Question

Look up the specific requirements to become a Certified Public Accountant in your state (Virginia). List the requirements and indicate if they are what you expected. Why do you think the requirements vary some from state to state? What do you think CPAs really do and why is it necessary for them to go through a certification process? Please comment.

Answer 1

Solution:-

Look up the specific requirements to become a Certified Public Accountant in your state (Virginia). List the requirements and indicate if they are what you expected:-

5 Steps to Becoming a CPA in Virginia:-

1. Get your Education in Virginia
2. Take the Uniform CPA Exam in Virginia
3. Gain the Necessary Experience in Virginia
4. Get your Virginia CPA License
5. Continuing Education in Virginia

1. Get Your Education

a. Get in touch with universities in Virginia offering accounting programs to solicit information. All certified public accountants in Virginia must comply with Virginia Board of Accountancy rules, which specify a bachelor’s degree (at minimum) involving 150 semester hours of college credit.

b. If you are still attending school or have recently graduated, confirm that your program is accredited by an organization that is acceptable to the Virginia Board of Accountancy.

2. Take The Uniform CPA Exam

If you have completed 120 semester hours of the total requirement of 150 and have received a bachelor’s degree, you are eligible to sit for the Uniform CPA Examination.

3. Gain The Necessary Experience

All CPA applicants in the commonwealth of Virginia must fulfill work experience requirements as part of the licensing process.

Competencies that should be contained within your work experience consist of:

• Accounting skills
• Financial skills
• Tax skills
• Other skills relevant to the accounting profession

4. Get Your Virginia CPA License

Passing the Uniform CPA Examination, completing the ethics course, completing 150 semester hours of college education and fulfilling Virginia’s work experience requirement renders you ready to apply for a CPA license.

5. Stay Current Through Continuing Professional Education in Virginia

The Virginia Board of Accountancy states that you must satisfy professional education (CPE) requirements to maintain your CPA license.

Why do you think the requirements vary some from state to state:-

Each state and jurisdiction’s Board of Accountancy maintains autonomous licensing authority over the CPAs that engage clients within its boarders. Although the process for attaining CPA licensure in all states and jurisdictions consists of the same basic steps, each Board has its own specific requirements that must be met. In all cases, becoming a CPA would involve fulfilling state or jurisdiction specific requirements and processes for the qualification, issuance, and maintenance of a CPA license.

In accordance with the Uniform Accountancy Act, all state and jurisdiction Boards qualify CPA candidates for licensure within the general framework of the “Three Es” (education, exam, experience):
Education – All CPA candidates must hold a bachelor’s degree, at minimum, and have no fewer than 150 semester hours of formal education.
Examination – All CPA candidates must achieve a passing score on the Uniform CPA Exam.
Experience – All CPA candidates must gain field experience under the supervision of a licensed CPA. In most states and jurisdictions, one year of supervised experience satisfies the requirement.

The difference in education requirements between Boards has to do with how many credit hours are required in each of the core areas of ethics and law, accounting, and business.

Although the Uniform CPA Exam is the same in all states and jurisdictions, the eligibility requirements for taking the exam are not. While some states allow candidates to take the exam after completing their standard 120-semester hour bachelor’s program, most require that the full 150 semester-hour requirement be fulfilled through continuing education or a graduate program prior to sitting for the exam. Some states also require a state-specific ethics exam in addition to the CPA Exam.

Experience is a key component to qualifying for CPA licensure, and one that is upheld by all Boards of Accountancy. Although one year of general supervised experience is the standard, most Boards maintain specific requirements for the number of hours spent performing audit and attestation work during this time. Each Board also has its own process in place for tracking and logging the requisite hours, which both the CPA candidate and the supervising CPA must adhere to.

Even as all state and jurisdiction Boards of Accountancy move toward a greater level of uniformity, there are still many inconsistencies. AccountingEdu.org serves as a detailed guide to those interested in learning the process and satisfying the requirements for achieving CPA licensure within their state or jurisdiction.

What do you think CPAs really do :-

Because a CPA’s toolbox includes everything from tax preparation, to financial statements, to financial planning, to forensic accounting, to internal auditing, to income tax, the CPA’s primary function is to help businesses thrive. And while a CPA is an accountant, not all accountants are CPAs.

A CPA is different than an accountant. In fact, anyone who does any type of accounting function – even someone without a degree – can call themselves an accountant.

A certified public accountant (CPA), however, is someone who has earned a professional designation through a combination of education, experience and licensing.