Virginia 2025 Regular Session

Virginia House Bill HB2042 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	CHAPTER 523
	1	+	2025 SESSION
	2	+
	3	+	ENROLLED
	4	+
	5	+	VIRGINIA ACTS OF ASSEMBLY -- CHAPTER
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3	7		An Act to amend and reenact 54.1-4400, 54.1-4403, 54.1-4409.1, 54.1-4409.2, 54.1-4411, 54.1-4412.1, 54.1-4413.4, 54.1-4414 and 54.1-4425 of the Code of Virginia, relating to certified public accountant; educational requirements.
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5	9		[H 2042]
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7		-	Approved ~~March 24, 2025~~
	11	+	Approved
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9	13		Be it enacted by the General Assembly of Virginia:
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11	15		1. That 54.1-4400, 54.1-4403, 54.1-4409.1, 54.1-4409.2, 54.1-4411, 54.1-4412.1, 54.1-4413.4, 54.1-4414 and 54.1-4425 of the Code of Virginia are amended and reenacted as follows:
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13	17		54.1-4400. Definitions.
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15	19		As used in this chapter, unless the context requires a different meaning:
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17	21		"Accredited institution" means a degree-granting institution of higher education accredited either by (i) one of the regional accrediting organizations, including the Middle States Association of Colleges and Schools, New England Commission of Higher Education, Higher Learning Commission, Northwest Commission on Colleges and Universities, Southern Association of Colleges and Schools Commission on Colleges, and WASC Senior College and University Commission, or their successors or (ii) an accrediting organization demonstrating to the Board periodically, as prescribed by the Board, that its accreditation process and standards are substantially equivalent to the accreditation process and standards of the regional accrediting organizations.
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19	23		"Assurance" means any form of expressed or implied opinion or conclusion about the conformity of a financial statement with any recognition, measurement, presentation, or disclosure principles for financial statements.
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21	25		"Attest services" means audit, review, or other engagements performed in accordance with the standards that have been established by the Public Company Accounting Oversight Board, by the Auditing Standards Board or the Accounting and Review Services Committee of the American Institute of Certified Public Accountants, or by any successor standard-setting authorities.
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23	27		"Board" means the Virginia Board of Accountancy.
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25	29		"Compilation services" means compiling financial statements in accordance with standards established by the American Institute of Certified Public Accountants or by any successor standard-setting authorities.
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27	31		"Continuing professional education" means the education that a person obtains after passing the CPA examination and that relates to services provided to or on behalf of an employer in academia, government, or industry or to services provided to the public.
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29	33		"CPA" means certified public accountant.
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31	35		"CPA examination" means the national uniform CPA examination approved and administered by the board of accountancy of a state or by the board's designee.
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33	37		"CPA wall certificate" means the symbolic document suitable for wall display that is issued by the board of accountancy of a state to a person meeting the requirements to use the CPA title in that state.
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35	39		"Executive Director" means the Executive Director of the Board.
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37	41		"Experience" means employment in academia, a firm, government, or an industry in any capacity involving the substantial use of accounting, financial, tax, or other skills that are relevant, as determined by the Board, to provide services to or on behalf of an employer or to the public. Such experience must be verified by an active, licensed CPA.
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39	43		"Facilitated State Board Access" or "FSBA" means the sponsoring organization's process whereby it provides the Board access to peer review results via a secure website.
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41	45		"Financial statement" means a presentation of historical or prospective financial information about one or more persons or entities.
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43	47		"Financial statement preparation services" means engaging a licensee in public practice for financial statement preparation services executed in accordance with the standards established by the Statements on Standards for Accounting and Review Services of the American Institute of Certified Public Accountants or by any successor standard-setting authorities.
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45	49		"Firm" means an entity formed by one or more licensees as a sole proprietorship, a partnership, a corporation, a limited liability company, or any other type of entity permitted by law with the purpose of providing professional services to the public.
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47	51		"License of another state" means the license that is issued by the board of accountancy of a state other than Virginia that gives a person the privilege of using the CPA title in that state or that gives a firm the privilege of providing attest services, compilation services, and financial statement preparation services to persons and entities located in that state.
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49	53		"Licensed" means holding a Virginia license or the license of another state.
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51	55		"Licensee" means a person or firm holding a Virginia license or the license of another state.
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53	57		"Peer review" means a review of a firm's attest services, compilation services, and financial statements preparation services that is conducted in accordance with the applicable monitoring program of the American Institute of Certified Public Accountants or its successor, or with another monitoring program approved by the Board.
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55	59		"Practice of public accounting" means the performance of professional services for a client by a licensee or licensee's firm.
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57	61		"Professional services" means all services requiring substantial use of accountancy or related skills that are performed by a licensee for a client or for an employer. Such services are subject to the guidance of the standard-setting authorities listed in the standards of conduct and practice in subdivisions 5 and 6 of 54.1-4413.3 or by any equivalent standard-setting authority as approved by the Board.
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59	63		"Providing services to or on behalf of an employer" means the performance of professional services while employed or engaged on a contractual basis by a licensee to or on behalf of an entity. "Providing services to or on behalf of an employer" does not include a person or firm engaged in the practice of public accounting.
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61	65		"Providing services to the public" means providing services that are subject to the guidance of the standard-setting authorities listed in the standards of conduct and practice in subdivisions 5 and 6 of 54.1-4413.3 or by an equivalent standard-setting authority as approved by the Board.
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63	67		"Sponsoring organization" means a Board-approved professional society or other organization responsible for the facilitation and administration of peer reviews through use of its peer review program and applicable peer review standards.
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65	69		"State" means any state of the United States, the District of Columbia, or any territory of the United States that is a recognized jurisdiction by the National Association of State Boards of Accountancy or its successor.
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67	71		"Substantially equivalent" means a Board determination that the education requirements of another jurisdiction are comparable to those prescribed by the Board.
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69	73		"Using the CPA title in Virginia" means the use of "CPA," "Certified Public Accountant," or "public accountant" in any manner of communication by any person, firm, or entity to persons or entities located in Virginia portraying such person, firm, or entity as being licensed or legally permitted to provide professional services in Virginia. Holding a Virginia license or the license of another state constitutes using the CPA title in Virginia.
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71	75		"Virginia license" means a license that is issued by the Board giving a person or firm the privilege of using the CPA title in Virginia or a firm the privilege of providing attest services, compilation services, and financial statement preparation services to persons and entities located in Virginia.
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73	77		54.1-4403. General powers and duties of the Board.
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75	79		The Board shall have the power and duty to:
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77	81		1. Establish the qualifications of applicants for licensure, provided that all qualifications shall be necessary to ensure competence and integrity.
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79	83		2. Examine, or cause to be examined, the qualifications of each applicant for licensure, including the preparation, administration, and grading of the CPA examination.
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81	85		3. Promulgate regulations in accordance with the Administrative Process Act ( 2.2-4000 et seq.) necessary to assure continued competency, to prevent deceptive or misleading practices by licensees, and to effectively administer the regulatory system.
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83	87		4. Levy and collect fees for the issuance, renewal, or reinstatement of Virginia licenses that are sufficient to cover all expenses of the administration and operation of the Board.
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85	89		5. Levy on holders of Virginia licenses special assessments necessary to cover expenses of the Board.
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87	91		6. Initiate or receive complaints concerning the conduct of or violation of the provisions of this chapter or regulations promulgated by the Board by holders of Virginia licenses, individuals, firms, or entities claiming to hold a Virginia license, or unlicensed individuals, firms, or entities using the CPA title in Virginia, and to take appropriate disciplinary action if warranted.
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89	93		7. Initiate or receive complaints concerning the conduct of persons or firms who use the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411 or firms that provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia under the provisions of subsection C of 54.1-4412.1, and to take appropriate disciplinary action if warranted.
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91	95		8. Initiate or receive complaints concerning violations of the provisions of this chapter or regulations promulgated by the Board by persons or firms who use the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411 or firms that provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia under the provisions of subsection C of 54.1-4412.1, and to take appropriate disciplinary action if warranted.
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93	97		9. Revoke, suspend, or refuse to renew or reinstate a Virginia license for just causes as prescribed by the Board.
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95	99		10. Revoke or suspend, for just causes as prescribed by the Board, a person's or firm's privilege of using the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411 or a firm's privilege of providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia under the provisions of subsection C of 54.1-4412.1.
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97	101		11. Establish requirements for peer reviews.
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99	103		12. Establish continuing professional educational requirements as a condition for issuance, renewal, or reinstatement of a Virginia license.
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101	105		13. Expand or interpret the standards of conduct and practice in 54.1-4413.3.
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103	107		14. Enter into contracts necessary or convenient for carrying out the provisions of this chapter or the functions of the Board.
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105	109		15. Permit certain biographical references to previous CPA licensure.
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107	111		16. Promulgate additional guidance on using the CPA title in Virginia as necessary.
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109	113		17. Do all things necessary and convenient for carrying into effect this chapter and regulations promulgated by the Board.
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111	115		54.1-4409.1. Licensing requirements for persons.
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113	117		A. A person must be licensed in order to use the CPA title in Virginia.
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115	119		1. The person shall hold a Virginia license if he provides services to the public and the principal place of business in which he provides those services is in Virginia.
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117	121		2. Other persons shall not be required to hold a Virginia license in order to use the CPA title in Virginia provided that they hold the license of another state and comply with the substantial equivalency practice privilege provisions of 54.1-4411.
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119	123		B. The Board shall prescribe the methods, fees, and continuing professional education requirements for a person to apply for the issuance, renewal, or reinstatement of a Virginia license.
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121	125		C. The Board has the authority to refuse to grant a person the privilege of using the CPA title in Virginia if, based upon all the information available, the Board finds that the person is unfit or unsuited to use the CPA title in Virginia. The Board shall not refuse to grant a person the privilege of using the CPA title in Virginia solely because of a criminal conviction.
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123	127		54.1-4409.2. How a person may obtain a Virginia license.
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125	129		A. A person who has not held the license of any state may obtain a Virginia license under this subsection.
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127	131		1. To be considered for a Virginia license, the person seeking licensure shall:
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129	133		a. Provide documentation that he has obtained from one or more accredited institutions at least 150 semester hours of education, a baccalaureate or higher degree, and an accounting concentration or equivalent, as defined by the Board. For a person seeking licensure on or after January 1, 2026, provide documentation that he has obtained from one or more accredited institutions a baccalaureate or higher degree and an accounting concentration or equivalent, as defined by the Board;
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131	135		b. Provide documentation that he has passed the CPA examination;
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133	137		c. Describe his continuing professional education since he passed the CPA examination. The Board shall determine whether his continuing professional education complies with the continuing professional education requirement prescribed by the Board for that period; and
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135	139		d. (1) For a person seeking licensure prior to January 1, 2026, describe Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
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137	141		(2) For a person seeking licensure on or after January 1, 2026, provide documentation of qualifying experience as determined by the Board, which shall include:
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139	143		(a) Two years of experience for a person who has obtained a baccalaureate degree. The Board shall permit at least 30 additional semester hours of education beyond the minimum hours required for a baccalaureate degree to be substituted for one year of experience; or
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141	145		(b) One year of experience for a person who has obtained a master's degree.
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143	147		2. After evaluating information provided by the person, the Board may request additional information and may impose additional requirements for obtaining a Virginia license.
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145	149		B. A person who does not hold the license of another state but has previously held the license of another state may obtain a Virginia license under this subsection.
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147	151		1. To be considered for a Virginia license, the person seeking licensure shall:
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149	153		a. Disclose to the Board each state in which he has held a license;
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151	155		b. Disclose, for each of those states, why the license is no longer held and provide documentation from the board of accountancy concerning whether he has been found guilty of any violations of the standards of conduct and practice established by statutes of the state or regulations promulgated by the board;
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153	157		c. Describe the semester hours of education he has obtained from institutions of higher education. The Board shall determine whether the education obtained is substantially equivalent to the education that would have been required by the Board when the person passed the CPA examination;
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155	159		d. Provide documentation that the person has passed the CPA examination;
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157	161		e. Describe his continuing professional education since he last held the license of another state. The Board shall determine whether his continuing professional education complies with requirement prescribed by the Board for reinstatement of a Virginia license; and
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159	163		e. f. Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
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161	165		2. After evaluating the information provided by the person, the Board may request additional information and may impose additional requirements for obtaining a Virginia license.
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163	167		C. A person who holds the license of another state may obtain a Virginia license under this subsection.
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165	169		1. To be considered for a Virginia license, the person seeking licensure shall:
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167	171		a. Disclose to the Board each state in which he holds or has held a license;
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169	173		b. Provide, for each state in which the person holds a license, documentation from the board of accountancy concerning whether he is in good standing with the board, whether there are any pending actions alleging violations of the standards of conduct and practice established by statutes of the state or regulations promulgated by the board, and whether he has been found guilty of any violations of the standards of conduct and practice established by statutes of the state or regulations promulgated by the board;
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171	175		c. Disclose, for each state in which the person has held a license, why the license is no longer held and provide documentation from the board of accountancy concerning whether he has been found guilty of any violations of the standards of conduct and practice established by statutes of the state or regulations promulgated by the board;
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173	177		d. Describe the semester hours of education he has obtained from institutions of higher education. The Board shall determine whether the education obtained is substantially equivalent to the education that would have been required by the Board when the person passed the CPA examination;
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175	179		e. Provide documentation that the person has passed the CPA examination;
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177	181		f. Describe his continuing professional education during the most recent reporting period that would be required for the holder of a Virginia license. The Board shall determine whether his continuing professional education complies with the continuing professional education requirement prescribed by the Board for that period; and
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179	183		f. g. Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
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181	185		2. After evaluating the information provided by the person, the Board may request additional information and may impose additional requirements for obtaining a Virginia license.
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183	187		54.1-4411. Practice privilege provisions for persons who hold the license of another state.
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185	189		A. A person who (i) holds the license of another state shall be considered to have met requirements that are substantially equivalent to those prescribed by the Board if:
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187	191		1. The Board has determined that the education, CPA examination, and experience requirements of the state are substantially equivalent to those prescribed by the Board, or
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189	193		2. The person has demonstrated meeting education, CPA examination, and experience requirements that are substantially equivalent to those prescribed by the Board. a license in good standing issued by another state, territory of the United States, or the District of Columbia and (ii) has passed the CPA examination shall be granted practice privilege to provide services to the public in the Commonwealth without notice to the Board or payment of any fees.
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191	195		B. A person who holds the license of another state and meets the substantial equivalency provisions of exercises practice privilege pursuant to subsection A shall not be required to hold a Virginia license to use the CPA title in Virginia provided that either (i) he provides services to the public and the principal place of business in which he provides those services is in other states or (ii) he does not provide services to the public.
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193	197		However, to use the CPA title in Virginia, the person shall:
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195	199		1. Consent to be subject to:
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197	201		a. The provisions of this chapter and regulations promulgated by the Board that apply to the holder of a Virginia license,;
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199	203		b. The jurisdiction of the Board in all disciplinary proceedings arising out of matters related to his use of the CPA title or providing services to the public in Virginia,; and
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201	205		c. The Board's authority to revoke or suspend his privilege to use the CPA title in Virginia and to impose penalties for the person's violations of the provisions of this chapter and regulations promulgated by the Board.
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203	207		2. Consent to the appointment of the executive director of the board of accountancy of the state that issued the license as his agent, upon whom process may be served (i) in any action or proceeding by the Board against him, or (ii) in any civil action in Virginia courts arising out of his using the CPA title in Virginia. In the event he holds a license from more than one state, the Board shall establish which executive director shall serve as his agent.
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205	209		3. Consent to the personal and subject matter jurisdiction of the courts of Virginia in any civil action arising out of his use of the CPA title or providing services to the public in Virginia and agree that the proper venue for such actions is in Virginia.
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207	211		4. Agree to cease using the CPA title in Virginia if he is no longer licensed.
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209	213		C. A holder of a Virginia license who is using the CPA title in another state under substantial equivalency or practice privilege provisions of statutes of the state or regulations promulgated by the board of accountancy of the state shall be subject to disciplinary action by the Board for an act or omission committed in that state. The Board may investigate any complaint made to or by the board of accountancy of any state related to the person's use of the CPA title in that state.
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211	215		D. The Board may cooperate and share information with appropriate authorities in other states in investigations or enforcement matters concerning violations of the provisions of this chapter or regulations promulgated by the Board and comparable statutes or regulations of other states or boards of accountancy.
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213	217		E. Notwithstanding any provision of law to the contrary, if the Board determines after evaluation that another state has granted CPA licenses without requiring candidates to meet minimum qualifications acceptable to the Board, the Board may revoke practice privileges in the Commonwealth for CPAs licensed by that state. Individual CPAs from states for which practice privileges have been revoked can still qualify for practice privileges in the Commonwealth if the person would qualify for licensure in Virginia.
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215	219		54.1-4412.1. Licensing requirements for firms.
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217	221		A. Only a licensed firm can provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia. However, this shall not affect the privilege of a person who is not licensed to include a statement on financial statements indicating that no assurance is provided on the financial statements, to say that financial statements have been compiled, or to use the compilation language, as prescribed by subsections B and C of 54.1-4401.
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219	223		B. A firm that provides attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia shall obtain a Virginia license if such firm's principal place of business is in Virginia.
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221	225		C. A firm whose principal place of business is not in Virginia is not required to obtain a Virginia license but may provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia if the following provisions are met:
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223	227		1. The firm holds the license of another state and can lawfully provide attest services, compilation services, or financial statement preparation services to persons or entities in the state where its principal place of business is located; and
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225	229		2. The firm complies with subsection D; and
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227	231		3. The firm's personnel working on the engagement either (i) hold a Virginia license or (ii) hold the license of another state and comply with the substantial equivalency practice privilege provisions of 54.1-4411; or
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229	233		4. The firm's personnel working on the engagement are under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the substantial equivalency practice privilege provisions of 54.1-4411.
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231	235		D. For a firm to obtain and hold a Virginia license:
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233	237		1. As determined on a firm-wide basis:
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235	239		a. At least 51 percent of the owners of the firm shall be licensees, trustees of an eligible employee stock ownership plan as defined in 13.1-543, or a firm that meets this requirement; and
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237	241		b. At least 51 percent of the voting equity interest in the firm shall be owned by persons who are licensees, by trustees of an eligible employee stock ownership plan as defined in 13.1-543, or by a firm that meets this requirement.
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239	243		If the death, retirement, or departure of an owner causes either of these requirements not to be met, the requirement shall be met within one year after the death, retirement, or departure of the owner.
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241	245		2. The Board shall prescribe requirements concerning the hours that owners who are not licensees work in the firm and may prescribe other requirements for those persons.
242	246
243	247		3. All attest services, compilation services, and financial statement preparation services provided for persons and entities located in Virginia shall be under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the substantial equivalency practice privilege provisions of 54.1-4411.
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245	249		4. Any person who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services provided for persons or entities located in Virginia shall:
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247	251		a. Either (i) hold a Virginia license or (ii) hold the license of another state and comply with the substantial equivalency practice privilege provisions of 54.1-4411; and
248	252
249	253		b. Meet any additional requirements the Board prescribes.
250	254
251	255		5. The firm shall conduct its attest services, compilation services, and financial statement preparation services in conformity with the standards of conduct and practice in 54.1-4413.3 and regulations promulgated by the Board.
252	256
253	257		6. If the services provided by the firm are within the scope of the practice-monitoring program of the American Institute of Certified Public Accountants or its successor, the firm shall enroll in the program or in another practice-monitoring program for attest services, compilation services, and financial statement preparation services that is approved by the Board. In addition, if enrolled the firm shall:
254	258
255	259		a. Comply with any requirements prescribed by the Board in response to the results of peer reviews; and
256	260
257	261		b. Participate in the American Institute of Certified Public Accountants', or sponsoring organizations', Facilitated State Board Access process, or its successor process, or another process approved by the Board for peer reviews.
258	262
259	263		7. The name of the firm shall not be false, misleading, or deceptive.
260	264
261	265		E. The Board shall prescribe the methods and fees for a firm to apply for the issuance, renewal, or reinstatement of a Virginia license.
262	266
263	267		F. A firm may not use the CPA title in Virginia unless it holds a Virginia license or the license of another state as permitted in subsection C.
264	268
265	269		54.1-4413.4. Penalties.
266	270
267	271		A. Penalties the Board may impose consist of:
268	272
269	273		1. Revoking a Virginia license or the privilege of using the CPA title in Virginia or providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia;
270	274
271	275		2. Suspending or refusing to renew or reinstate a Virginia license or the privilege of using the CPA title in Virginia or providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia;
272	276
273	277		3. Reprimanding, censuring, or limiting the scope of practice of any person, firm, or entity using a Virginia license or the CPA title in Virginia or any firm providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia;
274	278
275	279		4. Placing any person, firm, or entity using a Virginia license or the CPA title in Virginia or any firm providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia on probation, with or without terms, conditions, and limitations;
276	280
277	281		5. Requiring a firm holding a Virginia license to have an accelerated peer review conducted as the Board may specify or to take other remedial actions;
278	282
279	283		6. Requiring a person holding a Virginia license to satisfactorily complete additional or specific continuing professional education as the Board may specify;
280	284
281	285		7. Imposing a monetary penalty up to $100,000 for each violation of the provisions of this chapter or regulations promulgated by the Board; any monetary penalty may be sued for and recovered in the name of the Commonwealth; and
282	286
283	287		8. Requiring any person, firm, or entity that violates 54.1-4414 to discontinue any acts in violation of that provision.
284	288
285	289		B. The Board may impose penalties on persons, firms, or entities using a Virginia license or the CPA title in Virginia or firms or entities providing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia for:
286	290
287	291		1. Violation of the provisions of this chapter or violation of any regulation, subpoena, or order of the Board;
288	292
289	293		2. Fraud or deceit in obtaining, renewing, or applying for reinstatement or lifting the suspension of a Virginia license;
290	294
291	295		3. Revocation, suspension, or refusal to reinstate the license of another state for disciplinary reasons;
292	296
293	297		4. Revocation or suspension of the privilege of practicing before any state or federal agency or federal court of law;
294	298
295	299		5. Dishonesty, fraud, or gross negligence in providing services to or on behalf of an employer, in providing services to the public, or in providing attest services, compilation services, or financial statement preparation services;
296	300
297	301		6. Dishonesty, fraud, or gross negligence in preparing the person's or firm's own state or federal income tax return or financial statement;
298	302
299	303		7. Conviction of a felony, or of any crime involving moral turpitude, under the laws of the United States, of Virginia, or of any other state if the acts involved would have constituted a crime under the laws of Virginia; or
300	304
301	305		8. Lack of the competence required to provide services to the public for persons and entities located in Virginia or to provide attest services, compilation services, and financial statement preparation services to persons and entities located in Virginia, as determined by the Board.
302	306
303	307		C. The Board may also impose penalties on:
304	308
305	309		1. A person, firm, or entity that does not hold a Virginia license, or that does not meet the requirements to use the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411, and commits any of the acts prohibited by 54.1-4414; or
306	310
307	311		2. A firm or entity that does not meet the criteria prescribed by subdivision D 1 of 54.1-4412.1 and commits any of the acts prohibited by 54.1-4414.
308	312
309	313		54.1-4414. Prohibited acts.
310	314
311	315		Neither (i) a person who does not hold a Virginia license or who does not meet the requirements to use the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411 nor (ii) an entity that does not meet the criteria prescribed by subdivision D 1 of 54.1-4412.1 shall:
312	316
313	317		1. Practice public accounting;
314	318
315	319		2. Claim to hold a license to use the CPA title;
316	320
317	321		3. Make any other claim of licensure, registration, or approval related to the preparation of financial statements that is false or misleading;
318	322
319	323		4. Use the CPA title; or
320	324
321	325		5. Refer to any of the standard-setting authorities listed in the standards of conduct and practice in subdivisions 5 and 6 of 54.1-4413.3, or refer to or use any of the terminology prescribed by those authorities for reporting on financial statements, in any form or manner of communication about services provided to persons or entities located in Virginia.
322	326
323	327		54.1-4425. Time for filing complaints against CPAs or CPA firms.
324	328
325	329		A. Except as otherwise provided in subsections B and C, any complaint against the holder of a Virginia license for any violation of statutes or regulations pertaining to the Board or any of the programs that may be in another title of the Code for which the Board has enforcement responsibility, in order to be investigated by the Board, shall be made in writing, or otherwise made in accordance with Board procedures, and received by the Board within three five years of the act, omission, or occurrence giving rise to the violation.
326	330
327	331		B. However, where a holder of a Virginia license has materially and willfully misrepresented, concealed, or omitted any information and the information so misrepresented, concealed, or omitted is material to the establishment of the violation, the complaint may be made at any time within two years after discovery of the misrepresentation, concealment, or omission.
328	332
329	333		C. In cases where criminal charges have been filed involving matters that, if found to be true, would also constitute a violation of the regulations or laws of the regulant's profession enforced by the Board, an investigation may be initiated by the Board at any time within three five years following the date of conviction.
330	334
331	335		D. In order to be investigated by the Board, any complaint against an individual or firm using the CPA title in Virginia under the substantial equivalency practice privilege provisions of 54.1-4411 or against a firm or entity providing attest services, compilation services, or financial statement preparation services under subsection C of 54.1-4412.1 for any violation of statutes or regulations pertaining to the Board or any of the programs that may be in another title of this Code for which the Board has enforcement responsibility shall be made in writing, or otherwise made in accordance with Board procedures, and received by the Board within five years of the act, omission, or occurrence giving rise to the violation.
332	336
333	337		E. Public information obtained from any source may serve as the basis for a written complaint. Nothing in this section shall be construed to require the filing of a complaint if the alleged violation of the statute or regulation is discovered during an investigation authorized by law, and the acts, omissions, or conditions constituting the alleged violations are witnessed by a sworn investigator appointed by the Executive Director.
334	338
335	339		F. Nothing herein shall deny the right of any party to bring a civil cause of action in a court of law.
336	340
337	341		2. That the Board of Accountancy shall promulgate regulations to implement the provisions of this act to be effective within 280 days of its enactment.