Repository: UIHistories Project: Board of Trustees Minutes - 1986 [PAGE 273]

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BOARD OF TRUSTEES

[May 16

for the preparation and grading of examinations to be given to candidates for certificates as Certified Public Accountants, and for this purpose may employ the services and assistance of any persons or organizations skilled in the subjects on which the examinations are given, such as the services and facilities of the American Institute of Accountants, upon such conditions and rules relative to the use of such services as may be prescribed from time to time by the University Committee on Accountancy, provided, however, that all examinations given by said Board shall be adopted and approved by the Board and that the grades given to all persons taking said examinations shall be determined and approved by the Board.] The Board of Examiners has adopted and makes use of the Uniform Certified Public Accountants Examinations and grading system of the American Institute of Certified Public Accountants. II The portion of Section 1300.160(d) (3) relating to acceptability of transfer of credits by candidate who has passed the examination in another state. (d) Transfer of Credits by Candidate Who Has Passed the Examination in Another State (1) A candidate who has passed the entire examination in another jurisdiction or has passed a portion of the examination equivalent to the entire Illinois examination, but who is ineligible to obtain a certificate from such other jurisdiction may transfer the credits and receive a certificate in Illinois provided: (A) the educational requirements of the Illinois statute have been m e t ; and (B) the applicant would be entitled to an Illinois certificate if the examination had been written under the Illinois statute and rules. (2) A fee of $150.00 must accompany the application for a transfer of credits for the entire examination. (3) [No transfer of credits in subjects passed in another state shall be approved unless the Board of Examiners finds and determines that the examination in such other state was equivalent to the examinations given in Illinois. The applicant's grades on subjects passed in such other state shall be determined and approved by the Board of Examiners before transfer is approved.] Transfer of credits shall be accepted if the applicant wrote all subjects on the initial examination, and (A) passed all subjects, or (B) passed any 2 subjects or Accounting Practice only, obtained a grade of at least 50 on each subject failed, and passed the failed subjects within 3 of the 6 next succeeding examinations. Ill Section 1300.90. The [College] Educational Requirement [As provided in Section 3 ( d ) of the Act, a candidate for the Illinois C.P.A. Examination must have successfully completed 120 semester hours of acceptable credit of which 27 semester hours shall be in the study of Accounting, Auditing, and Business Law, provided no more than 6 shall be in Business Law. Candidates may apply to take the C.P.A. Examination during their final term, semester or quarter, but must meet the educational requirements at the time the examination is to be given.