Section 225 ILCS 450/14.1 - [Section Scheduled to be Repealed 1/1/2029] Foreign accountantsThe Department may issue a license as a licensed CPA to a holder of a foreign designation, granted in a foreign country, provided that:
(a) the applicant has received certification as a certified public accountant from the Board or a registration as a registered CPA from the Department issued under this Act;(c) the foreign designation (i) was duly issued by a foreign authority that regulates the practice of public accounting and the foreign designation has not expired or been revoked or suspended; (ii) entitles the holder to issue reports upon financial statements; and (iii) was issued upon the basis of educational, examination, and experience requirements established by the foreign authority or by law; and(d) the applicant (i) received the designation based on standards substantially equivalent to those in effect in this State at the time the foreign designation was granted; and (ii) completed an experience requirement, substantially equivalent to the requirement set out in Section 14, in the jurisdiction that granted the foreign designation or meets equivalent requirements prescribed by the Department by rule, within the 10 years immediately preceding the application. Applicants have 3 years from the date of application to complete the application process. If the process has not been completed in 3 years, the application shall be denied, the fee shall be forfeited, and the applicant must reapply and meet the requirements in effect at the time of reapplication.
Amended by P.A. 102-0222,§ 5, eff. 1/1/2022.Amended by P.A. 098-0254,§ 10, eff. 8/9/2013.Amended by P.A. 095-0331,§ 760, eff. 8/21/2007.Amended by P.A. 093-0683, § 5, eff. 7/2/2004.P.A. 88-36; 92-457, eff. 7-1-04.