VSCPA Members Broome, Holton Wrap Up Successful VBOA Terms

The June 29 meeting of the Virginia Board of Accountancy (VBOA) marked the end of an era as O. Whitfield “Whit” Broome, CPA, Ph.D., and Steve Holton, CPA, finished their second terms on the Board. The two VSCPA members sat on the Board during a time of significant change to the CPA profession and served CPAs and the Commonwealth with a steady hand.

Broome and Holton joined the VBOA during a turbulent time, and the pair and their fellow Board members decided upon a series of measured regulatory changes.

The VBOA and the VSCPA honored Broome and Holton at their final meeting. Deputy Secretary of Commerce & Trade Carrie Cantrell recognized the pair for their years of service on behalf of Gov. Bob McDonnell’s administration.
 
Read more at VSCPA.com.

New CPA Regulations Are Now In Process!

We are pleased to report that after months of development, revised regulations governing CPAs in Virginia have been submitted into the “fast-track” regulatory process by the Virginia Board of Accountancy (BOA).

The VSCPA has issued official comments to Gov. Tim Kaine on the proposal, but you can read a recap of the regulations here.

In our comment letter, it’s clear we fully support the BOA’s proposal, and we’d like the state government to push these through the regulatory process as quickly as possible. Right now, conflicts between the statutes and regulations are confusing to Virginia CPAs and creating a lot of questions about the current rules for practicing public accounting in the Commonwealth.

We take our responsibility to advocate on your behalf very seriously at the VSCPA. Our leaders and staff want to ensure your needs, as a CPA regulant who must follow Virginia law, are adequately represented and spoken for.

If you have any questions about the regulations and the VSCPA’s role in the process, feel free to contact me at speters@vscpa.com or (804) 612-9423. VSCPA Government Affairs Director Emily Walker can also answer your questions at (804) 612-9424.

BOA Reduces Credit Requirement to Sit for CPA Exam in Virginia

Last summer, the Virginia Board of Accountancy (BOA) announced its intention to reduce the number of credit hours required to sit for the CPA Exam in Virginia. This week, the reduction became a reality.

Whereas candidates used to need 150 hours to sit for the Exam in Virginia, they may now sit with 120 semester hours. However, candidates still need 150 hours to apply for a CPA license in the Commonwealth. The VSCPA highly recommends that all prospective CPAs attain 150 hours of education so they may obtain licenses pending passage of the CPA Exam.Gov. Tim Kaine signed emergency regulations, putting the new rule in effect as of May 14, 2009.

Read a full article on this topic at www.vscpa.com.

If you need additional help, contact VSCPA Government Affairs Director Emily Walker at (804) 612-9428, contact the BOA directly at (804) 367-8505 or visit the BOA website at www.boa.virginia.gov.