TO AMEND THE LAW CONCERNING ACCOUNTANTS; AND TO AMEND THE DEFINITION OF SUBSTANTIAL EQUIVALENCY FOR THE PRACTICE OF ACCOUNTANCY.

SB 432 amends Arkansas accounting laws to streamline practice rights for out-of-state certified public accountants (CPAs). It revises the definition of "substantial equivalency" to allow CPAs licensed in states verified by NASBA as meeting Arkansas standards to practice without additional licensing, while requiring others to obtain NASBA verification. The bill eliminates fee requirements for applicants eligible under board programs and clarifies that verified out-of-state CPAs may offer services (including audits) without notifying the state board. This directly affects licensed accountants seeking to practice across state lines, reducing barriers for those from states with aligned licensing standards.