(a) The Board shall grant a certificate of “certified public accountant” to persons of good moral character who apply for a certificate pursuant to section 250c and meet the education, experience and examination requirements of this section and regulations adopted under this section
(b) “Good moral character” for purposes of this section means the propensity to provide professional services in a fair, honest, and open manner. The Board may refuse to grant a certificate on the ground of failure to satisfy this requirement only if there is a substantial connection between the lack of good moral character of the applicant and the professional responsibilities of a licensee and if the finding by the Board of lack of good moral character is supported by clear and convincing evidence. When an applicant is found to be unqualified for a certificate because of a lack of good moral character, the Board shall furnish the applicant a statement containing the findings of the Board, a complete record of the evidence upon which the determination was based, and a notice of the applicant’s right of appeal.
(c) During the five-year period immediately following the effective date of this chapter, the education requirements for a certificate are as follows:
(1) a baccalaureate degree or its equivalent, including at least 120 semester hours of education conferred by a college or university acceptable to the Board, with an accounting concentration or equivalent as determined by Board rule to be appropriate; or
(2) graduation from a college or university recognized by the Board, but if the applicant has not completed the hours of study and subjects specified in Board’s regulation, the applicant must have been engaged in the practice of public accounting or in the employ of a public accountant or certified public accountant, for three years preceding the date of application, or employed by the Government of the Virgin Islands or by the federal government as an auditor, or as an internal revenue agent, or in a position of supervisory responsibility over auditors or internal revenue agents for at least three years preceding the date of application.
(d) After the expiration of the five-year period immediately following the effective date of this chapter, the applicant must have completed at least 150 semester hours of college education, including a baccalaureate or higher degree conferred by a college or university acceptable to the Board, the total educational program to include an accounting concentration or equivalent as determined by Board rule to be appropriate. However, an individual who has completed a baccalaureate degree or its equivalent, including at least 120 semester hours of education acceptable to the Board, with an accounting concentration or equivalent as determined by Board rule to be appropriate may, sit for the examination required under subsection (e);
(e) The examination required to be passed as a condition for the granting of a certificate must be held regularly throughout the year, and must test the applicant’s knowledge of the subjects of accounting and auditing, and such other related subjects as the Board may specify by regulations, including but not limited to business law and taxation. The Board shall prescribe by regulations the methods of applying for and conducting the examination, including methods for grading and determining a passing grade required of an applicant for a certificate. However, the Board shall to the extent possible ensure that the examination itself, grading of the examination, and the passing grades, are uniform with those applicable in all other states. The Board may make such use of all or any part of the Uniform Certified Public Accountant Examination and Advisory Grading Service of the American Institute of Certified Public Accountants and may contract with third parties to perform such administrative services with respect to the examination as it considers appropriate to assist it in performing its duties under this section.
(f) The Board may charge, or provide for a third party administering the examination to charge, each applicant a fee in an amount prescribed by the Board by rule.
(g) An applicant for initial issuance of a certificate under this section shall show that the applicant has had one year of experience. This experience must include providing any type of service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills all of which were certified by a licensee, meeting requirements prescribed by the Board by rule. This experience is acceptable if it was gained through employment in government, industry, academia or public practice.
(h) Any person who holds an individual certificate or permit as of the effective date of this chapter issued pursuant to the laws of this Territory this title, Professions and Occupations, Chapter 5, Public Accounting, is not required to obtain additional permits pursuant to this chapter has same rights and privileges, but is subject to the provisions of this chapter for renewal of permits.