2023 Laws of Puerto Rico › TITLE TWENTY - Examining Boards and Professional Colleges (§§ 1 — 6033) › Chapter 39 - Board of Accountancy; College of Certified Public Accountants (§§ 771 — 806) › § 774 - Certified public accountants

Only those certified public accountants or a firm of certified public accountants with current license are authorized to issue certifications of financial statements. Certified financial statements shall be understood to be those about which a certified public accountant, or a firm thereof, issues a statement, report or opinion pursuant to the standards for auditing, or attesting, accounting or revision services, as promulgated by the Board of Accountancy and adopted by the College.
The Board shall issue certificates of certified public accountant to any person who:
(a) Is a citizen of the United States or has duly declared his intention of becoming a citizen of the United States. To those persons who, having declared their intention of becoming citizens of the United States of America, have not carried through the procedure for the final declaration of citizenship, or whose applications for such citizenship have been finally denied, their licenses shall be ipso facto cancelled together with the rights obtained under §§ 771—789 of this title.
(b) Is a resident of the Commonwealth or has a place of business or is employed therein.
(c) Has attained legal age.
(d) Presents a certificate of no penal record [sic] indicating that he/she has not been convicted of a felony or misdemeanor that implies moral turpitude; this requirement may be met at any time before the Board issues the license to the candidate.
(e) Meets the academic and experience requirements prescribed in any of the two following clauses:
(1) Is a graduate of a college or university recognized by the Board and has completed a bachelor’s degree in Business Administration with a major in accounting, or another bachelor’s degree with fifty-eight hours or more of semester credits, or their equivalent in the study of accountancy, business law, economics and finance, of which no less than thirty-two semester hour credits shall be in the study of accountancy. After January 1, 2000, the credit hours required shall be one hundred-fifty hours per semester of education at the college or university level, including a bachelor’s degree or higher, conferred by a college or university recognized by the Board, that includes a major in accountancy or its equivalent, as provided by the Board through regulations. The Board shall determine and notify, pursuant to regulations and in accordance with the parameters of professional bodies, the curriculum requirements, credits and major subject matter; or
(2) is a graduate of a college or university recognized by the Board but has not completed the hours of study and the subjects specified in clause (1) of this subsection and has practiced the profession in the employ of a certified public accountant for eight (8) years prior to the date of the application; Provided, That the Board may, in its judgment and discretion, accept as the equivalent of each year of practice in the employ of a certified public accountant, two (2) years of experience as a private public accountant in the employ of the Commonwealth or federal government, or as a university-level accountancy instructor.
(f) Has passed the Uniform Certified Public Accountant Examination given by the Board.
The Board shall hold the examinations provided by §§ 771—789 of this title. Said examinations shall take place as often as necessary, in the opinion of the Board, but never less frequently than twice each year.
The examination shall verify the knowledge of the applicant in areas such as accounting and auditing, as well as any other field deemed necessary by the Board, including but not limited to fields such as business law and taxes. Pursuant to §§ 21—22 of this title, as well as to the reciprocity agreement, the Board shall determine the date, duration and time of the examination which may be subject to amendments. Likewise, the Board shall establish the method to request and give the examination, including the computer based examination procedure, as well as to score and determine the passing score required of the applicant. Also, the Board shall ensure, as much as possible, that in the examination, score, and passing score the uniform criteria of other states and jurisdictions is observed. The Board may use all or some services provided by the Uniform Certified Public Accountant Examination and Advisory Grading Services of the American Institute of Certified Public Accountants, also known as “AICPA”, and may contract administrative services related to the uniform examination with other entities, as it deems necessary for the implementation of this section. The Board shall set the fees to be charged for the examinations and the licenses issued to eligible applicants as provided by this §§ 771—789 of this title.
The Board may, [at] its discretion, exempt from examination and issue a certificate [of] certified public accountant to any person who meets the following requirements:
(1) Holds a certificate as certified public accountant issued pursuant to the laws of any state, territory or political subdivision of the United States.
(2) That the requirements for the issuing of said certificate are equivalent to the requirements set forth in Puerto Rico on the original date of issue of the applicant’s certified public accountant certificate.
(3) Have five years of experience in the practice of public accountancy outside of Puerto Rico after having passed the Uniform Certified Public Accountant Examination.
(4) Said requirement must be met within the term of ten years immediately prior to the filing of the request.
(5) The laws of the state, possession, territory or political subdivision of the United States that issued the certificate to the applicant authorize the issuing of certificates or licenses without examination by reciprocity to certified public accountants from Puerto Rico who meet the qualifications required by the state, territory or political subdivision of the United States for the issuing of a license without an examination.
History —May 15, 1945, No. 293, p. 1098, § 3; May 8, 1952, No. 208, p. 494; June 20, 1957, No. 81, p. 413, § 1; May 8, 1979, No. 39, p. 93; July 26, 1979, No. 184, p. 505; Apr. 27, 1994, No. 13, § 2; May 3, 2004, No. 105, § 1.