|(a) This section applies only to non-CPA owners who
are residents of this state.
(b) Each non-CPA owner of a licensed CPA firm shall
complete 120 CPE credits in each three-year period with a minimum
of 20 CPE credits in each one-year period. These CPE credits shall
be reported on the required board forms. The failure of any non-CPA
owner of a licensed CPA firm to complete and report such CPE shall
be grounds for revoking the firm's license on the grounds that the
owner is not qualified.
(c) The board will accept CPE that is offered or accepted
by organizations or regulatory bodies issuing professional designation
used by the non-CPA owner. All other CPE must be provided by board-accepted
CPE sponsors or be otherwise approved by the board, provided however,
that the board reserves the right to reject any claimed CPE.
(d) Each non-CPA owner, prior to, or within 60 days
of, acquiring any ownership interest in a licensed CPA firm, shall
complete an exam on the board's Rules of Professional Conduct and
complete a board-approved ethics course in accordance with §523.130
of this chapter (relating to Ethics Course Requirements).
(e) Each non-CPA owner must take a four CPE credit
ethics course that has been approved by the board pursuant to §523.131
of this chapter (relating to Board Approval of Ethics Course Content)
every two years. The non-CPA owner shall report completion of the
course on the required board forms at least every second year.
(f) The board has the right to verify any CPE credits
reported. A firm shall provide the board all information required
for this verification in accordance with §501.93 of this title
(relating to Responses), and the firm shall be responsible for its
non-CPA owner's cooperation with the verification.
|Source Note: The provisions of this §523.121 adopted to be effective April 7, 2004, 29 TexReg 3477; amended to be effective February 17, 2008, 33 TexReg 1112; amended to be effective August 11, 2010, 35 TexReg 6827; amended to be effective December 8, 2010, 35 TexReg 10695; amended to be effective February 6, 2013, 38 TexReg 504; amended to be effective March 29, 2017, 42 TexReg 1445