(A) The board, upon application in writing, may waive the examination referred to in Section 40-2-170 and issue a certificate to a person who is the holder of a certificate, or the equivalent, as a certified public accountant issued under the laws of any state or territory of the United States or the District of Columbia and:

1. (1) who has the qualifications required by this article and the regulations of the board; or
2. (2) when, in the judgment of the board, the requirements for issuing or granting certificates in the other state, territory, or the District of Columbia are substantially equivalent to the requirements established by this article and the regulations of the board, and the other state or political subdivision of the United States grants the same privileges to holders of certificates issued by this State.

(B) The board, upon application in writing, may waive the examination referred to in Section 40-2-170 and issue a certificate to a holder of a foreign designation, granted in a foreign country entitling the holder to engage in the practice of public accountancy if:

1. (1) the foreign authority which granted the designation makes similar provisions to allow a person who holds a valid certificate issued by this State to obtain the foreign authority's comparable designation;

2. (2) the foreign designation:

   1. (a) was issued by a foreign authority that regulates the practice of public accountancy and the foreign designation has not expired or been revoked or suspended;
   2. (b) entitles the holder to issue reports upon financial statements; and
   3. (c) was issued upon the basis of educational, examination, and experience requirements by the foreign authority or by law; and

3. (3) the applicant:

   1. (a) received the designation based on educational and examination standards substantially equivalent to those in effect in this State at the time the foreign designation was granted;
   2. (b) completed an experience requirement substantially equivalent to the requirement set out in Section 40-2-190 and regulations of the board; and
   3. (c) passed a uniform qualifying examination in national standards acceptable to the board.