Repository: UIHistories Project: Board of Trustees Minutes - 1944 [PAGE 462]

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1943]

U N I V E R S I T Y OF I L L I N O I S

459

the United States Government under its contract with the Army and Navy for these purchases.

The Comptroller presented this item. On motion of Mr. Davis, these purchases were authorized.

ACCOUNTANCY LEGtSLATION (35) T h e 63rd General Assembly has passed, and the Governor has approved, Senate Bill 374, "An Act to regulate the practice of public accounting and to repeal certain Acts therein named." The salient features of this law are: 1. The Acts in relation to certified public accountants passed in 1903 and to public accountants passed in ig27 as amended will be repealed, but C.P.A. certificates and Public Accountant licenses issued under these Acts will be valid under the new law. 2. The issuance of C.P.A. certificates on examination by the University through a Board of Examiners will be continued. 3. The educational requirements for admission to the C.P.A. examination will be increased gradually so that after seven years, 30 semester hours of college or university work, including 20 hours of accounting, will be required. 4. C.P.A. certificates will be granted without examination t o : (1) C.P.A.'s of other states who are licensed as Public Accountants in Illinois. (2) Public Accountants who passed the regular Public Accountant written examination (estimated to number about 125) and (3) Public Accountants who have been licensed and in practice for at least ten years and who pass a written or oral examination to be given by a special board of examiners (this group of Public Accountants is estimated to number 100 to 150). 5. Licensing by the Department of Registration and Education will continue substantially as in the past, except that no further examination will be required. Holders of Illinois C.P.A. Certificates who have had three years public accounting experience will be entitled to be licensed. T w o years of college education may be accepted in lieu of one year's experience, and four years of college education in lieu of two years' experience. 6. Provision is made for issuance in the future of C.P.A. certificates without examination to holders of C.P.A. certificates of other states, providing the latter wei;e issued on the basis of a written examination. It is expected that this provision for reciprocity will eventually enable Illinois C.P.A.'s to obtain certificates in other states without examination. At present, there are some states— Wisconsin, for instance—that will not issue a C.P.A. certificate to an Illinois C.P.A. by waiver. 7. Partnerships will be licensed by the Department of Registration and Education if all partners are licensed. 8. The Department of Registration and Education is to publish annually a directory of all individuals and partnerships which are licensed to practice. 9. The director of the Department is to appoint a Committee on Grievances consisting of nine public accountants (at least six of whom shall be C.P.A.'s) to hear charges, etc., and recommend suspensions, cancellations, and restorations of licenses. Under this provision the Board of Trustees of the University of Illinois is no longer responsible for revocation of certificates, or any other regulatory or disciplinary functions, such responsibilities being transferred to the Department of Registration and Education.

This report was received for record.

SECRETARY'S REPORT OF CONTRACT

The Secretary reported for record the receipt of an agreement dated January 20, 1942, with the University of Illinois Foundation, transferring to the University of Illinois, at the end of mortgage obligation, the following property: (1) Illini Union Building; (2) Union Arcade Building; (3) Bowling Alley (this agreement was received in the Secretary's office on July 21, 1943).