Alaska Statutes.
Title 8. Business and Professions
Chapter 4. Accountants
Section 240. Requirements for Issuance of a Permit to Engage in the Practice of Public Accounting; Ongoing Compliance.
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AS 08.04.240. Requirements for Issuance of a Permit to Engage in the Practice of Public Accounting; Ongoing Compliance.

(a) The board shall grant a permit to engage in the practice of public accounting to a firm with an office in the state that applies to the board as a firm of certified public accountants if the firm meets the following requirements:

(1) more than one-half of the ownership of the firm belongs to certified public accountants of this or another state in good standing;

(2) an individual who is a certified public accountant or has a practice privilege, who is responsible for supervising attest functions or compilation services in the firm, and who signs or authorizes another person to sign an accountant's report on financial statements on behalf of the firm meets the competency requirements established by the board under AS 08.04.423;

(3) an individual who signs or authorizes another person to sign an accountant's report on financial statements on behalf of the firm meets the competency requirements established by the board under AS 08.04.423; and

(4) each owner who is personally engaged in this state in the practice of public accounting as a member of the firm and whose principal place of business is in this state is a certified public accountant of this state in good standing.

(b) [Repealed, § 44 ch 5 SLA 2022.]

(c) [Repealed, § 44 ch 5 SLA 2022.]

(d) [Repealed, § 44 ch 5 SLA 2022.]

(e) [Repealed, § 44 ch 5 SLA 2022.]

(f) An initial permit issued under (a) or (k) of this section lasts for the remainder of the biennial licensing period during which the initial permit was granted.

(g) The board shall renew a permit granted under (a) or (k) of this section or a renewal issued under this subsection if

(1) the permittee maintains all of the licensee's offices as required by AS 08.04.360 and 08.04.370;

(2) each individual who is required by (a) or (k) of this section to be a certified public accountant complies with the continuing education requirements of AS 08.04.425 and the peer review requirements of AS 08.04.426; and

(3) the permittee complies with the requirements of this chapter.

(h) A partnership holding a permit issued under former AS 08.04.330 - 08.04.340 on June 29, 1980, qualifies for a permit under this section as long as each partner personally engaged in the practice of public accounting in this state holds a license or permit under AS 08.04.661.

(i) For the purposes of issuing a permit under this section, a firm may include owners who are not certified public accountants if

(1) the firm designates a certified public accountant or an individual with practice privileges to be responsible for the proper registration of the entity and identifies the certified public accountant or individual to the board;

(2) all of the owners of the firm who are not certified public accountants are active individual participants in the firm or in an entity affiliated with the firm; and

(3) the firm complies with the other requirements that the board may adopt by regulation to protect the public interest as described under AS 08.04.005.

(j) If the ownership of a firm, after the firm has received or renewed a permit, does not comply with (i) of this section, the firm shall take corrective action to comply with (i) of this section within a reasonable time after the noncompliance begins. The board shall establish by regulation the criteria to determine what is a reasonable time and may base the regulation on national standards.

(k) The board shall grant a permit to engage in the practice of public accounting to a firm that does not have an office in the state but provides, or offers to provide, attest functions in the state, if the firm meets the following requirements:

(1) the firm meets the requirements of (a)(1) of this section;

(2) the firm complies with the requirements in AS 08.04.426;

(3) the attest functions performed by the firm in the state are performed by an individual who is a certified public accountant of this state in good standing or who has a practice privilege; and

(4) the firm holds a permit to engage in the practice of public accounting in good standing in the jurisdiction in which the principal office of the firm is maintained.

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