behalf of a firm; and

(D) to the appointment of the State Board which issued their

license as their agent upon whom process may be served in any

action or proceeding by this Board against the licensee.

(4) Any individual who has been granted practice privileges

under this Section who performs any attest service described in §

35103(b) may only do so through a firm which meets the requirements

of § 35107(a)(1)(C) or which has obtained a permit issued under §

35107 of this Chapter.

(b) A licensee of Guam offering or rendering services or using their

CPA title in another state shall be subject to disciplinary action in Guam for

an act committed in another state for which the licensee would be subject to

discipline for an act committed in the other state. Notwithstanding §

35110(a), the Board shall be required to investigate any complaint made by

the board of accountancy of another state.

(c) [Repealed.]