Statement of Basis:	The statutory basis for the proposed amended rule is §§24-4-103 and 12-2-104(1)(b), (c), C.R.S. 

Statement of Purpose:	The purpose for the amended rule 4.1(E) is to clarify and define the five-in-ten experience requirement for certified public accountant license applicants in Colorado.

Proposed Amended Rule:

4.1   Experience

E.   Five in Ten Year Reciprocity
1.  The Board may issue a Certified Public Accountant certificate to a holder of a certificate, license or permit issued by another U.S. licensing jurisdiction after the applicant:
a. Has passed the examination required for issuance of the applicant's certification with grades which would have been passing grades at the time in this state;
b.  Has five years of experience practicing public accounting as a Certified Public Accountant in another U.S. licensing jurisdiction or in a country recognized by the International Qualifications Appraisal Board (IQAB) of NASBA within the ten years immediately preceding the application; and,
c. Has completed a minimum of 100 hours of continuing professional education, with a minimum of 40 hours completed in the two years immediately preceding application to this state;
2.  If the applicant has a minimum of 3 years out of the last 5 years in a jurisdiction outside of Colorado at the time of application, the remaining time may be earned in Colorado or another jurisdiction to meet the requirements of rule 4.1(e)(1)(b) above.