(1) The board may grant a certificate, license, or permit to practice to a foreign-trained applicant if all of the requirements established under ARM 24.201.528 regarding out-of-state applicants have been met, or by meeting the following requirements:

(a) the applicant has met the issuing body's education requirement and has passed the issuing body's examination used to qualify its domestic applicants. The board may, in its discretion, rely on the International Qualifications Appraisal Board (IQAB) for evaluation of foreign credential equivalency;

(b) the applicant's foreign and/or domestic credentials must be valid and in good standing at the time of application;

(c) the applicant must successfully have passed a uniform qualifying examination to ensure that the holder possesses adequate knowledge of national practice standards. The board may, in its discretion, rely on the National Association of State Boards of Accountancy (NASBA), the American Institute of Certified Public Accountants (AICPA), or other professional bodies to develop, administer, and grade such a qualifying examination;

(d) the applicant must take and pass the open book AICPA ethics course;

(e) the applicant must provide evidence of having met an equivalent experience requirement obtained under the supervision or direction of a chartered accountant, Mexicano de Contradores Publicos, certified public accountant, or licensed public accountant permitted to practice in the original jurisdiction in order to be issued an initial permit to practice;

(f) the applicant must meet the continuing professional education requirements established under 37-1-306 and 37-50-314, MCA, in order to be issued an initial permit to practice; and

(g) the foreign authority granting the designation to the applicant must extend reciprocity to a person who holds a valid certificate, license, or permit to practice issued by this state.