Board of Accountancy regulatory changes
Updated July 2019
Beginning Aug 1, a new license status will allow retired CPAs to continue using the credential on business cards, letterhead or other communications provided all the criteria are met. The retired status will be an option for CPAs who are 55 or older and meet the other requirements.
A new law will allow the BOA a two-year extended regulatory jurisdiction to take action against a license after the licenses has been surrendered. Current law provides the BOA jurisdiction over currently licensed CPAs. To avoid BOA sanctions some CPAs are surrendering their certificate and, by doing so, preventing the BOA from investigating the complaint and eliminate reporting a violation to the national licensing date base.
The MNCPA supported both changes.
Why you should care
First, CPAs who retire are forced to choose between two options: surrendering a certificate they worked hard to acquire and spent a life time working to protect the publics financial interests, or opting to go inactive and try to explain what an inactive CPA is.
Second, CPAs who violate the public’s trust can avoid consequences by surrendering their license. Their actions have negative consequences for the entire profession and may go unreported to other licensing jurisdictions.
Changes supported by the MNCPA include:
- Creation of a new retired CPA status.
- Two-year extended regulatory jurisdiction.
Influencing positive change
With the help of your donations to the MNCPA PAC we have had great success at the Capitol throughout the past decade.
Reasons to contribute:
- Carry a unified message on CPA issues to legislators.
- Raise CPAs' visibility at the Capitol.
- Continue the proven track record of success.
Contribute to the PAC