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- Subject Index: Since 1995
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Developed and maintained by the Division of Legislative Automated Systems.
1999 SESSION
Be it enacted by the General Assembly of Virginia:
1. That §§ 2.1-1.6, 2.1-20.4, 9-6.25:2, 54.1-202, 54.1-300 and 54.1-2000 through 54.1-2008 of the Code of Virginia are amended and reenacted and that the Code of Virginia is amended by adding a section numbered 54.1-2004.1 as follows:
§ 2.1-1.6. State boards.
A. There shall be, in addition to such others as may be established by law, the following permanent collegial bodies affiliated with a state agency within the executive branch:
Accountancy, Board for of
Aging, Advisory Board on the
Agriculture and Consumer Services, Board of
Air Pollution, State Advisory Board on
Alcoholic Beverage Control Board, Virginia
Apple Board, Virginia State
Appomattox State Scenic River Advisory Board
Aquaculture Advisory Board
Architects, Professional Engineers, Land Surveyors, Certified Interior Designers and Landscape Architects, Board for
Art and Architectural Review Board
Athletic Board, Virginia
Auctioneers Board
Audiology and Speech-Language Pathology, Board of
Aviation Board, Virginia
Barbers, Board for
Branch Pilots, Board for
Bright Flue-Cured Tobacco Board, Virginia
Building Code Technical Review Board, State
Catoctin Creek State Scenic River Advisory Board
Cattle Industry Board, Virginia
Cave Board
Cemetery Board
Certified Seed Board, State
Charity Food Assistance Advisory Board
Chesapeake Bay Local Assistance Board
Chickahominy State Scenic River Advisory Board
Child Abuse and Neglect, Advisory Board on
Chippokes Plantation Farm Foundation, Board of Trustees
Clinch Scenic River Advisory Board
Coal Mining Examiners, Board of
Coal Research and Development Advisory Board, Virginia
Coal Surface Mining Reclamation Fund Advisory Board
Conservation and Development of Public Beaches, Board on
Conservation and Recreation, Board of
Contractors, Board for
Corn Board, Virginia
Correctional Education, Board of
Corrections, State Board of
Cosmetology, Board for
Criminal Justice Services Board
Dark-Fired Tobacco Board, Virginia
Deaf and Hard-of-Hearing, Advisory Board for the Department for the
Dentistry, Board of
Design-Build/Construction Management Review Board
Education, State Board of
Egg Board, Virginia
Emergency Medical Services Advisory Board, State
Farmers Market Board, Virginia
Fire Services Board, Virginia
Forestry, Board of
Funeral Directors and Embalmers, Board of
Game and Inland Fisheries, Board of
Geology, Board for
Goose Creek Scenic River Advisory Board
Health Planning Board, Virginia
Health Professions, Board of
Health, State Board of
Hearing Aid Specialists, Board for
Hemophilia Advisory Board
Historic Resources, Board of
Housing and Community Development, Board of
Irish Potato Board, Virginia
Juvenile Justice, State Board of
Licensed Professional Counselors, Marriage and Family Therapists and Substance Abuse Treatment Professionals, Board of
Litter Control and Recycling Fund Advisory Board
Marine Products Board, Virginia
Medical Advisory Board, Department of Motor Vehicles
Medicare and Medicaid, Advisory Board on
Medicine, Board of
Mental Health, Mental Retardation and Substance Abuse Services Board, State
Migrant and Seasonal Farmworkers Board
Military Affairs, Board of
Mineral Mining Examiners, Board of
Minority Business Enterprise, Interdepartmental Board of the Department of
Networking Users Advisory Board, State
Neurotrauma Initiative Advisory Board, Commonwealth
North Meherrin State Scenic River Advisory Board
Nottoway State Scenic River Advisory Board
Nursing, Board of
Nursing Home Administrators, Board of
Occupational Therapy, Advisory Board on
Oil and Gas Conservation Board, Virginia
Opticians, Board for
Optometry, Board of
Peanut Board, Virginia
Personnel Advisory Board
Pesticide Control Board
Pharmacy, Board of
Physical Therapy to the Board of Medicine, Advisory Board on
Plant Pollination Advisory Board
Polygraph Examiners Advisory Board
Pork Industry Board, Virginia
Poultry Products Board, Virginia
Private College Advisory Board
Private Security Services Advisory Board
Professional and Occupational Regulation, Board for
Professional Counselors, Board of
Professional Soil Scientists, Board for
Psychiatric Advisory Board
Psychology, Board of
Public Broadcasting Board, Virginia
Public Buildings Board, Virginia
Public Guardian and Conservator Advisory Board
Radiation Advisory Board
Real Estate Appraiser Board
Real Estate Board
Reciprocity Board, Department of Motor Vehicles
Recreation Specialists, Board of
Recreational Fishing Advisory Board, Virginia
Reforestation Board
Rehabilitation Providers, Advisory Board on
Rehabilitative Services, Board of
Respiratory Therapy Care, Advisory Board on
Rockfish State Scenic River Advisory Board
Safety and Health Codes Board
Seed Potato Board, State
Sewage Handling and Disposal Appeal Review Board, State Health Department
Shenandoah State Scenic River Advisory Board
Small Business Advisory Board
Small Business Environmental Compliance Advisory Board
Small Grains Board, Virginia
Social Services, Board of
Social Work, Board of
Soil and Water Conservation Board, Virginia
Soybean Board, Virginia
State Air Pollution Control Board
Substance Abuse Certification Board
Surface Mining Review, Board of
Sweet Potato Board, Virginia
T & M Vehicle Dealers' Advisory Board
Teacher Education and Licensure, Advisory Board on
Transportation Board, Commonwealth
Transportation Safety, Board of
Treasury Board, The, Department of the Treasury
Veterans' Affairs, Board on
Veterinary Medicine, Board of
Virginia Board for Asbestos and Lead
Virginia Coal Mine Safety Board
Virginia Correctional Enterprises Advisory Board
Virginia Cotton Board
Virginia Employment Commission, State Advisory Board for the
Virginia Geographic Information Network Advisory Board
Virginia Horse Industry Board
Virginia Manufactured Housing Board
Virginia Retirement System, Board of Trustees
Virginia Schools for the Deaf and the Blind, Advisory Commission on the
Virginia Sheep Industry Board
Virginia Veterans Cemetery Board
Virginia Waste Management Board
Visually Handicapped, Virginia Board for the
Voluntary Formulary Board, Virginia
War Memorial Foundation, Virginia, Board of Trustees
Waste Management Facility Operators, Board for
Water Resources Research Center Statewide Advisory Board, Virginia
Waterworks and Wastewater Works Operators, Board for
Well Review Board, Virginia.
B. Notwithstanding the definition for "board" as provided in § 2.1-1.2, the following entities shall be referred to as boards:
Compensation Board
State Board of Elections
State Water Control Board
Virginia Parole Board
Virginia Veterans Care Center Board of Trustees.
§ 2.1-20.4. Bodies receiving compensation.
Notwithstanding any other provision of law, members of the commissions, boards, committees, councils and other similar bodies listed below, and members of any other board, committee, council, or similar body who are appointed at the state level, shall receive compensation from state funds pursuant to § 2.1-20.3:
Accountancy, Board for of
Agriculture and Consumer Services, Board of
Air Pollution Control Board, State
Airports Authority, Virginia
Apprenticeship Council
Architects, Professional Engineers, Land Surveyors, Certified Interior Designers and Landscape Architects, Board for
Athletic Board, Virginia
Auctioneers Board
Audiology and Speech-Language Pathology, Board of
Aviation Board, Virginia
Barbers, Board for
Branch Pilots, Board for
Building Code Technical Review Board, State
Charitable Gaming Commission
Chesapeake Bay Local Assistance Board
Coal Mining Examiners, Board of
College Building Authority
Commonwealth Competition Council
Commonwealth Transportation Board
Conservation and Development of Public Beaches, Board on
Conservation and Recreation, Board of
Contractors, Board for
Correctional Education, Board of
Corrections, Board of
Cosmetology, Board for
Criminal Justice Services Board
Deaf and Hard-of-Hearing, Advisory Board for the
Dentistry, Board of
Education, State Board of
Education Loan Authority, Virginia - Board of Directors
Elections, State Board of
Environment, Council on the
Fire Services Board, Virginia
Funeral Directors and Embalmers, Board of
Game and Inland Fisheries, Board of
Geology, Board for
Health, State Board of
Health Professions, Board of
Hearing Aid Specialists, Board for
Higher Education, State Council of
Historic Resources, Board of
Housing and Community Development, Board of
Information Management, Council on
Juvenile Justice, State Board of
Licensed Professional Counselors, Marriage and Family Therapists and Substance Abuse Treatment Professionals, Board of
Marine Resources Commission
Medical Assistance Services, Board of
Medical Complaint Investigation Committee
Medicine, Board of
Mental Health, Mental Retardation and Substance Abuse Services Board, State
Milk Commission
Mineral Mining Examiners, Board of
Motor Vehicle Dealer Board
Nursing, Board of
Nursing Home Administrators, Board of
Occupational Therapy, Advisory Board on
Oil and Gas Conservation Board, Virginia
Opticians, Board for
Optometry, Board of
Pesticide Control Board
Pharmacy, Board of
Physical Therapy, Advisory Board on
Port Authority, Board of Commissioners of the Virginia
Professional and Occupational Regulation, Board for
Professional Counselors, Board of
Professional Soil Scientists, Board for
Psychology, Board of
Public Defender Commission
Public School Authority, Virginia
Purchases and Supply Appeals Board
Real Estate Appraiser Board
Real Estate Board
Recreation Specialists, Board of
Rehabilitative Services, Board of
Respiratory Therapy Care, Advisory Board on
Safety and Health Codes Board
Seed Potato Board, State
Social Services, Board of
Social Work, Board of
State Health Department Sewage Handling and Disposal Appeal Review Board
Substance Abuse Certification Board
Surface Mining Review, Board of
Treasury Board
Veterans' Affairs, Board on
Veterinary Medicine, Board of
Virginia Advanced Shipbuilding and Carrier Integration Center Board
Virginia Board for Asbestos Licensing and Lead
Virginia Health Planning Board
Virginia Manufactured Housing Board
Virginia Veterans Care Center Board of Trustees
Virginia Waste Management Board
Visually Handicapped, Virginia Board for the
Waste Management Facility Operators, Board for
Water Control Board, State
Waterworks and Wastewater Works Operators, Board for
Well Review Board, Virginia.
§ 9-6.25:2. Policy boards, commissions and councils.
There shall be, in addition to such others as may be designated in accordance with § 9-6.25, the following policy boards, commissions and councils:
Apprenticeship Council
Athletic Board
Auctioneers Board
Blue Ridge Regional Education and Training Council
Board for Accountancy
Board for Architects, Professional Engineers, Land Surveyors, Certified Interior Designers and Landscape Architects
Board for Barbers
Board for Contractors
Board for Cosmetology
Board for Geology
Board for Hearing Aid Specialists
Board for Opticians
Board for Professional and Occupational Regulation
Board for Professional Soil Scientists
Board for Waterworks and Wastewater Works Operators
Board of Accountancy
Board of Agriculture and Consumer Services
Board of Audiology and Speech-Language Pathology
Board of Coal Mining Examiners
Board of Conservation and Recreation
Board of Correctional Education
Board of Dentistry
Board of Directors, Virginia Student Assistance Authorities
Board of Funeral Directors and Embalmers
Board of Health Professions
Board of Historic Resources
Board of Housing and Community Development
Board of Licensed Professional Counselors, Marriage and FamilyTherapists and Substance Abuse Treatment Professionals
Board of Medical Assistance Services
Board of Medicine
Board of Mineral Mining Examiners
Board of Nursing
Board of Nursing Home Administrators
Board of Optometry
Board of Pharmacy
Board of Psychology
Board of Recreation Specialists
Board of Social Services
Board of Social Work
Board of Surface Mining Review
Board of Veterinary Medicine
Board on Conservation and Development of Public Beaches
Cemetery Board
Chesapeake Bay Local Assistance Board
Child Day-Care Council
Commission on Local Government
Commonwealth Transportation Board
Council on Human Rights
Council on Information Management
Criminal Justice Services Board
Design-Build/Construction Management Review Board
Disability Services Council
Farmers Market Board, Virginia
Interdepartmental Council on Rate-setting for Children's Facilities
Library Board, The Library of Virginia
Marine Resources Commission
Milk Commission
Pesticide Control Board
Real Estate Appraiser Board
Real Estate Board
Reciprocity Board, Department of Motor Vehicles
Safety and Health Codes Board
Specialized Transportation Council
State Air Pollution Control Board
State Board of Corrections
State Board of Elections
State Board of Health
State Board of Juvenile Justice
State Health Department, Sewage Handling and Disposal Appeal Review Board
State Library Board
State Mental Health, Mental Retardation and Substance Abuse Services Board
State Seed Potato Board
State Water Control Board
Substance Abuse Certification Board
Treasury Board, The, Department of the Treasury
Virginia Aviation Board
Virginia Board for Asbestos and Lead
Virginia Fire Services Board
Virginia Gas and Oil Board
Virginia Health Planning Board
Virginia Manufactured Housing Board
Virginia Parole Board
Virginia Public Broadcasting Board
Virginia Soil and Water Conservation Board
Virginia Voluntary Formulary Board
Virginia Waste Management Board
Waste Management Facility Operators, Board for.
§ 54.1-202. Monetary penalty.
Any person licensed or certified by a regulatory board who violates any statute or regulation pertaining to that regulatory board who is not criminally prosecuted shall be subject to the monetary penalty provided in this section. Except as provided by § 54.1-2006, if a regulatory board determines that a respondent is guilty of the violation complained of, the board shall determine the amount of the monetary penalty for the violation, which shall not exceed $1,000 for each violation. The penalty may be sued for and recovered in the name of the Commonwealth.
§ 54.1-300. Definitions.
As used in this chapter unless the context requires a different meaning:
"Board" means the Board for Professional and Occupational Regulation.
"Certification" means the process whereby the Department or any regulatory board issues a certificate on behalf of the Commonwealth to a person certifying that he possesses the character and minimum skills to engage properly in his profession or occupation.
"Department" means the Department of Professional and Occupational Regulation.
"Director" means the Director of the Department of Professional and Occupational Regulation.
"Inspection" means a method of regulation whereby a state agency periodically examines the activities and premises of practitioners of an occupation or profession to ascertain if the practitioner is carrying out his profession or occupation in a manner consistent with the public health, safety and welfare.
"Licensure" means a method of regulation whereby the Commonwealth, through the issuance of a license, authorizes a person possessing the character and minimum skills to engage in the practice of a profession or occupation which is unlawful to practice without a license.
"Registration" means a method of regulation whereby any practitioner of a profession or occupation may be required to submit information concerning the location, nature and operation of his practice.
"Regulatory board" means the Athletic Board, Auctioneers Board, Board for of
Accountancy, Board for Architects, Professional Engineers, Land
Surveyors, Certified Interior Designers and Landscape Architects, Board for
Barbers, Board for Branch Pilots, Board for Contractors, Board for Cosmetology,
Board for Geology, Board for Hearing Aid Specialists, Board for Opticians,
Board for Professional Soil Scientists, Board for Waste Management Facility
Operators, Board for Waterworks and Wastewater Works Operators, Cemetery Board,
Real Estate Appraiser Board, Real Estate Board and Board for Waste Management
Facility Operators Virginia Board for Asbestos and Lead.
§ 54.1-2000. Definitions.
As used in this chapter, unless the context clearly indicates otherwise:
"Assurance" means any act or action, whether written or oral, expressing an opinion or conclusion about the reliability of a financial statement or about its conformity with any financial accounting principles or standards.
"Board" means the Board for 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.
“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.
"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, or a corresponding certificate as a certified public accountant issued after examination under the laws of any other state.
"Financial statement" means writing or other presentation, including accompanying notes, which presents, in whole or in part, historical or prospective financial position, results of operations or changes in financial position of any person, corporation, partnership or other entity.
“Firm” means a sole proprietorship, partnership, corporation, limited liability company, limited liability partnership, or any other form of organization permitted by law.
"License" means a license to practice public accounting issued under the
provisions of this chapter.
“Peer review” means a study, appraisal, or review, by a CPA certificate holder who 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 in accordance with the American Institute of Certified Public Accountants’ Statements on Standards for Accounting and Review Services (SSARS).
"Practice of public accountancy" or "public 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.
“Registration” means the process through which a firm obtains a registration certificate from the Board.
"Registration certificate" means a certificate issued to a professional
corporation or professional limited liability company firm that has met all of
the requirements for registration under this chapter.
"Report" or "reports," when used with reference to financial statements, means an opinion or disclaimer of opinion or other form of language or representation which states or implies any form of assurance or denial of assurance.
"State" means any state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands and Guam.
“Substantial equivalency” means a determination by the Board or its designee that the education, examination and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to, or exceed, the education, examination and experience requirements contained in this chapter, or that an individual CPA from another jurisdiction has met education, examination and experience requirements which are comparable to, or exceed, the education, examination, and experience requirements contained in this chapter.
“SSARS” means Statements on Standards for Accounting and Review Services established by the American Institute of Certified Public Accountants.
§ 54.1-2001. Inapplicability of chapter.
A. This chapter shall not be construed to prevent any person from:
1. Describing himself as an "accountant" or a "bookkeeper",;
2. Stating that he practices accountancy 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 assurance.
B. This chapter shall not be construed to prevent any person from stating that he has prepared, compiled, assembled or drafted a financial statement, provided he does not use any additional language which comprises an assurance, make any claims or representations, or use any of the language prohibited by § 54.1-2007.
C. The prohibitions of § 54.1-2007 and the other provisions of this chapter shall not be construed to preclude the use of the following language: "I (We) have compiled the accompanying (financial statements) of (name of entity) as of (time period) 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). If 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. Accordingly, these financial statements are not designed for those who are not informed about these matters."
§ 54.1-2002. Board of Accountancy; membership; qualifications; powers and duties of Board.
A. The Board for of Accountancy shall consist of seven members who shall serve
for terms of four years. Members of the Board for Accountancy as it existed
prior to July 1, 1987, may continue as Board members until their individual terms
expire.
As the terms of the members of the Board expire, they shall be replaced by
members with the following qualifications: The Board shall be comprised of one
public member who may be an unlicensed accountant who does not hold a CPA
certificate but otherwise meets the requirements of § 54.1-107 (i) and (ii);
one educator in the field of accounting; and five practicing certified public
accountants, duly certified and licensed, who 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 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 his appointment. Any
certified public accountant member of the Board whose license CPA certificate
is revoked or suspended shall automatically cease to be a member of the Board.
B. The Board shall have the responsibility for the enforcement of the
provisions of this chapter subject to the powers and duties of the Director.
The Board for Accountancy shall certify and license issue CPA certificates to
persons to practice public accountancy and restrict the practice of public
accountancy to those persons who are so certified and licensed, who may call
themselves CPAs, and shall take such actions as may be authorized by this chapter to ensure
their continued competence and . The Board shall also take such actions as may
be authorized by this title to aid the public in determining the qualifications
of such persons who give assurances on financial statements. The Board shall
issue registration certificates to firms to engage in the practice of public accountancy in the
Commonwealth as set forth in § 54.1-2005 and take such actions as may be
authorized by this chapter to ensure that such firms and their certified public
accountants adhere to standards of conduct and practice.
C. The Board may establish continuing education requirements for the issuance
of a license or to assure continued competency of licensees 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.
§ 54.1-2002.1. Board authorized to contract for certain services; award of contract.
A. Upon a majority vote of the Board and the approval of the Director of the
Department of Professional and Occupational Regulation (the "Director"), the
Board may contract with a private person, firm, corporation, or association to
provide the following services on behalf of the Board: examining, recommending
licensure issuance of CPA certificates and firm registration certificates,
investigating, providing mandatory continuing professional education,
performing clerical duties, collecting fees, maintaining records, recommending
enforcement actions in accordance with Article 3 (§ 9-6.14:10 et seq.) of the
Administrative Process Act, and developing proposed regulations in accordance with
Article 2 (§ 9-6.14:6 et seq.) of the Administrative Process Act.
B. The Board shall procure any or all of the services in accordance with the provisions of the Virginia Public Procurement Act (§ 11-35 et seq.). Prior to the award of such contract, a proposer shall demonstrate, to the satisfaction of the Board:
1. Personnel and financial resources necessary to carry out the provisions of the contract;
2. Adequate indemnification to protect the Commonwealth and its agencies and instrumentalities from all claims and losses incurred as a result of the contract;
3. Evidence of past performance in enforcing standards of practice for public accounting;
4. Compliance with all applicable federal, state, and local laws;
5. Ability to maintain, develop, and implement the internal operations that may be necessary or may become necessary to carry out the provisions of the contract; and
6. Any other qualifications the Board or the Director deems appropriate in the procurement process.
C. Such contract shall not exceed a three-year term, but may be renewed annually upon a majority vote of the Board and the approval of the Director. Prior to the execution of such contract, the Attorney General shall approve its form. The chairman of the Board and the Director shall be signatories to the contract on behalf of the Commonwealth.
D. Nothing herein is intended to deprive the contractor or the Commonwealth of the benefits of any law limiting exposure to liability or setting a limit on damages.
§ 54.1-2003. Grant of CPA certificate; restrictions on practice; educational and experience requirements.
A. The Board shall issue a CPA certificate only to a person who meets the
character, education, experience and examination requirements established in
this chapter and by regulations of the Board and shall renew such certificate
only if the certificate holder meets the requirements established by §
54.1-2004. Before adopting any regulations requiring that an individual
admitted for examination have more than a baccalaureate degree, the Board shall submit
such proposed regulations to the State Council of Higher Education for its review and
comment and the Board shall coordinate and consult with the State Council of
Higher Education regarding such regulations. Any such regulations shall not be
effective prior to February 15, 1994. A person who holds a valid certificate
granted to him by the Board may refer to himself as a Certified Public
Accountant or CPA but is not empowered to practice public accountancy until he
obtains a valid license to do so.
B. Before an applicant for a CPA certificate may sit for the examination prescribed by this section, the following education requirements shall be met:
1. For persons applying to sit for the examination prior to July 1, 2006, a baccalaureate degree or its equivalent conferred by an accredited college or university with an accounting concentration or equivalent as defined by Board regulations.
2. For persons applying to sit for the examination on or after July 1, 2006, at least 150 semester hours of college education, including a baccalaureate or higher degree conferred by an accredited college or university with the total educational program to include an accounting concentration or equivalent as defined by Board regulations.
C. An applicant for initial issuance of a CPA certificate shall provide proof acceptable to the Board that the applicant has had at least one year of acceptable experience in accounting or a related field. This experience may include providing any type of service or advice involving the use of accounting, management, financial, tax or consulting advisory skills or services. Acceptable experience shall include employment in government, industry, academia or public accounting or related services.
D. The Board shall grant all privileges of Virginia CPA certificate holders to persons who were granted CPA certificates or licenses in other jurisdictions who can demonstrate that they are eligible under the substantial equivalency provisions set forth in § 54.1-2004.1.
B. E. For the purpose of meeting the examination requirements referred to in
subsection A of this section, the Board may admit for examination graduates of
(i) Bristol College, Bristol, Tennessee, using the same criteria for admission
as required by the Tennessee State Board of Accountancy who have otherwise
completed the course work and credit hours required by this chapter and (ii)
Benjamin Franklin School of Accountancy and Financial Administration, Washington,
D.C., using the same criteria for admission as required by the District of
Columbia Board of Accountancy who have otherwise completed the course work and
credit hours required by this chapter.
C. F. For the purpose of meeting the examination requirement referred to in
subsection A requirements of this section, the Board shall admit graduates with
a baccalaureate degree with a major in accounting or a concentration in accounting from National
Business College of Virginia, who have otherwise completed the course work and
credit hours required by the Board this chapter.
§ 54.1-2004. Renewal of CPA certificate; continuing education requirements.
The Board shall issue a license only to a person who holds a valid certificate
and who has met work experience requirements established by Board regulation.
The Board shall grant or renew a license only if the license holder meets
requirements established by the Board. A person who holds a valid license granted to
him by the Board may practice public accounting.
A. The Board shall promulgate regulations establishing procedures and requirements for the renewal of a CPA certificate granted by the Board, including the payment of a renewal fee.
B. Any person referring to himself as a Certified Public Accountant or “CPA,” including the use of the “CPA” title on individual business cards, letterhead and all other documents and devices except the CPA certificate, and who is performing or offering to perform any services involving accounting skills or auditing skills, issuing reports on financial advisory or consulting services, preparing tax returns, or furnishing advice on tax matters, for the public, shall meet the continuing professional education (CPE) requirements established by the Board as a condition of renewal of a CPA certificate. Such CPE requirements shall include at least 120 credit hours during each three-year period. The certificate holder may choose the areas of study and courses.
C. Effective July 1, 2002, any person referring to himself as a Certified Public Accountant or "CPA," including the use of the "CPA" title on individual business cards, letterhead and all other documents and devices except the CPA certificate, and who is performing or offering to perform any services involving accounting skills or auditing skills, issuing reports on financial advisory or consulting services, preparing tax returns, or furnishing advice on tax matters, for an employer or other organization and not for the public, or who is employed as an educator in the field of accounting, shall meet CPE requirements as a condition of renewal of the person's CPA certificate as follows: (i) for the three-year reporting period beginning July 1, 2002, a minimum of 45 credit hours, (ii) for the three-year reporting period beginning July 1, 2005, a minimum of 90 credit hours, and (iii) for three-year reporting periods beginning on or after July 1, 2008, a minimum of 120 credit hours. The certificate holder may choose the areas of study and courses.
§ 54.1-2004.1. Substantial equivalency for nonresident CPA certificate holders and licensees.
A. A nonresident of the Commonwealth shall be granted the privilege of practicing public accounting in the Commonwealth if he holds a valid CPA certificate or license to practice public accounting in another state or foreign jurisdiction which is determined by the Board or its designee to have education, examination and experience requirements substantially equivalent to those provided by this chapter or if the Board determines that the nonresident individual has met education, examination 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:
1. Consent to be subject to (i) the same laws, regulations and standards of conduct applying to holders of CPA certificates issued by the Board, (ii) the jurisdiction of the Board in all disciplinary proceedings arising out of matters related to his exercise of the privileges granted by this section, and (iii) the Board’s authority to revoke his privilege to practice public accounting in the Commonwealth under this section.
2. Consent to the appointment of the director of the state board which issued his CPA certificate or license as his agent upon whom process may be served in any action or proceeding by the Board against him, or in any civil action in Virginia courts arising out of his professional activities in the Commonwealth. In the event he holds a CPA certificate or license from more than one state, the Board by regulation shall establish which director shall serve as his agent.
3. Consent to the personal and subject matter jurisdiction of the courts of the Commonwealth in any civil action arising out of his professional activities in the Commonwealth and agree that the proper venue for such actions is in the Commonwealth.
C. A person who holds a CPA certificate issued by the Board and is exercising the privileges of a CPA certificate holder in another state under a comparable substantial equivalency provision of that state’s law shall be subject to disciplinary action by the Board for an act or omission committed in the Commonwealth. The Board shall investigate any complaint made to or by the board of accountancy of another state related to the person’s exercise of the privileges of a CPA certificate holder in the Commonwealth.
§ 54.1-2005. Firms.
A. No professional corporation organized under the provisions of Chapter 7 (§
13.1-542 et seq.) of Title 13.1 or professional limited liability company organized under
the provisions of Chapter 13 (§ 13.1-1100 et seq.) of Title 13.1 shall practice
Any person holding a valid CPA certificate may organize a firm as a sole
proprietorship, partnership, corporation, limited liability company, limited
liability partnership, or any other form or organization permitted by law. Any
person holding a valid CPA certificate may offer services that do not constitute the
practice of public accounting as defined in § 54.1-2000 through any lawful form
of organization while representing himself as a “Certified Public Accountant”
or “CPA.”
B. Any firm with one or more offices in the Commonwealth which practices,
directly or indirectly, public accounting in this Commonwealth unless
registered or which uses the term “Certified Public Accountant(s)” or the
designation “CPA” in the name of the firm shall register under this chapter.
B. A professional corporation organized under the provisions of Chapter 7 of
Title 13.1 or professional limited liability company organized under the provisions
of Chapter 13 of Title 13.1 shall be issued a registration certificate by the Board
upon its application and payment of the required registration fee provided
that: Only one registration certificate shall be required for a firm with
multiple offices. Each firm registered under this section shall designate an individual
to register as the primary contact on behalf of the firm. A firm with no offices in the
Commonwealth may offer public accounting services in this Commonwealth if the
individual members or employees providing services are (i) holders of CPA
certificates from the Board, (ii) have met the substantial equivalency
requirements of this chapter, or (iii) are otherwise eligible to practice in
the Commonwealth as determined by the Board. The Board may revoke the
privileges of such firm to offer public accounting services in the Commonwealth
for good cause shown, pursuant to regulations promulgated by the Board.
C. Any firm with an office in the Commonwealth providing or offering to provide public accounting services shall be issued a registration certificate by the Board upon application and payment of the required fee and shall maintain such certificate provided that:
1. Each shareholder of the professional corporation or member or manager of a
professional limited liability company who will practice public accountancy in
Virginia holds a license issued by the Board. At least fifty-one percent of the
owners of the firm, as determined on a firm-wide basis, hold a valid CPA
certificate.
2. The name of the professional corporation or professional limited liability
company and the conduct of its practice conform with the ethical standards which its
shareholders or members and managers are required to observe in the practice of
public accountancy and the name includes, as appropriate, such designation of
the corporate form as is authorized by Chapter 7 of Title 13.1 and is followed
by the description a "Professional Corporation" or "PC," or designation of the
professional limited liability company form as is authorized by Chapter 13 of
Title 13.1 and is followed by the description "Professional Limited Company" or
"Professional Limited Liability Company," or the abbreviations "P.L.C." or
"P.L.L.C." At least fifty-one percent of the voting equity interest in the
firm, as determined on a firm-wide basis, is owned by persons holding a valid CPA
certificate. If this requirement or the requirement of subdivision 1 of this subsection
is not met due to the death, retirement or departure of an owner, the
requirements shall be met within one year of such event.
3. All non-CPA owners work in the firm as prescribed by Board regulations. Retirees or heirs who do not meet this requirement shall have a period specified by Board regulation to dispose of their interest. Firms in existence as of July 1, 1999, shall comply with this requirement within a period specified by Board regulation.
4. All public accounting services are under the supervision of a person holding a valid CPA certificate.
5. The firm provides evidence satisfactory to the Board that the firm has undergone, no less frequently than every three years, a peer review in accordance with requirements established by the Board.
6. The firm conducts its accounting practice in conformity with the Board’s standards of practice for firms and also with standards of conduct and practice which its CPA certificate holders are required to observe in the practice of public accountancy.
7. Any individual CPA who is responsible for supervising public accounting services and signs or authorizes another person to sign the accountant’s report on the financial statement on behalf of the firm, shall meet the experience requirements for these individuals as established by the Board.
8. The name of the firm is not false, misleading or deceptive.
D. Any firm with an office in the Commonwealth that is not engaged in the practice of public accounting but uses the term “Certified Public Accountant” or the “CPA” designation in its name shall be issued a registration certificate by the Board upon its application and payment of the required fee provided that such firm is in compliance with subdivisions C 1, 2, 3 and 8 of § 54.1-2005 and the firm:
1. Conducts its practice in conformity with the ethical standards and standards of practice which the CPA certificate holders in the firm are required to observe; and
2. Affirms that it has met the requirements of this section and has not provided nor offered to provide services involving the practice of public accounting in the previous two years and will not provide or offer to provide such services in the future, unless it first meets the requirements set forth in subsection C.
In addition, any such firm using certified public accountants to compile financial statements in compliance with SSARS shall provide evidence satisfactory to the Board that the firm has undergone, no less frequently than every three years, a peer review in accordance with the requirements established by the Board.
C. E. Professional corporation or professional limited liability company
registration certificates A firm’s registration certificate shall be renewed
biennially on the anniversary date if such corporation or professional limited
liability company firm meets the requirements for registration and has paid the
registration required fee. The Board shall establish a renewal fee.
§ 54.1-2006. Unprofessional conduct; enforcement against holders of CPA certificates and registration certificates.
The Board may revoke or suspend a license or certificate or impose lesser
sanctions for any of the following causes:
1. The use of fraud, deceit, or misrepresentation about credentials or
qualifications for licensure or certification.
2. The conviction of any crime involving moral turpitude.
3. Unprofessional conduct in violation of the Standards of Practice adopted by
the Board.
4. Professional discipline imposed by another state in the practice of public
accountancy.
5. Dishonesty, fraud, or negligence in the practice of public accountancy.
6. Suspension or revocation of the right to practice before any state or
federal agency.
7. Violation of any of the provisions of this chapter or any regulation
promulgated by the Board.
A. The Board may revoke any CPA certificate or registration certificate; suspend any CPA certificate or registration certificate or refuse to renew any CPA certificate or registration certificate for a period of not more than five years; reprimand, censure or limit the scope of practice of any CPA certificate holder or registered firm; impose a monetary penalty as provided in § 54.1-202 or place any CPA certificate holder or registered firm on probation, with or without terms, conditions and limitations, for any of the following reasons:
1. Fraud or deceit in obtaining or renewing a CPA certificate or registration certificate.
2. Cancellation, revocation, suspension or refusal to renew the CPA certificate or license to engage in the practice of public accountancy for disciplinary reasons in another state or foreign jurisdiction.
3. Failure to comply with the requirements for issuance or renewal of a CPA certificate or registration certificate.
4. Revocation or suspension of the right to practice before any state or federal agency.
5. Dishonesty, fraud, or gross negligence in the practice of public accountancy, including but not limited to the content of a CPA certificate holder’s state or federal income tax returns or his failure to file his own state or federal income tax returns or those of his client.
6. Violation of any provision of this chapter or regulation promulgated by the Board under this chapter.
7. Violation of any standard of conduct or applicable standard of practice promulgated by the Board.
8. Subject to the provisions of § 54.1-204, conviction of a felony, or of any crime involving fraud or dishonesty, under the laws of the United States, of this Commonwealth, or of any other state if the acts involved would have constituted a crime under the laws of the Commonwealth.
B. In lieu of, or in addition to, any authority provided in subsection A or other provisions of this chapter, the Board may require a registered firm to submit to a peer review conducted as the Board may specify, provided such firm performs services involving public accounting or compiles financial statements in accordance with SSARS. The Board may also require a CPA certificate holder to attain satisfactory completion of additional or specific continuing professional education credit hours as the Board may specify.
C. Any person referring to himself as a Certified Public Accountant, including the use of the title on business cards, letterhead or other documents or devices other than the person’s CPA certificate, who compiles financial statements must create the report in compliance with SSARS.
§ 54.1-2007. Prohibited acts.
A. A person who does not hold a valid license issued by the Board CPA
certificate shall not:
1. Claim to hold a valid license CPA certificate;
2. Practice or offer to practice public accountancy or public accounting; or
3. Make any other claim of licensure, registration, or approval related to the
preparation of financial statements which is false or misleading.;
B. 4. A person who does not hold a valid certificate issued by the Board shall
not claim to hold one or 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.;
C. 5. A person who does not hold a valid license issued by the Board shall not
Claim to have used "generally accepted accounting principles," "generally accepted accounting standards,"
"public accountancy standards," "public accountancy principles," "generally accepted
auditing principles," or "generally accepted auditing standards," or
“standards promulgated by the American Institute of Certified Public
Accountants,” 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.;
D. 6. A person who does not hold a valid license issued by the Board shall not
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 which expresses assurance on a financial statement.; or
E. 7. A person who does not hold a valid license issued by the Board shall
neither State nor 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
subsection subdivision.
F. A person who holds a valid license issued by the Board shall not engage in
the practice of public accounting under a professional or firm name or designation
that contains a name or term other than past or present partners, officers,
members, managers, or shareholders of the firm or of a predecessor firm; nor
shall any such person engage in the practice of public accounting under a
professional or firm name which is deceptive or misleading.
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.
D. No CPA certificate holder shall:
1. Recommend or refer to a client any product or services for a commission, or, for a commission, recommend or refer any product or service to be supplied by a client, or receive a commission when the CPA certificate holder also performs for that client any service which involves the practice of public accounting. This prohibition applies during the period in which the CPA certificate holder is providing services which involve the giving of an assurance or during the period covered by any financial statements that were prepared by the CPA certificate holder as a part of such services.
2. Perform for a contingent fee any services for, or receive such a fee from, a client for whom the CPA certificate holder or the CPA certificate holder’s firm performs services which involve the practice of public accounting, during the period when such services are being provided and during the period covered by the financial statements.
3. Prepare an original tax return or claim for a tax refund for a contingent fee for any client.
E. A CPA certificate holder who is not prohibited by this section from accepting a commission and who is paid or expects to be paid a commission shall disclose that fact to any person or entity to whom the CPA certificate holder recommends or refers a product or service to which the commission applies.
F. A CPA certificate holder who accepts a referral fee for recommending or referring any service of a CPA certificate holder shall disclose such payment to the client.
§ 54.1-2008. Exemptions from unlawful acts.
A. The unlawful acts set forth in § 54.1-2007 shall not apply to or prohibit a person or firm holding a certification, designation, degree or license granted in a foreign country entitling the holder thereof to engage in the practice of public accountancy or its equivalent in such country, provided that:
1. The practice of this the person or firm in the Commonwealth of Virginia is
limited to providing professional services to persons or firms who are
residents of, governments of, or business entities of the country in which such
entitlement is held;
2. Such person or firm does not engage in the practice of public accountancy in the preparation of financial statements about any other person, firm, or governmental unit in the Commonwealth of Virginia; and
3. The person or firm designates the country of origin and does not use any title or designation other than the one under which he or it may lawfully practice in the country of origin, which may be followed by a translation of such 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.
2. That the Board of Accountancy shall promulgate emergency regulations to implement the provisions of this act by October 1, 1999.