Chapter 20-8 REGISTRATION REQUIREMENTS FOR ACCOUNTING FIRMS

Rule 20-8-.01 Firms Required to Be Licensed - Biennial Licensure

A firm that does not have a physical office in this state but performs any audit or any other engagement to be performed in accordance with the Statements on Auditing Standards, any examination of prospective financial statements to be performed in accordance with the Statements on Standards for Attestation Engagements or any engagement to be performed in accordance with the auditing standards of the Public Company Accounting Oversight Board for a client that specifies a location in this state to which such service is directed shall be required to obtain a license biennially with the Board in accordance with this Chapter.

(a)

A firm required to be licensed with the Board under 43-3-16(b)(1)(C) between biennial reporting periods shall obtain a license with the Board on a form obtained from the Board within 60 days of the date when such license requirement first becomes effective. Failure to timely obtain a license will result in a penalty.

(b)	The licensure fee for a firm is $150.00

(c)	The penalty for a firm to fail to timely obtain a license is $250.00 in addition to the licensure fee.

(d)	The renewal fee for a firm is $150.00.

(2)

A firm required to be licensed with the Board must show that attest services and compilation and review services rendered in this state are under the supervision of an individual holding a license issued by this state or an individual with substantial equivalency practice privileges under subsection (b) of Code Section 43-3-18.

(3)	Notice shall be given to the Board within thirty days of any change in address.

(4)	Licenses will expire on June 30 of each even numbered year and shall become renewable at least 60 days prior to the expiration date.

(5)	In order to qualify for renewal the firm must comply with the provisions for peer review as provided for in O.C.G.A. Section 43-3-17.

(6)

An application for renewal of a firm license, otherwise in order, filed after the June 30th expiration date must be accompanied by a late fee of $250.00 in addition to the renewal fee. After June 30th, without an active firm license, it is unlawful to practice public accountancy in this state. The late renewal period begins July 1st and ends September 30th.

(7)	An application for reinstatement of a firm license, otherwise in order, filed after September 30th must be accompanied by a reinstatement fee of $1,150.00.

(8)	In no event will the Board issue a license or renew the license of a firm for the practice of public accountancy in this state unless the firm complies with the ownership requirements of Code Section 43-3-16.

(9)

In no event will the Board issue a license or renew the license of a firm for the practice of public accountancy in this state unless the firm participates in a peer review whose standards at a minimum comply with the "Standards for Performing and Reporting on Peer Review" promulgated by the American Institute of Certified Public Accountants in a manner consistent with the timing and completion requirements of Code Section 43-3-17.

Rule 20-8-.02 Firms not Required to Be Licensed

(1)

A firm that does not have a physical office in this state may perform compilation or review services to be performed in accordance with Statements on Standards for Accounting and Review Services described in subsection (E) of paragraph 2 of Code Section 43-3-2 for a client having its office in this state without obtaining a license from the Board if:

(a)	Such firm complies with the ownership requirements of Code Section 43-3-16.

(b)

Such firm participates in a peer review whose standards at a minimum comply with the "Standards for Performing and Reporting on Peer Review" promulgated by the American Institute of Certified Public Accountants in a manner consistent with the timing and completion requirements of Code Section 43-3-17.

Such firm provides services through an individual with practice privileges under subsection (c) of Code Section 43-3-18 related to substantial equivalency practice privileges. Practice privileges under subsection (b) of Code Section 43-3-18 are not permitted for an individual unless that individual holds a current and unencumbered license as a CPA in a state which grants similar practice privileges to license holders in this state.

(2)

A firm that does not have a physical office in this state and is not performing services described in Rules 20-8-.01(1) and 20-8-.02(1) above may perform other professional services included in the practice of public accountancy while using the title "CPA" or "CPA Firm" in this state without obtaining a license from the Board if:

(a)

Such firm provides services through an individual with practice privileges under subsection (b) of Code Section 43-3-18 related to substantial equivalency practice privileges. Practice privileges under subsection (b) of Code Section 43-3-18 are not permitted for an individual unless that individual holds a current and unencumbered license as a CPA in a state which grants similar practice privileges to license holders in this state.

(b)	That firm can lawfully perform such services in the state where said individuals with practice privileges have their office location.

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