NAC628.060. Requirements for experience: Function of attesting; evaluation by Board; educational requirements for individual review.

     1. Except as otherwise provided in NAC 628.061, the minimum requirements of experience in the function of attesting in the practice of public accounting, professionally known as the attest function, are as follows:

     (a) An applicant for a certificate of certified public accountant must have at least 1,000 hours of experience in the attest function, of which not more than 300 hours may consist of reviews or full disclosure compilations. This includes the planning, management and execution of such engagements.

     (b) An applicant may acquire this experience by participating in the planning, management and performance of such engagements for at least 600 hours, of which no more than 180 hours may consist of reviews or full disclosure compilation, if the applicant has also completed formal programs of training of a character and magnitude which are, when considered with the experience obtained in the function of attesting, substantially equivalent in the Board’s judgment to 1,000 hours of attesting experience as described in paragraph (a).

     2. The Board will, upon receipt of an application, evaluate the character of experience obtained under the supervision of a certified public accountant by persons employed by specific agencies of the government or an internal audit department of a business and define the duration and the character of that work with specified programs of training that are substantially equivalent to 2 years of experience in the practice of public accounting. The Board will allow 1/2 of the number of months of experience earned by the person as a credit toward the requirements set forth in subsection 1 of NRS 628.200.

     3. An applicant for a certificate who has requested an individual review must pay an additional fee for the evaluation by the Board of the extent and nature of a person’s experience or the extent and nature of the experience provided by any specific governmental agency or an internal audit department of a business. The Board may require an applicant to reimburse the Board for reasonable costs of travel actually incurred in evaluating the character of an applicant’s experience.

     4. A person who has passed the examination for a certificate as a certified public accountant will not be held to a higher standard in the evaluation of his or her experience than the standard defined by the Board on the date he or she passed the examination.

     5. An applicant must submit a certificate of attest experience to the Board as proof of his or her attest experience. The certificate must:

     (a) Be signed, under penalty of perjury, by the certified public accountant who supervised the applicant’s work.

     (b) Identify separately the number of hours of attest experience in each of the following areas:

          (1) Audit.

          (2) Review.

          (3) Full disclosure compilation.

     6. The attest experience described in subsection 5 must include experience relating to:

     (a) The evaluation of internal control as a basis for reliance thereon for the determination of the extent of the tests to which auditing procedures in the program of audit are to be applied;

     (b) The planning of the program of audit work, including the selection of the procedures to be followed;

     (c) The preparation and indexing of audit work papers relating to the audits of financial statements;

     (d) The application of various auditing procedures and techniques to the usual and customary financial transactions;

     (e) The preparation of the auditor’s report and the preparation of written explanations and comments relating to the findings of the audit and the content of the accounting records; and

     (f) The preparation and analysis of financial statements.

     7. The applicant shall keep a record of his or her work experience, including related work papers, for review by the Board.

     8. Except as otherwise provided in subsection 12, an applicant who has requested an individual review pursuant to this section must complete at least 120 hours of credit in the following subject areas:

Subject Area	Hours of Credit
Professional Training for Public Accountants - Level I...............................	24
(Staff Training - Basic)
Designing Audit Programs for Small
Business Engagements............................................................................	8
Professional Training for Public Accountants - Level II..............................	24
(Staff Training - Semi-Senior)
Financial Accounting Standards Board-Accounting
Principles Board Review (FASB-APB)..................................................	16
Professional Training for Public Accountants - Level III............................	24
(Staff Training - Beginning In-Charge)
Preparing Financial Statements....................................................................	8
Financial Statement Disclosures...................................................................	16

     9. The number of hours of credit designated for each subject area listed in subsection 8 is the minimum number of hours required for that subject area.

     10. An applicant may take more than one course in any subject area.

     11. An applicant is entitled to receive credit for any course he or she completes in the program, regardless of the title of the course, if the content of the course is within one of the subject areas listed in subsection 8.

     12. The Board may waive any course required by subsection 8 if it finds that the applicant has demonstrated sufficient knowledge of that course.

     [Bd. of Accountancy, Art. 10, eff. 5-13-82]—(NAC A 2-6-87; 7-6-92; 5-18-94; 12-13-96)