Sunset Process - Senate Business, Labor, and Technology Committee. The bill implements the recommendations of the department of regulatory agencies' sunset review and report on the state board of accountancy by:
- Continuing the functions of the board for 11 years, until 2030 ( sections 1 and 2 of the bill);
- Making the use of fraudulent, coercive, or dishonest practices, or the demonstration of incompetence, untrustworthiness, or financial irresponsibility, grounds for discipline ( section 9 );
- Clarifying that foreign corporations operating a Colorado office must register with the board and adding "limited liability partnership" to the list of business types that must register ( section 8 );
- Permitting a chartered global management accountant who is not a certified public accountant to use the title "chartered global management accountant" and the abbreviation "C.G.M.A." if the person does not provide services that require certification ( sections 4 and 7 );
- Authorizing the board to take disciplinary action against uncertified or unregistered persons, including resident managers, if they provide services that require certification or registration ( section 9 );
- Allowing a person to request inactive status via any board-approved method ( section 5 ); and
- Making technical changes ( sections 5, 10, and 11 ).
Section 3 updates the names of several regional accrediting agencies. Section 6 specifies that a nonresident certificate holder's completion of continuing education requirements in the holder's home state satisfies the Colorado continuing education requirements.
Sections 12 through 21 make conforming amendments to harmonize the bill with House Bill 19-1172, the bill to recodify and reorganize title 12.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)