1. (a) The board may issue a certificate to an applicant who holds a substantially equivalent foreign credential if:

   1. (1) the foreign jurisdiction that granted the credential has an analogous provision allowing a person who holds a certificate issued by this state to obtain that foreign jurisdiction's comparable credential;

   2. (2) the foreign credential:

      1. (A) entitles the holder to issue reports on financial statements;
      2. (B) was issued by a foreign jurisdiction that regulates the practice of public accountancy on the basis of education, examination, and experience requirements established by the jurisdiction; and
      3. (C) has not expired or been revoked, suspended, limited, or probated; and

   3. (3) the applicant:

      1. (A) received the credential based on education and examination requirements that are comparable to or exceed those in effect in this state on the date that the foreign credential was granted;

      2. (B) satisfied one of the following:

         1. (i) completed an experience requirement in the jurisdiction that granted the foreign credential that is comparable to or exceeds the experience requirements established under this chapter;
         2. (ii) completed at least four years of professional accounting experience in this state; or
         3. (iii) within the 10 years preceding the date of the application, has met equivalent requirements prescribed by board rule;
      3. (C) passed a uniform qualifying examination acceptable to the board covering national standards; and
      4. (D) passed an examination acceptable to the board covering the laws, rules, and code of ethical conduct in effect in this state.
2. (b) An applicant for a certificate under Subsection (a) must list in the application each jurisdiction, foreign and domestic, in which the applicant has applied for or holds a credential to practice public accountancy. Each holder of a certificate issued under Subsection (a) shall notify the board in writing of the issuance, denial, revocation, suspension, limitation, or probation of a credential or the commencement of a disciplinary or enforcement action by any jurisdiction not later than the 30th day after the effective date of that action.
3. (c) The board's determination of whether a foreign credential is substantially equivalent to a certificate issued under this chapter is not subject to judicial review.

Added by Acts 2001, 77th Leg., ch. 1497, Sec. 17, eff. Sept. 1, 2001.