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ACROSS SESSIONS
- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
2007 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 54.1-1106, 54.1-4400 through 54.1-4408, 54.1-4411, 54.1-4414, 54.1-4415, 54.1-4416, 54.1-4418, 54.1-4420, 54.1-4421, and 54.1-4423 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding sections numbered 54.1-4409.1, 54.1-4409.2, 54.1-4412.1, and 54.1-4413.2 through 54.1-4413.5 as follows:
§ 54.1-1106. Application for Class A license; fees; examination; issuance.
A. Any person desiring to be licensed as a Class A contractor
shall file with the Department a written application on a form prescribed by
the Board. The application shall be accompanied by a fee set by the Board
pursuant to § 54.1-201. The application shall contain the name, place of
employment, and business address of the proposed designated employee, and
information on the knowledge, skills, abilities, and financial position of the
applicant. The Board shall determine whether the past performance record of the
applicant, including his reputation for paying material bills and carrying out
other contractual obligations, satisfies the purposes and intent of this
chapter. The Board shall also determine whether the applicant has complied with
the laws of the Commonwealth pertaining to the domestication of foreign
corporations and all other laws affecting those engaged in the practice of
contracting as set forth in this chapter. If the Board determines that
sufficient questions or ambiguities exist in an individual applicant's presentation
of his financial information, the Board may require the applicant to provide a
balance sheet reviewed by a certified public accountant licensed in accordance
with § 54.1-4409 § 54.1-4409.1. In addition, if the applicant is
a sole proprietor, he shall furnish to the Board his name and address. If the
applicant is a member of a partnership, he shall furnish to the Board the names
and addresses of all of the general partners of the partnership. If the
applicant is a member of an association, he shall furnish to the Board the
names and addresses of all of the members of the association. If the applicant
is a corporation, it shall furnish to the Board the names and addresses of all
officers of the corporation. If the applicant is a joint venture, it shall
furnish to the Board the names and addresses of (i) each member of the joint
venture and (ii) any sole proprietor, general partner of any partnership,
member of any association, or officer of any corporation who is a member of the
joint venture. The applicant shall thereafter keep the Board advised of any
changes in the above information.
B. If the application is satisfactory to the Board, the proposed designated employee shall be required by Board regulations to take an oral or written examination to determine his general knowledge of contracting, including the statutory and regulatory requirements governing contractors in the Commonwealth. If the proposed designated employee successfully completes the examination and the applicant meets or exceeds the other entry criteria established by Board regulations, a Class A contractor license shall be issued to the applicant. The license shall permit the applicant to engage in contracting only so long as the designated employee is in the full-time employment of the contractor or is a member of the contractor's responsible management. No examination shall be required where the licensed Class A contractor changes his form of business entity provided he is in good standing with the Board. In the event the designated employee leaves the full-time employ of the licensed contractor or is no longer a member of the contractor's responsible management, no additional examination shall be required of such designated employee, except in accordance with § 54.1-1110.1, and the contractor shall within 90 days of that departure provide to the Board the name of the new designated employee.
C. The Board may grant a Class A license in any of the following classifications: (i) building contractor, (ii) highway/heavy contractor, (iii) electrical contractor, (iv) plumbing contractor, (v) heating, ventilation, and air conditioning contractor, and (vi) specialty contractor.
§ 54.1-4400. Definitions.
As used in this chapter, unless the context clearly indicates otherwise:
“Accredited institution” means a degree-granting college or university accredited either by (i) one of the six major regional accrediting organizations- Middle States Association of Colleges and Schools, New England Association of Schools and Colleges, North Central Association of Colleges and Schools, Northwest Commission on Colleges and Universities, Southern Association of Colleges and Schools, and Western Association of Schools and Colleges- 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 six major regional accrediting organizations.
"Assurance" means any act or action, whether
written or oral, expressing an form of expressed or implied opinion
or conclusion about the reliability of a financial statement or about its conformity
of a financial statement with any recognition, measurement,
presentation, or disclosure principles for financial accounting
principles or standards statements.
"Attestation engagement" means performing an
engagement in accordance with attestation standards promulgated by the American
Institute of Certified Public Accountants and issuing a written communication
that expresses a conclusion about the reliability of a written assertion that
is the responsibility of another party.
“Attest services” means audit, review, or other attest services for which standards 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.
"Board" means the Virginia Board of
Accountancy continued by the provisions of this chapter and established by
its predecessor under prior law.
"Commission" means compensation generated from
the purchase or sale of a product or service and which would not be generated
but for the purchase or sale of the product or service.
"Compilation services" or
"Compile," when used by a CPA, refers to a firm (including sole
proprietors) presenting in the form of means compiling financial
statements information that is the representation of management (owners)
without undertaking to express any assurance on the statements and performing
such service in accordance with the Statements on Standards for
Accounting and Review Services issued standards established by the
American Institute of Certified Public Accountants or by any successor
standard-setting authorities.
"Contingent fee" means a fee established for the
performance of a service pursuant to an arrangement in which no fee will be
charged unless a specified finding or result is obtained, or in which the
amount of the fee is dependent upon the finding or result obtained. Fees shall
not be considered contingent if fixed by courts or other public authorities, or
in tax matters if determined based on the results of judicial proceedings or
the findings of governmental agencies. A CPA certificate holder's fees may vary
depending on the complexity of services rendered, and such variation shall not
be considered a contingent fee.
“Continuing professional education” means the education that a person obtains after passing the CPA examination and that relates to services provided to an employer in academia, government, or industry using the CPA title or to services provided to the public using the CPA title.
"CPA certificate" means a certificate as a
certified public accountant (CPA) issued by the Board pursuant to this
chapter or corresponding provisions of prior law, which shall function as a
license, if currently valid, or a certificate as a certified public accountant
issued after meeting the CPA exam and other requirements under the laws of any
other state.
"CPA exam" "CPA examination"
means the National Uniform national uniform CPA exam
examination approved and administered by the Board of Accountancy to
candidates for a CPA certificate board of accountancy of a state or by
the board's designee.
“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.
"CPA title" means using "CPA,"
"Certified Public Accountant," "public accountant," or
"CPA firm" in any form or manner that communicates (including but not
limited to any title, phrase, acronym, abbreviation, business cards, CPA wall
certificate, letterhead, reports, tax returns, sign, card, or any other
document or device) that the individual or firm holds a currently valid CPA
certificate or permit.
"Executive Director" means the Executive
Director of the Board of Accountancy.
“Experience” means employment in academia, a firm, government, or 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 an employer using the CPA title or to the public using the CPA title.
"Financial statement" means a written or other
form of presentation, including accompanying notes, which presents, in
whole or in part, of historical or prospective financial
position, results of operations or changes in financial position of any person,
corporation, partnership or other entity information about one or more
persons or entities.
"Firm" means an entity formed by one or more
licensees as a sole proprietorship, a partnership, a corporation,
a limited liability company, limited liability partnership, or
any other form of organization type of entity permitted by
law.
"License" means a CPA certificate or permit.
“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 and compilation services to persons and entities located in that state.
“Licensed” means holding a Virginia license or the license of another state.
"Licensee" means a holder of a CPA certificate or
permit person or firm holding a Virginia license or the license of
another state.
"Non-CPA owner" means an individual who does not
hold a license, provides professional services to clients, and holds an
ownership interest in a CPA firm.
"Peer review" means a study, appraisal, or
review, by a CPA certificate holder or CPA firm holding a currently valid
license that is not affiliated with the firm being reviewed, of one or more
aspects of the professional work of a firm that engages in the practice of
public accounting or compiles financial statements review of a firm's
attest services and compilation services that is conducted in accordance
with the applicable monitoring program of the American Institute of
Certified Public Accountants' Statements on Standards for Accounting and
Review Services (SSARS) Accountants or its successor, or with another
monitoring program approved by the Board.
"Permit" means a permit issued to a firm that has
met all of the requirements for registration under this chapter. Issuance of a
permit shall constitute licensure as defined in § 54.1-300.
"Practice of public accountancy" or "public
accounting" accounting" means the giving of an assurance,
in a report or otherwise, whether expressly or implicitly, unless this
assurance is given by an employee to his employer other than (i) by the
person or persons about whom the financial information is presented or (ii) by
one or more owners, officers, employees, or members of the governing body of
the entity or entities about whom the financial information is presented.
“Providing services to an employer using the CPA title” means providing to an entity services that require the substantial use of accounting, financial, tax, or other skills that are relevant, as determined by the Board.
"Providing services to the public using the CPA title" 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.
"Registration" or "registered" means
the process through which a firm obtains a permit from the Board.
"Report" or "reports," when used with
reference to financial statements, means an opinion or disclaimer of opinion or
other form of language or representation that states or implies any form of
assurance or denial of assurance.
"State" means any state of the United States, the Commonwealth of the Northern Mariana Islands, the District of Columbia, Guam,
Puerto Rico, and the U.S. Virgin Islands and Guam.
"Statements on Standards for Accounting and Review
Services" or "SSARS" means Statements on Standards for
Accounting and Review Services established by the American Institute of
Certified Public Accountants.
"Substantial equivalency" means a determination
by the Board or its designee that the education, CPA exam and experience
requirements contained in the statutes and administrative rules of another
jurisdictionare comparable to, or exceed, the education, CPA exam and
experience requirements contained in this chapter, or that an individual CPA
from another jurisdiction has met education, CPA exam and experience
requirements that are comparable to, or exceed, the education, CPA exam, and experience
requirements contained in this chapter.
“Using the CPA title in Virginia” means using “CPA,” “Certified Public Accountant,” or “public accountant” (i) in any form or manner of verbal communication to persons or entities located in Virginia or (ii) in any form or manner of written communication to persons or entities located in Virginia, including but not limited to the use in any abbreviation, acronym, phrase, or title that appears in business cards, the CPA wall certificate, Internet postings, letterhead, reports, signs, tax returns, or any other document or device.
“Virginia license” means a license that is issued by the Board giving a person the privilege of using the CPA title in Virginia or a firm the privilege of providing attest services and compilation services to persons and entities located in Virginia.
§ 54.1-4401. Applicability of chapter.
A. This chapter shall not be construed to prevent any person who is not licensed from:
1. Describing himself as an Using the description "accountant"
or a "bookkeeper";
2. Stating that he practices accountancy accounting
or bookkeeping;
3. Performing services involving the use of accounting skills;
4. Rendering tax services, or management advisory or consulting services;
5. Keeping the books of account and related accounting records; or
6. Preparing financial statements without the expression of
an opinion or an providing assurance.
B. This chapter shall not be construed to prevent any person who
is not licensed from stating that he has prepared, compiled, assembled or
drafted a financial statement, provided he does not use any additional language
that comprises an assurance, or make any claims, or
representations, or use any of the language statements prohibited
by § 54.1-4413 § 54.1-4414.
C. The prohibitions of § 54.1-4413 § 54.1-4414 and
the other provisions of this chapter shall not be construed to preclude the
use of any person who is not licensed from using the following
language: "I (We) have compiled the accompanying (financial statements) of
(name of entity) as of (time period) and for the (period) then ended. A
compilation is limited to presenting in the form of financial statements
information that is the representation of management (owners). I (We) have not
audited or reviewed the accompanying financial statements and, accordingly, do
not express an opinion or any other form of assurance on them. Management has
elected to omit substantially all (or certain) required disclosures (and the
statement of changes in financial position cash flows). If the
omitted disclosures were included in the financial statements, they might
influence the user's conclusions about the (entity's) financial position,
results of operations, and changes in financial position cash flows.
Accordingly, these financial statements are not designed for those who are not
informed about these matters."
D. The provisions of this chapter shall not be construed, interpreted, or applied to prohibit any public official or public employee from performing his duly authorized or mandated duties.
§ 54.1-4402. Board; membership; qualifications; powers and duties.
A. The Board of Accountancy established under the former § 54.1-2000 and previously operating in the Department of Professional and Occupational Regulation is hereby continued and reestablished as an independent board in the executive branch of state government.
B. The Board shall consist of seven members appointed
by the Governor as follows: one member shall be a public member who may
be an accountant who does not hold a CPA certificate is not licensed but
otherwise meets the requirements of clauses (i) and (ii) of § 54.1-107; one
educator in the field of accounting; and five certified public accountants as
follows: (a) four of whom have been actively engaged in the practice of public
accounting for at least three years prior to appointment to the Board and (b)
one of whom may be a certified public accountant not engaged in the practice of
public accounting at the time of his appointment but who has at least three
years of experience in the accounting field prior to appointment. one
member shall be an educator in the field of accounting who holds a Virginia
license; four members shall be holders of Virginia licenses who have been
actively engaged in providing services to the public using the CPA title for at
least three years prior to appointment to the Board; and one member shall hold
a Virginia license and for at least three years prior to appointment to the
Board shall have been actively engaged in providing services to the public
using the CPA title or in providing services to an employer in government or
industry using the CPA title.
C. Members of the Board shall serve for terms of four
years. The Governor may remove any member as provided in subsection B of §
2.2-108. Any certified public accountant member of the Board whose CPA
certificate Virginia license is revoked or suspended shall
automatically cease to be a member of the Board.
B. D. The Board shall certify and issue CPA
certificates to persons to practice public accountancy and restrict the
practice of public accountancy to those persons who are so certified, who
may accounting and the use of the CPA title, and shall
take such actions as may be authorized by this chapter to ensure their
continued competence and to aid the public in determining the qualifications of
such persons in Virginia to licensed persons and firms as specified in
§§ 54.1-4409.1 and 54.1-4412.1.
E. The Board shall restrict the provision of attest services and compilation services to persons or entities located in Virginia and to as specified in § 54.1-4412.1. However, this shall not affect the privilege of a person who is not licensed 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.
F. The Board shall take such actions as may be authorized by this chapter to ensure the continued competence of persons using the CPA title in Virginia and firms providing attest services or compilation services to persons or entities located in Virginia, and to aid the public in determining their qualifications.
G. The Board shall issue permits to firms to engage
in the practice of public accountancy in the Commonwealth as set forth in §
54.1-4412 or to use the CPA title and take such actions as may be
authorized by this chapter to ensure that such firms and their certified
public accountants persons using the CPA title in Virginia and firms
providing attest services or compilation services to persons or entities
located in Virginia adhere to the standards of conduct and
practice in § 54.1-4413.3 and regulations promulgated by the Board.
C. H. The Board shall have the responsibility of
enforcing this chapter and may by regulation establish rules and procedures for
the implementation of the provisions of this chapter.
§ 54.1-4403. General powers and duties of the Board.
The Board shall have the following powers and duties
power and duty to:
1. Establish the qualifications of applicants for licensure, provided that all qualifications shall be necessary to ensure competence and integrity.
2. Examine, or cause to be examined, the qualifications of
each applicant for licensure, including the preparation, administration and
grading of examinations the CPA examination.
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 practitioners licensees,
and to effectively administer the regulatory system.
4. Levy and collect fees for licensure and registration and
the issuance, renewal, or reinstatement of Virginia licenses that
are sufficient to cover all expenses for of the administration
and operation of the Board.
5. Levy on licensees holders of Virginia licenses
special assessments necessary to cover expenses of the Board.
6. Initiate or receive complaints concerning the conduct of persons
and businesses licensed or registered by the Board as well as persons and
businesses violating holders of Virginia licenses or concerning their
violation of the provisions of this chapter or regulations promulgated
by the Board, and to take appropriate disciplinary action if warranted.
7. Revoke, suspend or fail to renew a certificate or
license for just causes as enumerated in regulations of the Board.
7. Initiate or receive complaints concerning the conduct of persons who use the CPA title in Virginia under the substantial equivalency provisions of § 54.1-4411 or firms that provide attest services or compilation 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.
8. Initiate or receive complaints concerning violations of the provisions of this chapter or regulations promulgated by the Board by persons who use the CPA title in Virginia under the substantial equivalency provisions of § 54.1-4411 or firms that provide attest services or compilation 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.
9. Revoke, suspend, or refuse to reinstate a Virginia license for just causes as prescribed by the Board.
10. Revoke or suspend, for just causes as prescribed by the Board, a person’s privilege of using the CPA title in Virginia under the substantial equivalency provisions of § 54.1-4411 or a firm’s privilege of providing attest services or compilation services to persons or entities located in Virginia under the provisions of subsection C of § 54.1-4412.1.
8. 11. Establish requirements for peer reviews of
accounting practices or other related programs established to ensure that firms
are conducting their practice in accordance with the standards of conduct and
practice.
9. 12. Establish continuing professional
education standards continuing professional educational requirements as
a condition for issuance or, renewal, or reinstatement of
a CPA certificate Virginia license.
10. 13. Establish applicable Expand or
interpret the standards of conduct and practice for CPA certificate
holders in § 54.1-4413.3.
11. 14. Enter into contracts necessary or
convenient for carrying out the provisions of this chapter or the functions of
the Board.
12. 15. Do all things necessary and convenient
for carrying into effect this chapter or as enumerated in and
regulations promulgated by the Board.
§ 54.1-4404. Board to employ Executive Director; legal counsel.
A. The Board shall employ an Executive Director who
shall serve at the pleasure of the Board. He The Executive Director shall
direct the affairs of the Board; and keep records of all
proceedings, transactions, communications, and official acts of the Board.
He shall; be custodian of all records of the Board; and perform
such duties as the Board may require. The Executive Director shall call a
meeting of the Board at the direction of the chairman chair of
the Board or upon the written request of three or more Board
members. The Executive Director, with approval of the Board, may employ such
additional staff as needed. The annual salary of the Executive Director shall
be established by the Board.
B. The Office of the Attorney General shall provide counsel to the Board. In addition, subject to the approval of the Attorney General, the Board may, from time to time, employ such other counsel as it deems necessary.
§ 54.1-4405. Board of Accountancy Fund; receipts; disbursements.
A. The Board of Accountancy Fund (the Fund) is
established as a special fund in the state treasury. Except as otherwise
provided in this chapter, all All fees collected as provided in this
chapter and by regulations promulgated by the Board, shall be paid into
the state treasury immediately upon collection and credited to the Fund. Any
interest income shall accrue to the Fund. All disbursements from the Fund shall
be made by the State Treasurer upon warrants of the Comptroller issued upon
vouchers signed by an authorized officer of the Board or the Executive Director
as authorized by the Board.
B. Notwithstanding any law to the contrary, the Board
shall have the discretion to use the moneys deposited in the fund
Fund to support its operations as the Board deems appropriate.
§ 54.1-4405.1. Board of Accountancy Trust Account; creation; expenditures; excess moneys.
A. There is hereby created in the state treasury a special
nonreverting fund (except as set forth in subsection B), to be known as the
Board of Accountancy Trust Account (the Trust Account). The purpose of the
Trust Account is to provide a supplemental source of funds to the Board on a
timely basis for (i) its use in the study, research, investigation and,
or adjudication of matters involving possible violations of any statute
or regulation pertaining to the professional practices of any Certified Public
Accountant (CPA) or CPA firm licensed in the Commonwealth, the
provisions of this chapter or regulations promulgated by the Board or (ii)
for any other purpose that the Board determines is germane to the
Board's its statutory purposes and cannot otherwise be funded with
available funds through the Fund. The Trust Account shall consist of
such funds as may be (i) transferred transfers from time to time by
the Board from the Board of Accountancy Fund, and (ii)
earnings on the Trust Account.
B. All disbursements from the Trust Account shall be made by
the State Treasurer upon warrants of the Comptroller issued upon vouchers
signed by an authorized officer of the Board or the Executive Director
as authorized by the Board. Funds remaining in the Trust Account at the end of
a biennium shall continue to remain in the Trust Account and shall
accrue earnings throughout the existence of the Trust Account. Upon a
determination by the Board that the Trust Account balance exceeds the amount
needed for the purposes set forth in subsection A, the Board may transfer
such the excess to the Board of Accountancy Fund.
§ 54.1-4406. Powers and duties of the Executive Director.
Based on policies and guidelines established by the Board
Within the parameters of policies and guidelines established by the Board,
the Executive Director shall have the following power and duty
to:
1. Employ personnel and assistance necessary for the operation of the Board and the purposes of this chapter;
2. Make and enter into all contracts and agreements necessary
or incidental to the performance of the duties of the Board and the execution
of its powers under this chapter, including, but not limited to, contracts with
the United States government, other states, and with agencies
and governmental subdivisions of the Commonwealth, and with other states;
3. Accept grants from the United States government and,
its agencies and instrumentalities thereof and any other source.
To, and to these ends, the Board shall have the power to comply with
such conditions and execute such agreements as may be that
are necessary, convenient, or desirable;
4. Serve as the secretary of the Board;
5. Maintain all records for of the Board;
6. Collect and account for all fees and deposit the moneys
so collected them into the Board of Accountancy Fund, from
which the expenses of the Board shall be paid;
7. Enforce all statutes and regulations the Executive Director is required to administer;
8. Exercise other powers necessary to function as the sole administrative officer of the Board; and
9. Perform any additional administrative functions prescribed by the Board.
§ 54.1-4407. Enforcement of laws by the Executive Director or investigators; authority of investigators appointed by the Executive Director.
A. The Executive Director or investigators
appointed by him shall be:
1. Be sworn to enforce the statutes and regulations pertaining to the Board;
2. The Director or investigators appointed by him
shall have Have the authority to investigate violations of the
statutes and regulations that the Executive Director is required to
enforce. The Director or investigators appointed by him shall also have the
authority;
3. Have the authority to issue summonses for violations
of the statutes provisions of this chapter and or
regulations governing the unlicensed practice of public accountancy,
including regulants with expired licenses promulgated by the Board.
B. In the event a person or entity that is issued
such a summons by the Executive Director or investigators appointed
by him fails or refuses to discontinue the unlawful acts or refuses to give
a written promise to appear at the time and place specified in the summons, the
Executive Director or the investigator investigators may
appear before a magistrate or other issuing authority having jurisdiction to
obtain a criminal warrant pursuant to under § 19.2-72.
All C. The Executive Director and all
investigators appointed by the Executive Director are vested with the
authority to administer oaths or affirmations (i) for the purpose of
receiving complaints and conducting investigations of violations of the
provisions of this chapter, or any regulation regulations
promulgated by the Board pursuant to authority given by this chapter or
(ii) in connection with any investigation conducted on behalf of the
Board. Such The Executive Director and the investigators are
vested with the authority to (a) obtain, serve, and execute any
warrant, paper, or process issued by any court or magistrate or by the
Board under the authority of the Executive Director and (b) request
and receive criminal history information under the provisions of § 19.2-389.
§ 54.1-4408. Subpoenas.
In addition to the authority granted in § 2.2-4022 to issue
subpoenas and the right to issue subpoenas granted the Board, the Executive Director
or a designated subordinate shall have the right to make an ex parte
application to the circuit court for the city or county wherein where
evidence sought is kept or wherein where a licensee person
or firm does business, for the issuance of a subpoena duces tecum in
furtherance of for the production of documents. The subpoena shall be
requested to further the investigation of a sworn complaint within the
jurisdiction of the Board to request by requesting production of
any relevant records, documents and, or physical or other
evidence of any person, partnership, association or
corporation licensed or firm regulated by the Board. The court shall
be authorized to issue and compel compliance with such a the
subpoena upon a showing of reasonable cause. Upon determining that reasonable
cause exists to believe that evidence may be destroyed or altered, the court
may issue a subpoena duces tecum for the production of documents requiring
the immediate production of evidence.
§ 54.1-4409.1. Licensing requirements for persons.
A. A person must be licensed in order to use the CPA title in Virginia.
1. The person shall hold a Virginia license if he provides services to the public using the CPA title and the principal place of business in which he provides those services is in Virginia.
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 provisions of § 54.1-4411.
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.
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.
§ 54.1-4409.2. How a person may obtain a Virginia license.
A. A person who has not held the license of any state may obtain a Virginia license under this subsection.
1. To be considered for a Virginia license, the person seeking licensure shall:
a. Provide documentation that he has obtained from one or more accredited institutions or from the National College at least 150 semester hours of education, a baccalaureate or higher degree, and an accounting concentration or equivalent, as defined by the Board;
b. Provide documentation that he has passed the CPA examination;
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
d. Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
2. After evaluating information provided by the person, the Board may request additional information and may impose additional requirements for obtaining a Virginia license.
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.
1. To be considered for a Virginia license, the person seeking licensure shall:
a. Disclose to the Board each state in which he has held a license;
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;
c. Describe the semester hours of education he has obtained from colleges and universities. 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;
d. 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
e. Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
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.
C. A person who holds the license of another state may obtain a Virginia license under this subsection.
1. To be considered for a Virginia license, the person seeking licensure shall:
a. Disclose to the Board each state in which he holds or has held a license;
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;
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;
d. Describe the semester hours of education he has obtained from colleges and universities. 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;
e. 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
f. Describe his experience. The Board shall determine whether his experience complies with the experience requirement prescribed by the Board.
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.
§ 54.1-4411. Substantial equivalency provisions for persons who hold the license of another state.
A. A nonresident of the Commonwealth A shall be
granted the privilege of practicing public accounting in the Commonwealth if he
holds a valid and unrestricted CPA certificate or license to practice public
accounting in another state or foreign jurisdiction that is determined by the
Board or its designee to have education, CPA exam and experience requirements
substantially equivalent to those provided by this chapter or if the Board
determines that the nonresident individual has met education, CPA exam and
experience requirements that are substantially equivalent to those provided by
this chapter. The Board shall provide by regulation the manner in which the
privilege to practice under this section shall be evidenced.
B. Any person intending to exercise the privileges of a CPA
certificate holder in the Commonwealth under this section shall: A
person who holds the license of another state shall be considered to have met
requirements that are substantially equivalent to those prescribed by the Board
if:
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
2. The person has demonstrated meeting education, CPA examination, and experience requirements that are substantially equivalent to those prescribed by the Board.
B. A person who holds the license of another state and meets the substantial equivalency provisions of 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 using the CPA title 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 using the CPA title. However, to use the CPA title in Virginia, the person shall:
1. Consent to be subject to:
(i) a. the The same laws,
regulations and standards of conduct applying to holders of CPA certificates
issued by the Board provisions of this chapter and regulations
promulgated by the Board that apply to the holder of a Virginia license,
(ii) b. the The jurisdiction of
the Board in all disciplinary proceedings arising out of matters related to his
exercise of the privileges granted by this section use of the CPA title
in Virginia, and
(iii) c. the The Board's authority
to revoke or suspend his privilege to practice public accounting in
the Commonwealth use the CPA title in Virginia under this section
and to impose penalties for the person's violations of the provisions of this
chapter and regulations promulgated by the Board.
2. Consent to the appointment of the executive director
of the state board of accountancy of the state that issued his
CPA certificate or 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 professional activities in the Commonwealth using the CPA
title in Virginia. In the event he holds a CPA certificate or license
from more than one state, the Board by regulation shall establish which
executive director shall serve as his agent.
3. Consent to the personal and subject matter jurisdiction of
the courts of the Commonwealth Virginia in any civil
action arising out of his professional activities in the Commonwealth use
of the CPA title in Virginia and agree that the proper venue for such
actions is in the Commonwealth Virginia.
4. Agree to cease using the CPA title in Virginia if he is no longer licensed.
C. A person who holds a CPA certificate issued by the Board
and holder of a Virginia license who is exercising the privileges
of a CPA certificate holder using the CPA title in another state
under a comparable substantial equivalency provision of that state's
law 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 the Commonwealth
that state. The Board shall may investigate any complaint
made to or by the board of accountancy of another any state
related to the person's exercise use of the privileges of a CPA
certificate holder title in the Commonwealth that state.
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.
§ 54.1-4412.1. Licensing requirements for firms.
A. Only a firm can provide attest services or compilation services to persons or entities located in Virginia. However, this shall not affect the privilege of a person who is not licensed 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.
B. A firm that provides attest services or compilation services to persons or entities located in Virginia shall obtain a Virginia license if the principal place of business in which it provides those services is in Virginia.
C. A firm that is not required to obtain a Virginia license may provide attest services or compilation services to persons or entities located in Virginia if:
1. 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 provisions of § 54.1-4411, or
2. 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 provisions of § 54.1-4411.
D. For a firm to obtain a Virginia license:
1. As determined on a firm-wide basis:
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
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.
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.
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.
3. All attest services and compilation 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 provisions of § 54.1-4411.
4. Any person who releases or authorizes the release of reports on attest services or compilation services provided for persons or entities located in Virginia shall:
a. Either (i) hold a Virginia license or (ii) hold the license of another state and comply with the substantial equivalency provisions of § 54.1-4411, and
b. Meet any additional requirements the Board prescribes.
5. The firm shall conduct its attest services and compilation services in conformity with the standards of conduct and practice in § 54.1-4413.3 and regulations promulgated by the Board.
6. The firm shall be enrolled in the applicable monitoring program of the American Institute of Certified Public Accountants or its successor, or in another monitoring program for attest services and compilation services that is approved by the Board. In addition, the firm shall comply with any requirements prescribed by the Board in response to the results of peer reviews.
7. The name of the firm shall not be false, misleading, or deceptive.
E. The Board shall prescribe the methods and fees for a firm to apply for the issuance, renewal, or reinstatement of a Virginia license.
F. An entity may not use the CPA title in Virginia unless it meets the requirements of subdivision D 1.
§ 54.1-4413.2. The renewal and reinstatement of licenses and lifting the suspension of privileges.
A. A Virginia license shall provide its holder with a 12-month privilege to use the CPA title in Virginia or provide attest services and compilation services to persons and entities located in Virginia.
B. The person or firm holding the license shall have an additional 12-month period after the expiration of a license to renew the license.
1. The Board may prescribe renewal fees and requirements that increase based on the amount of time the person or firm allows to elapse before applying for renewal.
2. During the additional 12-month period, the person or firm shall be considered to hold a Virginia license.
C. If the license is not renewed by the end of the additional 12-month period, it shall be considered to have expired and the person or firm shall be considered to no longer hold a Virginia license.
D. A person whose Virginia license expired may obtain a new Virginia license under subsection C of § 54.1-4409.2 if he holds the license of another state.
E. The license of a person whose Virginia license expired and who does not hold the license of another state may be reinstated under this subsection. In addition, a person whose privilege of using the CPA title in Virginia was suspended may have the suspension lifted under this subsection.
1. To be considered for reinstatement of a Virginia license or lifting the suspension of the privilege of using the CPA title in Virginia:
a. The person shall disclose to the Board why he no longer holds a Virginia license or why his privilege of using the CPA title in Virginia was suspended.
b. The person shall disclose to the Board each state in which he holds or has held a license.
c. For each of the states in which the person holds a license, he shall provide documentation from the board of accountancy about 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.
d. For each of the states in which the person has held a license, the person shall disclose why he no longer holds a license 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.
e. The person shall describe his continuing professional education since his Virginia license expired or was suspended. The Board shall determine whether his continuing professional education complies with the continuing professional education requirement prescribed by the Board for that period.
2. After evaluating the information provided by the person, the Board may request additional information and may impose additional requirements for reinstatement of the Virginia license or lifting the suspension.
3. The Board shall communicate to the person its decision and, if the request for reinstatement or lifting the suspension is denied, the reasons for the denial. The request may be resubmitted when the person believes the matters affecting the request have been satisfactorily resolved. The person may request a proceeding in accordance with the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).
F. The license of a firm whose Virginia license expired may be reinstated under this subsection. In addition, a firm whose privilege of providing attest services or compilation services to persons or entities located in Virginia was suspended may have the suspension lifted under this subsection.
1. To be considered for reinstatement of a Virginia license or lifting the suspension of the privilege of providing attest services or compilation services to persons or entities located in Virginia:
a. The firm shall disclose to the Board why it no longer holds a Virginia license or why its privilege of providing attest services or compilation services to persons or entities located in Virginia was suspended.
b. The firm shall disclose to the Board each state in which it holds or has held a license.
c. For each of the states in which the firm holds a license, it shall provide documentation from the board of accountancy concerning whether it 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 it has been found guilty of any violations of these standards of conduct and practice.
d. For each of the states in which the firm has held a license, the firm shall disclose why it no longer holds a license and provide documentation from the board of accountancy concerning whether it 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.
2. After evaluating the information provided by the firm, the Board may request additional information and may impose additional requirements for reinstatement of the Virginia license or lifting the suspension.
3. The Board shall communicate to the firm its decision and, if the request for reinstatement or lifting the suspension is denied, the reasons for the denial. The request may be resubmitted when the firm believes the matters affecting the request have been satisfactorily resolved. The firm may request a proceeding in accordance with the provisions of the Administrative Process Act (§ 2.2-4000 et seq.).
G. The Board shall consider granting the privilege of using the CPA title in Virginia, or the privilege of providing attest services or compilation services to persons or entities located in Virginia, to persons or firms that have had the privilege revoked only when the person or firm demonstrates to the Board that there are special facts and circumstances that warrant reconsideration by the Board of whether it should allow the person or firm to have the privilege.
§ 54.1-4413.3. Standards of conduct and practice.
Persons using the CPA title in Virginia and firms providing attest services or compilation services to persons or entities located in Virginia shall conform to the following standards of conduct and practice.
1. Exercise sensitive professional and moral judgment in all activities.
2. Act in a way that serves the public interest, honors the public trust, and demonstrates commitment to professionalism.
3. Perform all professional responsibilities with the highest sense of integrity, maintain objectivity and freedom from conflicts of interest in discharging professional responsibilities, and avoid knowingly misrepresenting facts or inappropriately subordinating judgment to others.
4. Follow the Code of Professional Conduct, and the related interpretive guidance, issued by the American Institute of Certified Public Accountants, or any successor standard-setting authorities.
5. Follow the technical standards, and the related interpretive guidance, issued by committees and boards of the American Institute of Certified Public Accountants that are designated by the Council of the American Institute of Certified Public Accountants to promulgate technical standards, or that are issued by any successor standard-setting authorities.
6. Follow the standards, and the related interpretive guidance, as applicable under the circumstances, issued by the Comptroller General of the United States, the Federal Accounting Standards Advisory Board, the Financial Accounting Standards Board, the Governmental Accounting Standards Board, the Public Company Accounting Oversight Board, the U. S. Securities and Exchange Commission, comparable international standard-setting authorities, or any successor standard-setting authorities.
7. Do not engage in any activity that is false, misleading, or deceptive.
§ 54.1-4413.4. Penalties.
A. Penalties the Board may impose consist of:
1. Revoking the privilege of using the CPA title in Virginia or providing attest services or compilation services to persons or entities located in Virginia;
2. Suspending or refusing to reinstate the privilege of using the CPA title in Virginia or providing attest services or compilation services to persons or entities located in Virginia;
3. Reprimanding, censuring, or limiting the scope of practice of any person using the CPA title in Virginia or any firm providing attest services or compilation services to persons or entities located in Virginia;
4. Placing any person using the CPA title in Virginia or any firm providing attest services or compilation services to persons or entities located in Virginia on probation, with or without terms, conditions, and limitations;
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;
6. Requiring a person holding a Virginia license to satisfactorily complete additional or specific continuing professional education as the Board may specify; and
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.
B. The Board may impose penalties on persons using the CPA title in Virginia or firms providing attest services or compilation services to persons or entities located in Virginia for:
1. Violation of the provisions of this chapter or regulations promulgated by the Board.
2. Fraud or deceit in obtaining, renewing, or applying for reinstatement or lifting the suspension of a Virginia license.
3. Revocation, suspension, or refusal to reinstate the license of another state for disciplinary reasons.
4. Revocation or suspension of the privilege of practicing before any state or federal agency or federal court of law.
5. Dishonesty, fraud, or gross negligence in providing services to an employer using the CPA title, in providing services to the public using the CPA title, or in providing attest services or compilation services.
6. Dishonesty, fraud, or gross negligence in preparing the person’s or firm’s own state or federal income tax return or financial statement.
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.
8. Lack of the competence required to provide services to the public using the CPA title for persons and entities located in Virginia or to provide attest services and compilation services to persons and entities located in Virginia, as determined by the Board.
C. The Board may also impose penalties on:
1. 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 provisions of § 54.1-4411, and commits any of the acts prohibited by § 54.1-4414, or
2. An 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.
§ 54.1-4413.5. Confidential consent agreements.
A. The Board may enter into a confidential consent agreement with a person or firm in lieu of disciplinary action.
B. A confidential consent agreement:
1. Shall be entered into only in cases involving minor violations of the provisions of this chapter or regulations promulgated by the Board;
2. Shall not be disclosed by the person or firm;
3. Shall include findings of fact and may include an admission or a finding of a violation; and
4. Shall not be considered a notice or order of the Board but may be considered by the Board in future disciplinary proceedings.
C. The Board shall adopt regulations in accordance with the Administrative Process Act (§ 2.2-4000 et seq.) to implement the provisions of this section. Such regulations shall identify the type of minor violations for which confidential consent orders may be offered and limit the number of confidential consent orders that may be offered to the same licensee in any given period. The Board shall not enter into a confidential consent agreement if there is probable cause to believe a licensee has demonstrated gross negligence or intentional misconduct in the practice of public accounting.
§ 54.1-4414. Prohibited acts.
A. A person who does not hold a valid CPA certificate shall
not:
1. Claim to hold a valid CPA certificate;
2. Practice or offer to practice public accountancy or
public accounting;
3. Make any other claim of licensure, registration, or
approval related to the preparation of financial statements that is false or
misleading;
4. Describe himself as or assume any of the following
titles or designations: certified public accountant, CPA, public accountant,
PA, certified accountant, CA, chartered accountant, licensed accountant, LA,
registered accountant, RA, independent auditor, IA or auditor;
5. Claim to have used "generally accepted accounting
principles," "generally accepted accounting standards,"
"public accountancy standards," "public accountancy
principles," "generally accepted auditing principles,"
"generally accepted auditing standards," or "standards
promulgated by the American Institute of Certified Public Accountants" or
any successor thereto including SSARS, in connection with his preparation of
any financial statement; nor shall he use any of these terms in describing any
complete or partial variation from such standards or principles or to imply
complete or partial conformity with such standards or principles;
6. Use the words "audit," "audit
report," "independent audit," "attest," "attestation,"
"examine," "examination," "opinion," or
"review" in a report, as that term is defined in this chapter, and
that expresses assurance on a financial statement; or
7. State or imply that he is tested, competent, qualified,
or proficient in financial standards established by (i) the American Institute
of Certified Public Accountants or any agency thereof, (ii) the Governmental
Accounting Standards Board or any agency thereof, (iii) the Securities and
Exchange Commission or any agency thereof, (iv) the Financial Accounting
Standards Board, or (v) any successor entity to an entity named in this
subdivision.
B. A firm shall not use a name that is false, misleading or
deceptive.
C. This section shall not prohibit any officer, partner,
member, manager, or employee of any firm or organization from affixing that
person's signature to any statement in reference to the financial affairs of
such firm or organization with any wording designating the position, title, or
office that person holds therein, nor does this section prohibit any act of a
public official or employee in the performance of his duties. 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
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:
1. Practice public accounting;
2. Claim to hold a license to use the CPA title;
3. Make any other claim of licensure, registration, or approval related to the preparation of financial statements that is false or misleading;
4. Use the CPA title; or
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.
§ 54.1-4415. Exemptions from unlawful acts.
A. The unlawful acts set forth listed in
§ 54.1-4414 shall not apply to or prohibit a person or firm entity
holding a certification, designation, degree, or license granted in a
foreign country entitling the holder thereof to engage in the practice
of public accountancy accounting or its equivalent in such
the country, provided that:
1. The practice of the person or firm entity in the
Commonwealth Virginia is limited to providing services to persons or
firms entities who are residents of, governments of, or business
entities of the country in which such the entitlement is held;
2. Such The person or firm entity
does not engage in the practice of public accountancy in the preparation of
financial statements about accounting for any other person, firm, or
governmental unit located in the Commonwealth of Virginia; and
3. The person or firm entity designates the
country of origin and does not use any title or designation other than the one
under which he or it the entity may lawfully practice in the
country of origin, which may be followed by a translation of such the
title or designation into English.
B. The provisions of this chapter shall not be construed,
interpreted, or applied in such a way as to prohibit any public employee from
performing his duly authorized or mandated duties.
§ 54.1-4416. Board's powers with respect to hearings under this chapter.
The Board may, in hearings arising under this chapter,
determine the place in the Commonwealth Virginia where they
the hearings shall be held; subpoena witnesses; take depositions of
witnesses residing outside the Commonwealth in the manner provided for
in civil actions in courts of record; pay these the witnesses the
fees and mileage and other expense reimbursements for their attendance
as is provided for witnesses in civil actions in courts of record; and
administer oaths.
§ 54.1-4418. Recovery of cost after grant of formal fact-finding.
After a formal fact-finding pursuant to under §
2.2-4020 wherein a sanction in which a penalty is imposed to
fine, or to suspend, revoke or deny renewal of any license or registration
refuse to reinstate or lift the suspension of a Virginia license, the Board
may assess the holder thereof or former holder of the license the
cost of conducting such the fact-finding when the Board has final
authority to grant such the license, certificate or
registration, unless the Board determines that the offense was inadvertent
or done in a good faith good-faith belief that such the
act did not violate a statute or regulation provisions of this
chapter or regulations promulgated by the Board. The cost shall be limited
to (i) the reasonable hourly rate for the hearing officer and,
(ii) the actual cost of recording the proceedings, (iii) a reasonable
administrative charge for personnel and other administrative costs incurred by
the Board in connection with the hearing, and (iv) a reasonable charge for any
consultants retained by the Board.
§ 54.1-4420. Annual audit.
The Board's financial records and statements shall be
prepared in accordance with generally accepted accounting principles and shall
be audited annually by the Auditor of Public Accounts, or his legally
authorized representatives, or by a certified public accounting firm,
as selected by the Board after through a competitive
procurement.
§ 54.1-4421. Biennial report.
The Board shall submit a biennial report to the Governor and
General Assembly on or before November 1 of each even-numbered year. The
biennial report shall contain, at a minimum, the following information:
(i) a description of the Board's activities, (ii) a report on the audit of the
Board's financial statements for the biennium, (iii) statistical information
regarding the administrative hearings and decisions of the Board, and (iv) a general
summary of all complaints received against licensees persons and
firms and the procedures used to resolve the complaints.
§ 54.1-4423. Use of consultants in investigations.
A. The Board may develop a roster of consultants and
may contract with consultants to assist the Board in investigating and
evaluating violations of statutes and regulations of the provisions
of this chapter and regulations promulgated by the Board and to provide
expert testimony as necessary in any subsequent administrative hearing or court
proceeding. The consultants' compensation shall be determined and paid by the
Board.
B. Any consultant under contract with the Board shall
have immunity from civil liability resulting from any communication, finding,
opinion, or conclusion made in the course of his duties unless such the
person acted in bad faith or with malicious intent.
2. That §§ 54.1-4409, 54.1-4410, 54.1-4412, 54.1-4413, 54.1-4413.1, 54.1-4417, and 54.1-4419 of the Code of Virginia are repealed.
3. That the Board of Accountancy shall promulgate regulations to implement the provisions of this act to be effective within 280 days of its enactment.