AR SB432

Grants the Arkansas State Board of Public Accountancy authority to determine substantial equivalency requirements for CPA licensure and promulgate rules defining those parameters, replacing previous reliance on NASBA National Qualification Appraisal Service verification

Allows the Board to waive or assume examination fees for eligible applicants under board-approved programs

Changes license reinstatement deadline from within three years of expiration to on or before July 1 following the lapse, with licenses not reinstated by that date subject to revocation after notice and hearing

Replaces the "quality review of each practice unit" system with a "practice review" system requiring annual review of one-third of active licensees on a rotating basis, identifying compilation and attest services

Requires licensees issuing attest services to obtain peer review, while those issuing only compilation reports are subject to quality review; out-of-state CPAs may conduct peer reviews without obtaining Arkansas licensure