Vermont § 74c - Substantial equivalency

§ 74c. Substantial equivalency

• (a) An individual whose principal place of business is not in this State shall be presumed
  to have qualifications substantially equivalent to this State’s requirements and shall
  have the privileges of licensure of this State, without the need to obtain a license
  under section 72b of this title, if the individual: (1) holds a valid license as a certified public accountant from a state the Board determines
  has licensure requirements substantially equivalent to the requirements of the AICPA/NASBA
  Uniform Accountancy Act; or (2) holds a valid license as a certified public accountant from any state, and the individual
  obtains verification from the NASBA National Qualification Appraisal Service that
  the individual’s qualifications are substantially equivalent to the licensure requirements
  of the AICPA/NASBA Uniform Accountancy Act. An individual who passed the uniform CPA
  examination and holds a valid license issued by any state prior to January 1, 2012
  shall be exempt from the education requirements of subdivision 5(c)(2) of the Uniform
  Accountancy Act for purposes of this section. (b) An individual licensee of another state exercising the privileges afforded under this
  section and the firm that employs that licensee, as a condition of the exercise of
  this privilege, shall consent to the following: (1) personal and subject matter jurisdiction and the disciplinary authority of the Board; (2) compliance with this chapter and the Board’s administrative rules and any other laws
  governing the practice of the profession in this State under the jurisdiction of the
  Board; (3) cease offering or rendering professional services in this State individually and on
  behalf of a firm in the event the license issued by the state of the licensee’s principal
  place of business is no longer valid or is otherwise conditioned or restricted; (4) the appointment of the state board or licensing authority, which issued its license,
  as the agent upon whom process may be served in any action or proceeding by the Board
  against the licensee; and (5) perform only those services within the scope of practice authorized by the state of
  the licensee’s principal place of business. (c) An individual practicing pursuant to this section and who performs services in this
  State, or an individual practicing pursuant to this section and who performs services
  for an entity with its home office in this State, may only provide the following services
  through a firm registered under section 74 of this title: (1) a financial statement audit or other engagement to be performed in accordance with
  the Statements on Auditing Standards; (2) an examination of prospective financial information to be performed in accordance
  with the Statements on Standards for Attestation Engagements; (3) an engagement to be performed in accordance with PCAOB Auditing Standards. (d) An individual who qualifies for practice privileges under this section and who performs
  services for which a firm registration is required shall not be required to obtain
  a license from this State. (e) A licensee of this State offering or rendering services or using its title in another
  jurisdiction shall be subject to disciplinary action in this State for acts of unprofessional
  conduct committed in another jurisdiction that would otherwise subject the licensee
  to discipline in this State. The Board has the authority to investigate complaints
  made by persons of another state. (f) Notwithstanding any provision of law to the contrary, an individual who performs professional
  services pursuant to this section shall not be assessed a fee or be required to provide
  notice to the Board. (Added 2009, No. 35, § 11.)