(a) Ownership. A person who does not hold a current valid license as a certified public accountant in Arkansas or some other state or jurisdiction of the United States, but who actively participates within this state with a nonresident firm exercising practice privileges in Arkansas is subject to the following conditions:

1. (1) Such person shall not hold himself or herself out as a certified public accountant; and

2. (2) Such person shall not have ultimate responsibility for the performance of:

   1. (A) Audits, reviews, or compilations of financial statements;
   2. (B) PCAOB engagements; or
   3. (C) Any other form of attestation with regard to financial information.

(b) Equity ownership. Persons who are not certified public accountants shall not:

1. (1) Hold, in the aggregate, more than a minority interest of such firm’s equity ownership or voting rights; or
2. (2) Receive, in the aggregate, more than a minority interest of said entity’s profits or losses.

(c) Other requirements.

1. (1) The principal executive officer, managing member, or managing partner shall be a shareholder, member, or partner who is a licensed certified public accountant, who holds a current, valid license in this or another state or jurisdiction.
2. (2) Directors, members, partners, and officers who are not licensees shall not exercise any authority whatsoever over professional matters relating to the practice of public accounting.