CSCPA, State Board of Accountancy Collaborate to Successfully Eliminate Attest Experience Requirement for Initial Licensing
Attest Practitioners Must Now Satisfy AICPA Quality Review Standards
October 6, 2009
Working together, the Connecticut Society of Certified Public Accountants and the Connecticut State Board of Accountancy have eliminated the six-month attest component from the two-year experience requirement for initial licensing.
In its place is a new rule stating that “the individual [who performs compilation, review, or audit services] shall meet the competency requirements set forth in the statements on quality control standards contained in the professional standards issued by the American Institute of Certified Public Accountants,” and that “the individual [who performs compilation, review, or audit services] shall earn 16 hours of the 40 hours of continuing professional education…in the subject area of attest or compilation services.”
“This represents an important modernization of the regulations,” observed CSCPA Executive Director Art Renner, CPA, “because it accomplishes multiple objectives.
“First, it enables CPA candidates working in taxation and other non-attest areas to fulfill their initial licensing experience requirement without having to leave their area of practice,“ Renner noted.
“Second,” he continued, “it will further ensure that those who provide attest services will be completely current with professional standards.
“It also provides an opportunity for individuals who did not go directly into public accounting to obtain certification,” Renner added.
The CSCPA is launching a comprehensive campaign to apprise all interested parties – CPA candidates, employers, educators, students, industry accountants, young and new professionals – of these important modifications to Connecticut’s accountancy statutes.
Check out our FAQs for more on these big changes.
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