Oklahoma enacted changes in the number of hours needed for CPA candidates to sit for the CPA exam, reducing them from 150 credit hours to 120, but still requiring 150 hours to actually get a CPA license.
Oklahoma Governor Kevin Stitt signed Senate Bill 171 into law on Wednesday as a way to lower some of the barriers hindering the state from training qualified accountants. The new law does not go as far as proposed legislation supported by the Minnesota Society of CPAs that has recently sparked renewed debate in the profession about lowering the long-standing 150-hour requirement for CPAs (see story).
CPA candidates would still need to complete the full 150 academic hours for CPA licensure in Oklahoma as they do in other states. Adhering to the Uniform Accountancy Act’s 150-hour requirement allows Oklahoma CPAs to practice in all other states without having to obtain an additional license.
However, the new Oklahoma law, which was supported by the Oklahoma Society of CPAs, would enable CPA candidates to take the CPA exam during their post-graduate studies, as some states including New York currently allow and others are considering. However, in addition to the 120 credit hours before sitting for the exam, they would need to complete the other 30 hours before getting a CPA license.
“As businesses and individuals continue to navigate a complex financial landscape, the demand for skilled CPAs has never been greater,” said OSCPA president and CEO Blaine Peterson in a statement Friday. “Oklahoma must keep up with this demand, as it is crucial in strengthening the quality of our workforce. The OSCPA is committed to protecting CPA mobility and substantial equivalency for Oklahoma CPAs.”
In addition to SB 171, Governor Stitt also signed SB 170 and SB 172 into law. SB 170 ensures CPAs are properly positioned to perform audit and attest services for developing engagement services such as cybersecurity and audits and services. SB 172 addresses exemptions for firm mobility in Oklahoma. All three bills were authored by Sen. Tom Dugger and Rep. Gerrid Kendrix who are both CPAs and members of the OSCPA.