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2007 SESSION

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SB 1395 Public Accountancy; revises and makes several amendments to public accounting statute.

Introduced by: Walter A. Stosch | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Public Accountancy.  Provides a comprehensive update of the public accountancy statute including: (i) implementing a principles-based approach to licensure, (ii) setting out requirements and standards for issuing an individual and a firm license, for obtaining a license through renewal or reinstatement, and for the lifting of a suspension, (iii) clarifying the consequences of having privileges revoked, and (iv) clarifying the standards of conduct and practice for the profession. The bill also facilitates mobility between states while clarifying that all persons and firms using the CPA title in Virginia or providing services to persons and entities located in Virginia are subject to the same accountancy statutes and regulations whether or not they are required to hold a Virginia license.  In addition the bill authorizes the Board of Accountancy to enter into confidential consent agreements for minor violations.  The bill requires the Board of Accountacy to adopt regulations concerning under what conditions confidential consent agreements will be offered. The bill contains technical amendments.


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