The examination provided for in Section 40-2-170 must be held by the board at least once each year.

1. (1) two years of accounting experience in public, governmental, or private employment under the direct supervision and review of a certified public accountant or public accountant licensed to practice accounting in some state or territory of the United States or the District of Columbia;
2. (2) five years' experience teaching accounting in a college or university recognized by the board; or

3. (3) a combination of experience determined by the board to be substantially equivalent to items (1) and (2); however, this experience shall not require a minimum number of hours in auditing financial statements.

   The board by regulation may provide for granting a credit to a candidate for satisfactory completion of a written examination in one or more of the subjects provided in Section 40-2-170 given by the licensing authority in another state if at the time he took the examination he was not a resident of this State. The regulation must include requirements the board determines appropriate in order that an examination approved as a basis for credit is, in the judgment of the board, at least as thorough as that included in the most recent examination given by the board at the time of the granting of credit.

   The board by regulation may prescribe the terms and conditions under which a candidate who passes the examination in one or more of the subjects provided by Section 40-2-170 may be reexamined in only the remaining subjects, with credit for the subjects previously passed. It also may provide by regulation for a reasonable waiting period for a candidate's reexamination in a subject he has failed.

   The board shall charge each candidate a fee, to be determined by the board, not in excess of two hundred dollars for the initial examination provided for in Section 40-2-170.

   Fees for reexamination provided by this section are charged by the board in amounts determined by it, but not in excess of eighty dollars for each subject in which the candidate is reexamined.

   An application for examination or reexamination as prescribed by the board must be submitted and the applicable fee paid at least five weeks before the date of the examination. The application must be submitted and the applicable fee paid by September fifteenth for the November examination and by March fifteenth for the May examination.

The board shall advertise the dates of the examinations at least eight weeks before the date set in a newspaper so as to provide adequate statewide notice. Beginning in 1986, the dates set in a newspaper must be at least by September first for the November examination and by March first for the May examination.

The board may make use of all or any part of the uniform certified public accountants' examination or advisory grading service as it considers appropriate to assist it in performing its duties.

A candidate for the certificate of certified public accountant who has successfully completed the examination required under Section 40-2-170 has no status as a certified public accountant unless and until he has the requisite experience and has received his certificate as a certified public accountant. The experience required is either: