.05 Conditional Credit.

A. A candidate who received a score of 75 or higher in any examination section shall earn conditional credit for passing the section.

B. A candidate who receives conditional credit is excused from retaking the examination section passed, if the candidate passes the remaining sections of the examination within 30 months from the date the first section was passed.

C. A candidate who fails to pass all sections of the examination within 30 months from the date the first section is passed loses conditional credit for the first section and shall pass the section again before 30 months elapse from the date the next examination section is passed.

D. The conditional credit period may be extended by the Board upon a candidate's showing of reasons, acceptable to the Board, why the candidate is unable to take an examination.

E. As soon as practicable after the grading of the examination papers, each candidate shall be notified in writing of the candidate's grades on each subject taken.

F. Within a period of 60 days after release of grades, a candidate may request permission to review the candidate's examination by writing to the Board.

G. Conditional Credit Transition.

(1) Candidates who have earned conditional credit for examination sections passed under the paper and pencil format shall retain conditional credit as follows:

(a) The Accounting and Reporting examination section under the paper and pencil format shall be considered equivalent to the Regulation examination section under the computerized testing format;

(b) The Auditing examination section under the paper and pencil format shall be considered equivalent to the Auditing and Attestation examination section under the computerized testing format;

(c) The Business Law and Professional Responsibilities examination section under the paper and pencil format shall be considered equivalent to the Business Environment and Concepts examination section under the computerized testing format; and

(d) The Financial Accounting and Reporting examination section under the paper and pencil format shall be considered equivalent to the Financial Accounting and Reporting examination section under the computerized testing format.

(2) Duration of Conditional Credit from Paper and Pencil Format.

(a) Conditional credit earned in November 2001, expires on the earlier of:

(i) The candidate's first attempt to pass the remaining examination sections, if unsuccessful; or

(ii) May 31, 2004.

(b) Conditional credit earned in May 2002, expires on the earlier of:

(i) The candidate's second attempt to pass the remaining examination sections, if unsuccessful; or

(ii) November 30, 2004.

(c) Conditional credit earned in November 2002, expires on the earlier of:

(i) The candidate's third attempt to pass the remaining examination sections, if unsuccessful; or

(ii) May 31, 2005.

(d) Conditional credit earned in May 2003, expires on the earlier of:

(i) The candidate's fourth attempt to pass the remaining examination sections, if unsuccessful; or

(ii) November 30, 2005.

(e) Conditional credit earned in November 2003, expires on the earlier of:

(i) The candidate's fifth attempt to pass the remaining examination sections, if unsuccessful; or

(ii) May 31, 2006.