SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2007 SESSION
071502824Be 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 accountantspersons 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 examinations.
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
certificateVirginia 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
BoardWithin 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 promulgated by the Board.
, including
regulants with expired licenses
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.
AllC. 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 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
CommonwealthVirginia.
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.
§ 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 for Accountancy shall promulgate regulations to implement the provisions of this act to be effective within 280 days of its enactment.