South Dakota Administrative Code

Rule 20:75:04:03 Continuing professional education group program criteria. 20:75:04:03. Continuing professional education group program criteria. A group program qualifies as acceptable continuing professional education if it meets the general criterion in § 20:75:04:02 and meets…

Rule 20:75:04:04 Acceptable continuing professional education group programs. 20:75:04:04. Acceptable continuing professional education group programs. Group programs which qualify as acceptable continuing professional education programs if they meet the requirements of §§ 20:75:…

Rule 20:75:04:05 Non-group continuing professional education program criteria. 20:75:04:05. Non-group continuing professional education program criteria. Non-group continuing professional education program criteria. The non-group programs qualify as acceptable continuing professi…

Rule 20:75:04:06 Restriction on continuing professional education credits for college employees. 20:75:04:06. Restriction on continuing professional education credits for college employees. An individual employed by a college or university may not claim continuing professional ed…

Rule 20:75:04:07 Initial active certificate holders. 20:75:04:07. Initial active certificate holders. An individual certificate holder whose initial certificate was issued less than three years before the renewal date shall fulfill the following minimum requirements of continuing…

Rule 20:75:04:08 Returning active certificate holders. 20:75:04:08. Returning active certificate holders. An applicant for renewal of an individual certificate, in active status whose most recent active certificate has lapsed over 12 months before the application for renewal is s…

Rule 20:75:04:09 Limitation on continuing professional education credits. 20:75:04:09. Limitation on continuing professional education credits. No more than 24 hours of credit for behavioral or motivational courses is allowed in a three-year renewal period for those individuals e…

Rule 20:75:04:10 Extension for completion of continuing professional education. 20:75:04:10. Extension for completion of continuing professional education. Upon request by an applicant for renewal of a certificate, the board may administratively grant one extension of 90 days to …

Rule 20:75:04:11 Review of continuing professional education credits. 20:75:04:11. Review of continuing professional education credits. Certificate holders are subject to verification of all continuing professional education credits submitted to the board. Annually, the board may…

Rule 20:75:04:12 Continuing professional education requirement for nonresident certificate holder. 20:75:04:12. Continuing professional education requirement for nonresident certificate holder. The continuing professional education requirement of a nonresident individual certific…

Rule 20:75:04:13 Repealed. 20:75:04:13. Criteria for independent study Repealed. Source: 31 SDR 97, adopted December 17, 2004, effective July 1, 2005; 45 SDR 84, effective December 20, 2018; effective July 1, 2019.

Rule 20:75:04:14 Documentation required by CPA or PA. 20:75:04:14. Documentation required by CPA or PA. A CPA or PA engaged in sponsored learning activities may claim credit only for activities through which the CPA's or PA's competencies were maintained or improved. A CPA or PA …

Rule 20:75:04:15 Documentation for continuing professional education credit. 20:75:04:15. Documentation for continuing professional education credit. A CPA or PA must document the credit claimed with the following acceptable evidence of completion: (1) For group programs, a certi…

Rule 20:75:04:16 Standards for continuing professional education group program sponsors. 20:75:04:16. Standards for continuing professional education group program sponsors. Continuing professional education program sponsors must provide descriptive materials that enable a CPA or…

Rule 20:75:04:17 Repealed. 20:75:04:17. Standards for continuing professional education program sponsors of independent-study learning activities. Repealed. Source: 31 SDR 97, adopted December 17, 2004, effective July 1, 2005; 45 SDR 84, effective December 20, 2018; effective Jul…

Rule 20:75:04:18 Repealed. 20:75:04:18. Standards for continuing professional education program sponsors of self-study programs. Repealed. Source: 31 SDR 97, adopted December 17, 2004, effective July 1, 2005; 41 SDR 111, effective January 19, 2015; 45 SDR 84, effective December 2…

Rule 20:75:04:19 Evaluating learning activity quality. 20:75:04:19. Evaluating learning activity quality. Continuing professional education program sponsors must have an effective means for evaluating learning activity quality as to content and presentation. A program sponsor mus…

Rule 20:75:04:20 Standards for continuing professional education program reporting. 20:75:04:20. Standards for continuing professional education program reporting. A program sponsor must provide each CPA or PA participating in the program with documentation of participation, whic…

Rule 20:75:04:21 Continuing professional education program sponsors retention of adequate documentation. 20:75:04:21. Continuing professional education program sponsors retention of adequate documentation. A program sponsor must retain or have access to documentation for four yea…

Rule 20:75:04:22 Repealed. 20:75:04:22. Continuing professional education program developer's criteria for retention of pilot test records. Repealed. Source: 31 SDR 97, adopted December 17, 2004, effective July 1, 2005; 45 SDR 84, effective December 20, 2018; effective July 1, 20…

Rule 20:75:05:00 Licensee definition. 20:75:05:00. Licensee definition. A licensee for the purpose of this chapter is as defined in SDCL 36-20B-1 or an individual exercising practice privileges pursuant to SDCL 36-20B-66 or 36-20B-67. Source: 35 SDR 305, effective July 1, 2009. G…

Rule 20:75:05:01 Independence. 20:75:05:01. Independence. A licensee shall comply with Section ET 1.200 of the American Institute of Certified Public Accountants, and with the independence rules of the United States Securities and Exchange Commission, United States Department of …

Rule 20:75:05:02 Integrity and objectivity -- Conflict of interest. 20:75:05:02. Integrity and objectivity -- Conflict of interest. A licensee may not in the performance of professional services knowingly misrepresent facts or subordinate the licensee's judgment to others. In tax…

Rule 20:75:05:03 Acceptance of commission or contingent fee. 20:75:05:03. Acceptance of commission or contingent fee. A licensee in public practice may not perform any professional services for a commission or contingent fee for, or receive such a commission or fee from, a client…

Rule 20:75:05:04 Competence. 20:75:05:04. Competence. A licensee shall comply with the following standards and with any interpretations thereof by bodies designated by the Council of the American Institute of Certified Public Accountants, or by other entities having similar gener…

Rule 20:75:05:05 Auditing, accounting, and review standards. 20:75:05:05. Auditing, accounting, and review standards. A licensee may not permit the licensee's name to be associated with a report on financial statements as defined by SDCL 36-20B-3 unless the licensee complied with…

Rule 20:75:05:06 Accounting principles. 20:75:05:06. Accounting principles. If financial statements or other financial data contain any departure from an accounting principle promulgated by the Financial Accounting Standards Board and its predecessors, the Governmental Accounting…

Rule 20:75:05:07 Professional standards and conduct. 20:75:05:07. Professional standards and conduct. A licensee shall comply with professional ethical standards and conduct. Professional standards and conduct are those set forth in the AICPA Professional Standards, Volume 2, ET …

Rule 20:75:05:08 Interpretations. 20:75:05:08. Interpretations. In the interpretation and application of this chapter, the board shall consider interpretations of similar rules issued by the American Institute of Certified Public Accountants. Source: 29 SDR 16, effective August 1…

Rule 20:75:05:09 Confidential client information. 20:75:05:09. Confidential client information. A licensee may not without the consent of the client disclose any confidential information pertaining to the client obtained in the course of performing professional services. This rul…

Rule 20:75:05:10 Client records. 20:75:05:10. Client records. Terms used in this section are as follows: (1) Client-provided records are accounting or other records belonging to the client that were provided to the licensee on behalf of the client; (2) Client records prepared by …

Rule 20:75:05:11 Acting through others. 20:75:05:11. Acting through others. A licensee may not permit others to carry out on the licensee's behalf, either with or without compensation, acts which, if carried out by the licensee, would place the licensee in violation of this chapt…

Rule 20:75:05:12 Advertising. 20:75:05:12. Advertising. A licensee may not use or participate in the use of any form of public communication referring to the licensee's professional services which contains a false, fraudulent, misleading, or deceptive statement or claim. Source: …

Rule 20:75:05:13 Solicitation. 20:75:05:13. Solicitation. A licensee may not by any direct personal communication solicit an engagement to perform professional services under the following circumstances: (1) The communication would violate § 20:75:05:11 if it were a public commun…

Rule 20:75:05:14 Form of practice. 20:75:05:14. Form of practice. A licensee may practice public accountancy only in a proprietorship, a partnership, a limited liability company, a limited liability partnership, or a professional corporation. A limited liability company, limited …

Rule 20:75:05:15 Firm names. 20:75:05:15. Firm names. A licensee may not practice public accountancy under a firm name that is misleading in any way. Names of one or more past partners, members, or shareholders may be included in the firm name of a successor organization. A partn…

Rule 20:75:05:16 Communications from board. 20:75:05:16. Communications from board. A licensee shall, when requested, respond to communications from the board within 30 days after the mailing of the communications by registered or certified mail to the address shown on the record…

Rule 20:75:05:17 Records retention. 20:75:05:17. Records retention. A licensee shall comply with the record retention rules of the American Institute of Certified Public Accountants, United States Government Accountability Office, United States Securities and Exchange Commission,…

Rule 20:75:06:01 Modification of discipline. 20:75:06:01. Modification of discipline. If the board suspends or revokes a certificate or permit, refuses to renew a permit, or revokes or limits practice privileges granted pursuant to SDCL 36-20B-66 or 36-20B-67, the individual or f…

Rule 20:75:06:02 Reinstatement or reissuance of suspended or revoked certificate, permit, or practice privileges. 20:75:06:02. Reinstatement or reissuance of suspended or revoked certificate, permit, or practice privileges. A petition for reinstatement or reissuance under this se…

Rule 20:75:07:01 Definitions. 20:75:07:01. Definitions. As used in this chapter: (1) "Accounting and auditing practice" means all engagements covered by "Statements on Auditing Standards", "Statements on Standards for Accounting and Review Services", "Statements on Standards for …

20:75:07:02. Requirement for review -- Fee -- Areas to be reviewed. A permitted firm, as a condition for renewal of its permit pursuant to SDCL chapter 36-20B, must undergo a peer review, in accordance with this chapter, once every three years unless prior approval is granted by …

Rule 20:75:07:03 Exemption from review. 20:75:07:03. Exemption from review. A firm is exempt from the peer review requirement set forth in § 20:75:07:02 if it represents to the board that it does not engage in the financial reporting area of practice, including audits, reviews, c…

Rule 20:75:07:04 New firms. 20:75:07:04. New firms. A new firm, as a condition to renewal of its firm permit, must undergo a peer review during the first calendar year after it has been engaged in the practice of public accountancy for one full calendar year. After the initial re…

20:75:07:05. Equivalent reviews. If a firm undergoes an equivalent peer review during its three-year review cycle, it may request that the board accept the review as fulfilling the requirements of § 20:75:07:02. The request must be submitted on forms provided by the board, and mu…

Rule 20:75:07:06 Repealed. 20:75:07:06. Selection of reviewer for South Dakota review. Repealed. Source: 29 SDR 16, effective August 14, 2002; 30 SDR 119, effective February 9, 2004; 45 SDR 84, effective December 20, 2018 (effective January 1, 2020).

Rule 20:75:07:07 Repealed. 20:75:07:07. Qualifications of reviewer -- South Dakota reviews. Repealed. Source: 29 SDR 16, effective August 14, 2002; 36 SDR 216, effective July 6, 2010; 45 SDR 84, effective December 20, 2018 (effective January 1, 2020).

Rule 20:75:07:08 Repealed. 20:75:07:08. Conduct of review -- Location. Repealed. Source: 29 SDR 16, effective August 14, 2002; 30 SDR 119, effective February 9, 2004; 33 SDR 107, effective December 26, 2006; 35 SDR 165, effective December 22, 2008; 35 SDR 305, effective July 1, 2…

Rule 20:75:07:09 (Effective through December 31, 2019) Conduct of review -- Requirements. 20:75:07:09. Conduct of review -- Requirements. The peer review must be conducted in accordance with the following requirements: (1) A review must have an engagement review, report review, o…

Rule 20:75:07:10 Results of review -- Exit conference. 20:75:07:10. Results of review -- Exit conference. A reviewer may issue a pass, pass with deficiency, or fail opinion as to whether the reports, work papers, if applicable, and quality control system, if applicable, reviewed …