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Accountancy board proposes new regs
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Posted on Dec 16 2005
The Commonwealth Board of Accountancy has proposed rules and regulations concerning its internal affairs and other matters.
The board was created pursuant to Public Law 13-52, or the Accountancy Act of 2002. It is an autonomous agency authorized to license accountants in the Commonwealth, establish standards for educational programs, administer exams, and to discipline licensees for violations of the act.
P.L. 13-52 also empowers the board to adopt rules and regulations consistent with the act.
The board, headed by chairman James N. Whitt, has proposed regulations that list the board’s powers and duties, a conflict of interest policy, and procedures for hiring staff and making decisions.
The regulations also provide clear legal authority for the board to meet “virtually,” rather than in person, as long as others may attend the meeting fully at the announced meeting site.
This authority, according to the board, “is necessary because of complexities of travel schedules of board member, and the difficulties of travel in bad weather. The regulations allow one or more of the members to call in to the announced meeting place, a practice common in the business world.”
Procedures are also proposed to conform to the CNMI’s Open Meetings Act, allowing the public to attend meetings of the Board of Accountancy and to access computerized meetings—such as computer bulletin boards—that happen over a longer period of time.
Furthermore, the regulations provide that the board will develop a schedule of fees for 27 items, including annual registration, examination, license, renewal, late fees, certificates, and administrative fines.
The proposed regulations appear in the Nov. 25, 2005 issue of the Commonwealth Register. The public is given 30 days to submit comments on the regulations. (Agnes E. Donato)
