Source: https://law.onecle.com/virginia/professions-and-occupations/54.1-4412.1.html
Timestamp: 2019-07-22 16:48:37
Document Index: 347783099

Matched Legal Cases: ['§ 54', '§ 54', '§ 54', '§ 13', '§ 54', '§ 54', '§ 54']

Code of Virginia - Title 54.1 Professions And Occupations - Section 54.1-4412.1 Licensing requirements for firms. - Legal Research
Code of Virginia - Title 54.1 Professions And Occupations - Section 54.1-4412.1 Licensing requirements for firms.
A. Only a firm can provide attest services or compilation services to persons or entities located in Virginia. However, this shall not affect the privilege of a person who is not licensed to say that financial statements have been compiled or to use the compilation language, as prescribed by subsections B and C of § 54.1-4401.
B. A firm that provides attest services or compilation services to persons or entities located in Virginia shall obtain a Virginia license if the principal place of business in which it provides those services is in Virginia.
C. A firm that is not required to obtain a Virginia license may provide attest services or compilation services to persons or entities located in Virginia if:
1. The firm's personnel working on the engagement either (i) hold a Virginia license or (ii) hold the license of another state and comply with the substantial equivalency provisions of § 54.1-4411, or
2. The firm's personnel working on the engagement are under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the substantial equivalency provisions of § 54.1-4411.
D. For a firm to obtain a Virginia license:
a. At least 51 percent of the owners of the firm shall be licensees, trustees of an eligible employee stock ownership plan as defined in § 13.1-543, or a firm that meets this requirement, and
3. All attest services and compilation services provided for persons and entities located in Virginia shall be under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the substantial equivalency provisions of § 54.1-4411.
4. Any person who releases or authorizes the release of reports on attest services or compilation services provided for persons or entities located in Virginia shall:
a. Either (i) hold a Virginia license or (ii) hold the license of another state and comply with the substantial equivalency provisions of § 54.1-4411, and
5. The firm shall conduct its attest services and compilation services in conformity with the standards of conduct and practice in § 54.1-4413.3 and regulations promulgated by the Board.
6. The firm shall be enrolled in the applicable monitoring program of the American Institute of Certified Public Accountants or its successor, or in another monitoring program for attest services and compilation services that is approved by the Board. In addition, the firm shall comply with any requirements prescribed by the Board in response to the results of peer reviews.
Sections: Previous 54.1-4408 54.1-4409 54.1-4409.1 54.1-4409.2 54.1-4410 54.1-4411 54.1-4412 54.1-4412.1 54.1-4413 54.1-4413.2 54.1-4413.3 54.1-4413.4 54.1-4413.5 54.1-4414 54.1-4415 Next