Source: http://boa.virginia.gov/Firms/FirmLicReq.shtml
Timestamp: 2019-04-21 14:52:04+00:00

Document:
Pursuant to § 54.1-4412.1, A, Code of Virginia, only a firm may provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia. Therefore, any licensee or firm providing such services must have a firm license.
This does not prevent an individual not licensed as a CPA from practicing accounting or bookkeeping skills, or rendering tax services. A non-licensee may prepare financial statements as long as no claims of audit, review, or assurance is made on those financial statements, in accordance with § 54.1-4401, Code of Virginia.
Pursuant to § 54.1-4412.1, B, Code of Virginia, any firm performing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia must hold a Virginia firm CPA license if Virginia is the principal place of business. However, there are exceptions for individuals not licensed who are only performing financial statement preparation services. Individuals should contact the VBOA with questions.
Pursuant to § 54.1-4412.1, C, Code of Virginia, any firm whose principal place of business is outside Virginia and is performing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia must hold a Virginia firm CPA license unless the individual providing attest or compilation services has a Virginia individual CPA license or is under the supervision of a CPA with a Virginia individual CPA license or a licensee from a substantially equivalent state or jurisdiction.
At least 51% of the owners and the voting equity interest of the firm must be CPAs or trustees of an eligible employee stock ownership plan. Owners of a firm who are not licensees must participate in the firm’s activities on a regular, continuous and substantial basis.
An individual who supervises firm personnel for attest services, compilation services, or financial statement preparation services or who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services must have a Virginia firm CPA license or a valid individual CPA license from a substantially equivalent state in accordance with § 54.1-4411, Code of Virginia.
An individual who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services provided for persons in Virginia must annually obtain a minimum of 8 hours of CPE related to attest services, compilation services, or financial statement preparation services, in accordance with subsection A of VBOA regulation 18VAC5-22-140.
The firm must conduct its attest services, compilation services, or financial statement preparation services in conformity with the standards of conduct and practice in accordance with § 54.1-4413.3, Code of Virginia and VBOA regulations.
The firm may be enrolled in a monitoring program of the American Institute of Certified Public Accountants or another VBOA-approved monitoring program.
The firm’s name must not be false, misleading or deceptive.
All firms applying for CPA licensure must provide a copy of their certificate of incorporation or organization from the Commonwealth of Virginia’s State Corporation Commission. Sole proprietors are exempt from this requirement.
The non-refundable firm license application fee is $100.

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