South Carolina § 40-2-70 - Powers and duties of board.

§ 40-2-70. Powers and duties of board.

(A) In addition to the powers and duties provided in Section 40-1-70, the board may:

(1) determine the eligibility of applicants for examination and licensure and may use the assistance of NASBA-provided tools;

(2) examine applicants for licensure including, but not limited to:

(a) prescribing the subjects, character, and manner of licensing examinations;

(b) preparing, administering, and grading the examination or assisting in the selection of a contractor to prepare, administer, or grade the examination; and

(c) charging, or authorizing a third party administering the examination to charge, each applicant a fee in an amount adequate to cover examination costs;

(3) establish criteria for issuing, renewing, and reactivating authorizations for qualified applicants to practice, including issuing active or permanent, temporary, limited, and inactive licenses or other categories as may be created;

(4) adopt a code of professional ethics appropriate to the profession;

(5) evaluate and approve continuing professional education course hours and programs;

(6) conduct periodic inspections of licensees or firms with notice to the licensee or firm of at least three business days, and if upon inspection a violation is found, a formal complaint shall be filed and the customary procedures for complaints must be followed;

(7) conduct hearings on alleged violations of this chapter and regulations promulgated under this chapter;

(8) participate in national efforts to regulate the accounting profession;

(9) discipline licensees or registrants in a manner provided for in this chapter;

(10) project future activity of the program based on historical trends and program requirements, including the cost of licensure and renewal, conducting investigations and proceedings, participating in national efforts to regulate the accounting profession, and providing educational programs for the benefit of the public and licensees and their employees;

(11) issue safe harbor language nonlicensees may use in connection with financial statements, transmittals, or financial information which does not purport to be in compliance with the SSARS;

(12) promulgate regulations that have been submitted to the director at least thirty days in advance of filing with the Legislative Council as required by Section 1-23-30 including, but not limited to, a schedule of fees for examination, licensure, and regulation;

(13) promulgate standards for peer review; and

(14) issue non-binding interpretations of statutes and regulations based on a written set of facts and a request from any member of the public, including licensees and the board.

(15) review and provide input on proposed legislative changes related to the practice of accounting.

(B) All public board orders, interpretations, and policies of this chapter must be made available to the public in an electronic format organized by applicable law or regulation.

HISTORY: 1996 Act No. 453, SECTION 1; 2004 Act No. 289, SECTION 1; 2014 Act No. 268 (H.3459), SECTION 3, eff June 9, 2014; 2022 Act No. 174 (S.812), SECTION 1, eff May 16, 2022; 2025 Act No. 34 (S.176), SECTION 11, eff June 30, 2025.

Effect of Amendment

2014 Act No. 268, SECTION 3, in paragraphs (2)(b) and (12), added "and" at the end; added paragraph (6), relating to periodic inspections; and redesignated the paragraphs accordingly.

2022 Act No. 174, SECTION 1, inserted the (A) designator, in (1), inserted "and may use the assistance of NASBA-provided tools" at the end, in (2)(c), substituted "amount adequate" for "adequate amount", in (5), substituted "professional education" for "education", in (11), substituted "SSARS" for "Statements on Standards or Accounting and Review Services (SSARS)", made nonsubstantive changes in (12) and (13), and inserted (14); and added (B).

2025 Act No. 34, SECTION 11, added (a)(15).