reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.7 - Security and irregularities; cheating

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Notwithstanding any other provisions of this subchapter, the Board may postpone scheduled examinations, the release of grades, or the issuance of licenses due to a breach of examination security; unauthorized acquisition or disclosure of the contents of an examination; suspected or actual negligence, errors, omissions, or irregularities in conducting an examination; or for any other reasonable cause or unforeseen circumstance.
(b) Cheating by an applicant in applying for, taking, or subsequent to the examination shall be deemed to invalidate any grade otherwise earned by the applicant on any test section of the examination, and may warrant summary expulsion from the test site and disqualification from taking the examination for a specified period of time.
(c) For purposes of this section, the following actions or attempted activities, among others, may be considered cheating:
1. Falsifying or misrepresenting educational credentials or other information required for admission to the examination;
2. Communication between applicants while the examination is in progress both inside or outside the test site or copying another applicant's answers;
3. Communication with others inside or outside the test site while the examination is in progress;
4. Substitution of another person to sit in the test site in place of the actual applicant;
5. Violating the nondisclosure prohibitions of the examination, aiding or abetting another in doing so or otherwise participating in the collection of test items for use, redistribution or sale;
6. Retaking or attempting to retake a test section by an individual holding a valid license or by an applicant who has unexpired credit for having already passed the same test section, unless the individual or applicant has been expressly directed to retake the test section pursuant to a Board order or expressly authorized by the Board to retake the test section; or
7. Reference to crib sheets, textbooks or other material or electronic media, other than that provided to the applicant as part of the examination, inside or outside the test site while the examination is in progress.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.8 - Licensure by waiver of examination for applicants licensed in another jurisdiction; application procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applications for licensure by waiver of examination based upon licensure in another jurisdiction shall be made on a form supplied by the Board that shall require applicants to provide the following information:
1. The month and year of the applicant's successful completion of the Uniform CPA Examination;
2. A list of all states or jurisdictions in which the applicant holds or has ever held a license to practice accountancy;
3. All academic degrees held by the applicant; and
4. All experience and employment the applicant has obtained since being awarded his or her academic degree.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.9 - Public School Accountant's license

Current through Register Vol. 56, No. 14, July 15, 2024
The holder of a license as a Certified Public Accountant, Public Accountant, or Registered Municipal Accountant shall be granted a Public School Accountant's license upon application to the Board, and the payment of the initial license fee set forth in N.J.A.C. 13:29-1.5.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.10 - Licensee requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applicants who satisfy the requirements of this subchapter shall pay the initial license fee as set forth in 13:29-1.5.
(b) Every successful applicant shall comply with the Rules of Professional Conduct in N.J.A.C. 13:29-3.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.11 - Triennial firm registration

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In accordance with N.J.S.A. 45:2B-54 or 55, an entity that is required to register as a firm engaged in the practice of attest services or public accountancy shall submit an application for registration, which shall be accompanied by the application and licensing fees as set forth in NJ.A.C. 13:29-1.5. Applications shall also be accompanied by:
1. A copy of the firm's letterhead;
2. The forms regarding Peer Review compliance that are available on the Board's website at
http://www.njconsumeraffairs.gov/acc/Pages/default.aspx
; and
3. If the business is a legal entity, such as a corporation, limited partnership, or limited liability company, a copy of the Business Registration Certificate as proof of having registered with the New Jersey Division of Revenue (see
http://www.nj.gov/njbusiness/registration
).
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 1A - EXAMINATION AND LICENSURE; FIRM REGISTRATION › Section 13:29-1A.12 - Orientation course

Current through Register Vol. 56, No. 14, July 15, 2024
Within six months of initial licensure in New Jersey, a licensee shall complete an orientation course, which at a minimum, shall include a four-credit course in New Jersey law and ethics approved by the Board pursuant to N.J.A.C. 13:29-6.3A and 6.6(c). Within 30 days of completing the New Jersey law and ethics course, a new licensee shall send a copy of the course completion certificate to the Board. This orientation course shall satisfy the four credits in the New Jersey law and ethics course required at N.J.A.C. 13:29-6.2(d). A list of Board-approved New Jersey Law & Ethics Course Providers is available on the Board website at
http://www.njconsumeraffairs.gov/acc/Pages/default.aspx
. Pursuant to N.J.S.A. 45:2B-68, applicants may elect to take this course within six months prior to initial licensure to satisfy this requirement.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 2 - REGISTERED MUNICIPAL ACCOUNTANTS › Section 13:29-2.1 - Applications; requirements

Current through Register Vol. 56, No. 14, July 15, 2024
Every applicant for the Registered Municipal Accountant Examination shall submit to the Board a written application on a form to be provided by the Board and a two-inch by two-inch, passport photograph, front view, without a hat, taken within 30 days prior to application, provided that the applicant holds an active New Jersey Certified Public Accountant or Public Accountant license.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 2 - REGISTERED MUNICIPAL ACCOUNTANTS › Section 13:29-2.2 - Examination

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Registered Municipal Accountant's examination shall be held in December of each year, at a place designated by the Board. Applications shall be filed with the Executive Director of the Board by November 1 for the December examination.
(b) After the application has been approved, an admission card shall be mailed to the applicant which shall be used for admittance to the examination room. This card shall be kept in the possession of the applicant during the examinations and handed to a proctor at the conclusion of the examination.
(c) The Registered Municipal Accountant's examination shall be in writing, but this shall not bar additional examinations of such other nature as the Board may deem necessary.
(d) Examination papers are the property of the Board and shall be left with the proctors.
(e) Examination papers shall remain in the possession of the Board or its designee for a period of six months after each examination, and during the six months, any applicant may make arrangement to review the examination papers. Examination papers shall be destroyed after this six-month period has expired.
(f) Applicants for the Registered Municipal Accountant's examination shall be given a number for identification purposes and only this number shall be used on all papers.
(g) The Registered Municipal Accountant's examination shall include questions on the following:
1. Theory of municipal accounting and problems in municipal accounting;
2. Municipal law and finance;
3. Auditing;
4. Any additional related subjects as determined by the Board.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 2 - REGISTERED MUNICIPAL ACCOUNTANTS › Section 13:29-2.3 - Licensee requirements

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Applicants who satisfy the requirements of this subchapter shall pay the initial license fee set forth in 13:29-1.5.
(b) Applicants granted a license pursuant to this subchapter shall comply with the Rules of Professional Conduct set forth in N.J.A.C. 13:29-3.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.1 - Independence

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or a firm of which he or she is a partner, member or a shareholder shall not express an opinion on financial statements of an entity or organization in such a manner as to imply that he or she is acting as an independent public accountant with respect thereto unless he or she or his or her firm is independent with respect to such entity or organization.
(b) A person engaged in the practice of public accountancy, including a person who is not a member of the American Institute of Certified Public Accountants (AICPA), shall conform, in mind and appearance, to the independence standards established by the AICPA and the Board, and, where applicable, the U.S. Securities and Exchange Commission (SEC), the Government Accountability Office (GAO), the Public Company Accounting Oversight Board (PCAOB), and other national or international regulatory or professional standard setting bodies.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.2 - Integrity and objectivity

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee or the licensee's firm shall not knowingly misrepresent facts, and when engaged in the practice of public accounting, including the rendering of tax and management advisory services, shall not subordinate the licensee's judgment to others. In tax practice, a licensee or the licensee's firm may resolve doubt in favor of the licensee's client as long as there is reasonable support for the licensee's position.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.3 - Competence

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee or the licensee's firm shall not undertake any engagement for the performance of professional services which the licensee cannot reasonably expect to complete with due professional competence, including compliance, where applicable, with 13:29-3.5 and 3.6.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.4 - Forecasts

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee or the licensee's firm shall not in the performance of professional services permit the licensee's name to be used in conjunction with any forecast of future transactions in a manner which may reasonably lead to the belief that the licensee vouches for the achievability of the forecast.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.5 - Auditing standards

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or the licensee's firm shall not permit the licensee's name to be associated with financial statements in such a manner as to imply that the licensee is acting as an independent public accountant with respect to such financial statements unless the licensee has complied with applicable generally accepted auditing standards (GAAS) and, if applicable, generally accepted governmental auditing standards (GAGAS). Statements on Auditing Standards (SAS) issued by the American Institute of Certified Public Accountants (AICPA), and issued by the Public Company Accounting Oversight Board (PCAOB), and other pronouncements having similar generally recognized authority, are considered to be interpretations of generally accepted auditing standards, and departures therefrom shall be justified by those licensees or firms who do not follow them.
1. For purposes of this section, "other pronouncements having similar generally recognized authority" encompass both domestic and international pronouncements.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.6 - Accounting principles

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or the licensee's firm shall not express an opinion that financial statements are presented in conformity with generally accepted accounting principles (GAAP) if such financial statements contain any departure from such accounting principles which has a material effect on the financial statements taken as a whole, unless the licensee can demonstrate that by reason of unusual circumstances the financial statements would otherwise have been misleading. In such a case, the licensee's report must describe the departure, the approximate effects thereof, if practicable, and the reasons why compliance with the principle would result in a misleading statement.
(b) For purposes of this rule, generally accepted accounting principles (GAAP) are considered to be defined by pronouncements issued by the Financial Accounting Standards Board (FASB) and its predecessor and successor entities and similar pronouncements issued by other entities having similar general recognized authority.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.7 - Confidential client information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or the licensee's firm shall not without the consent of the licensee's client disclose any confidential information pertaining to the licensee's client obtained in the course of performing professional services.
(b) This rule shall not:
1. Relieve a licensee of any obligations under 13:29-3.5 and 13:29-3.6; or
2. Affect in any way a licensee's obligation to comply with a validly issued subpoena or summons enforceable by order of a court; or
3. Prohibit disclosures in the course of a quality review of a licensee's professional services; or
4. Preclude a licensee from responding to any inquiry made by the Board or any investigative or disciplinary body established by law or formally recognized by the Board.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.8 - Contingent fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A contingent fee is a fee established for the performance of any service pursuant to an arrangement in which no fee will be charged unless a specified finding or result is attained, or in which the amount of the fee is otherwise dependent upon the finding or result of such service.
(b) For the purposes of this section, a fee is not contingent if:
1. It is fixed by a court or other public authority; or
2. In tax matters, it is determined based on the results of a judicial proceeding or the findings of a governmental agency.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.10 - Advertising

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee shall not use or participate in the use of any form of public communication having reference to the licensee's professional services, which contains a false, fraudulent, misleading, deceptive, or unfair statement or claim. Solicitation by the use of coercion, or over-reaching or harassing conduct is prohibited. A false, fraudulent, misleading, deceptive, or unfair statement or claim includes a statement or claim that:
1. Contains a misrepresentation of fact;
2. Is likely to mislead or deceive because it fails to make full disclosure of relevant facts;
3. Is intended or likely to create false or unjustified expectations of favorable results;
4. Implies educational or professional attainments or licensing recognition not supported in fact;
5. States or implies that the licensee has received formal recognition as a specialist in any aspect of the practice of public accountancy, if this is not the case;
6. Represents that professional services can or will be competently performed for a stated fee when this is not the case, or makes representations with respect to fees for professional services that do not disclose all variables affecting the fees that will in fact be charged;
7. Implies the ability to influence any court, tribunal, regulatory agency, or similar body or official; or
8. Contains other representations or implications that in reasonable probability will cause an ordinarily prudent person to misunderstand or be deceived.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.11 - Solicitation

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee may directly or indirectly solicit clients by circulars, advertisements or personal communications provided such circulars, advertisements or personal communications do not violate 13:29-3.10.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.12 - Commissions, performance fees and referral fees

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A performance fee is compensation to a licensee on the basis of a share of the capital gains upon, or the capital appreciation of, the funds or any portion of the funds of a client.
(b) A licensee in public practice shall not receive a commission or performance fee for recommending or referring to a client any product or service, or receive a commission or performance fee for recommending or referring any product or service to be supplied by a client, or receive a commission or performance fee, when the licensee or the licensee's firm also performs for that client the following:
1. An audit or review of a financial statement;
2. A compilation of a financial statement accompanied by a report; or
3. An examination of prospective financial information.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.15 - Firm names

Current through Register Vol. 56, No. 14, July 15, 2024
A licensee shall not practice public accountancy under a firm name which is misleading in any way, as to the legal form of the firm, or as to the persons who are partners, officers, or shareholders of the firm, or as to any matter with respect to which public communications are restricted by 13:29-3.10, except that the names of one or more past partners or shareholders may be included in the firm name or its successor.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.16 - Records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee or the licensee's firm shall furnish to the licensee's client or former client, upon request made within a reasonable time after original issuance of the document in question:
1. A copy of a tax return of the client;
2. A copy of any report, or other document, issued by the licensee to or for such client;
3. Any accounting or other records belonging to, or obtained from or on behalf of, the client which the licensee removed from the client's premises or received for the client's account, but the licensee or the licensee's firm may make and retain copies of such documents when they form the basis for work done by the licensee; and
4. Licensee-prepared client records that would ordinarily constitute part of the client's books and records, are contained in the licensee's or his or her firm's working papers, and are not otherwise available to the client. Copies of such records shall be produced to the client in the same manner, media, and format as the record was created by the licensee.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 3 - RULES OF PROFESSIONAL CONDUCT › Section 13:29-3.19 - Code of Professional Conduct

Current through Register Vol. 56, No. 14, July 15, 2024
All licensees shall comply with the Code of Professional Conduct of the American Institute of Certified Public Accountants (AICPA Code of Professional Conduct), incorporated herein by reference, effective December 15, 2014 (early implementation policy), as amended and supplemented. The AICPA Code of Professional Conduct may be found at the AICPA website,
www.aicpa.org
. The Board's rules of professional conduct shall prevail whenever any conflict exists between this chapter and the AICPA Code of Professional Conduct.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 4 - PRACTICE PRIVILEGE; INDIVIDUALS AND FIRMS WITHOUT A NEW JERSEY OFFICE › Section 13:29-4.1 - Individuals licensed in other states; practice without a New Jersey license

Current through Register Vol. 56, No. 14, July 15, 2024
(a) An individual whose principal place of business is not in New Jersey shall be entitled to practice as a certified public accountant in the State, consistent with the requirements of this subchapter and 45:2B-50.1, without having to obtain a license, notify the Board or pay a fee, provided the individual:
1. Holds a valid license as a certified public accountant from any state that the National Association of State Boards of Accountancy's (NASBA) National Qualification Appraisal Service has verified to be in substantial equivalence with the certified public accountant licensure requirements of the American Institute of Certified Public Accountants AICPA/NASBA Uniform Accountancy Act; or
2. Holds a valid license as a certified public accountant from any state that NASBA's National Qualification Appraisal Service has not verified to be in substantial equivalence with the certified public accountant licensure requirements of the AICPA/NASBA Uniform Accountancy Act, but that individual obtains from NASBA's National Qualification Appraisal Service verification that the individual's personal certified public accountant qualifications are substantially equivalent to the certified public accountant licensure requirements of the AICPA/NASBA Uniform Accountancy Act.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 4 - PRACTICE PRIVILEGE; INDIVIDUALS AND FIRMS WITHOUT A NEW JERSEY OFFICE › Section 13:29-4.2 - Registration of firms located in other states

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A firm that does not have an office in New Jersey shall register with the Board and pay the fee set forth in 13:29-1.5, if the firm performs the following attest services for a client having its home office in this State:
1. A financial statement audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);
2. An examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE); or
3. An engagement to be performed in accordance with the Public Company Accounting Oversight Board (PCAOB) Auditing Standards.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 4 - PRACTICE PRIVILEGE; INDIVIDUALS AND FIRMS WITHOUT A NEW JERSEY OFFICE › Section 13:29-4.3 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
For purposes of this subchapter, the following term shall have the following meaning, unless the context clearly indicates otherwise.
"Home office" means the location specified by the client as the address to which the services described above are directed.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.1 - Purpose and scope

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Pursuant to 45:2B-67, the Board establishes a Peer Review Program (Program) to monitor licensee compliance with applicable accounting and auditing standards adopted by generally recognized standard-setting bodies. The purpose of the Program is to improve the quality of financial reporting and to promote the fairness of presentation and the dependability of information on which the public relies for guidance in financial transactions, accounting and business performance. The Program shall emphasize education and rehabilitation rather than disciplinary action. Appropriate educational programs or remedial procedures shall be recommended or required where reporting does not comply with appropriate professional standards. However, when a licensee is unwilling or unable to comply with those standards, or a licensee's professional work is so inadequate as to warrant disciplinary action, the Board shall take appropriate action to protect the public interest.
(b) The rules in this subchapter shall not require any licensee or firm to become a member of any sponsoring organization.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this subchapter, shall have the following meanings unless the context clearly indicates otherwise:
"Firm" means a sole proprietorship, a professional corporation, a partnership, a limited liability company, a limited liability partnership or any other lawful form of business organization.
"Professional Standards" mean the accounting and auditing engagements covered by the Statements on Auditing Standards (SASs); Statements on Standards for Accounting and Review Services (SSARS); Statements on Standards for Attestation Engagements (SSAES); Government Auditing Standards (the Yellow Book) issued by the U.S. Government Accountability Office; audits of non-SEC issuers performed pursuant to the standards of the Public Company Accounting Oversight Board (PCAOB) and any additional engagements defined in the Standards for Performing and Reporting on Peer Reviews promulgated by the AICPA. Professional standards also include those applicable to the audits of issuers performed pursuant to the standards of the PCAOB.
"Review or review program" means the review conducted under the Peer Review Program.
"Review year" means the one-year (12-month) period covered by the review. Engagements selected for review normally would have periods ending during the year under review.
"Special reports" means reports issued under professional standards in connection with the following: specified elements, accounts, or items of a financial statement; compliance with aspects of contractual agreements or regulatory requirements related to audited financial statements; financial presentations to comply with contractual agreements or regulatory provisions; financial information presented in prescribed forms or schedules that require a prescribed form of auditor's reports; or internal audits by a firm for a client or a governmental entity.
"Sponsoring organization" means an entity approved by the Board, pursuant to 13:29-5.3 or 5.8, to administer the review.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.3 - Standards for peer reviews and sponsoring organizations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board adopts the 2009 "Standards for Performing and Reporting on Peer Reviews," promulgated by the American Institute of Certified Public Accountants (AICPA), as its minimum standards for review of firms' non-SEC issuer practices. The Standards are incorporated in this subchapter by reference, as amended and supplemented, and may be found at the AICPA website,
www.aicpa.org
. For public company audit firms, the Board adopts the firm inspection standards of the Public Company Accounting Oversight Board's (PCAOB) inspection process for reviewing SEC issuer practices, which are not included in the scope of peer review programs. The inspection standards are incorporated in this subchapter by reference, as amended and supplemented, and may be found at the PCAOB website,
www.pcaob.org
. A firm subject to the PCAOB's inspection process is also subject to a peer review of its non-SEC issuer practice, should the firm have such a practice.
(b) A complete list of qualified sponsoring organizations that are approved by the Board pursuant to N.J.A.C. 13:29-5.8shall be posted on the Board's website at
http://www.njconsumeraffairs.gov/acc/Pages/default.aspx
.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.5 - Effect of successive review ratings of pass with deficiencies or fail

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A firm, including a succeeding firm, that receives two consecutive review ratings of pass with deficiencies or fail in a system or engagement review or any combination thereof shall have an accelerated review within 18 months of the firm's last review.
(b) If an accelerated review results in a review rating of pass with deficiencies or fail, the Board shall conduct a review to determine whether the firm:
1. May complete attest engagements for which field work has already begun. The firm may complete attest engagements for which field work has already begun only if:
i. Prior to issuance of any report, the engagement is reviewed and approved before it is issued by a third-party reviewer acceptable to the Board; and
ii. The engagement is completed within 30 days of the acceptance of the peer review report and the letter of response by the firm; or
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.6 - Reporting to the Board

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A firm shall submit to the Board the following peer review documents:
1. A copy of the accepted report if the firm received a peer review rating of pass;
2. A copy of the accepted report and letter of response if the firm received a peer review rating of pass with deficiencies or fail; and
3. A copy of any final report resulting from any inspection by the PCAOB firm inspection program together with documentation of any significant issues and findings and the firm's response.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.7 - Peer Review Oversight Committee

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Board shall annually appoint a standing committee to be known as the Peer Review Oversight Committee (the Committee) to assist the Board in the administration of the Peer Review Program. The Committee shall be responsible for the following:
1. Monitoring sponsoring organizations to provide reasonable assurance that peer reviews are being conducted and reported on in accordance with peer review minimum standards;
2. Reviewing the policies and procedures of sponsoring organization applicants as to their conformity with the peer review minimum standards; and
3. Reporting to the Board on the conclusions and recommendations reached as a result of performing the functions set forth in (a)1 and 2 above.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.8 - Procedures for a sponsoring organization

Current through Register Vol. 56, No. 14, July 15, 2024
(a) To qualify as a sponsoring organization, an entity shall submit a peer review administration plan to the Board for review and approval. The plan of administration shall:
1. Establish a program to communicate to firms participating in the peer review program the latest developments in peer review standards and the most common finding in the peer reviews conducted by the sponsoring organization;
2. Establish procedures for resolving any disagreement that may arise out of the performance of a peer review;
3. Establish procedures, including conducting hearings, to resolve matters that may lead to the dismissal of a firm from the peer review program;
4. Establish procedures, including the conducting of hearings, to evaluate and document the performance of each reviewer for compliance with AICPA standards that may lead to the disqualification of a reviewer who does not meet the standards;
5. Require the maintenance of records of peer reviews conducted under the program in accordance with the records retention rules of the AICPA; and
6. Provide for periodic reports to the Board on the results of the peer review program.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 5 - PEER REVIEW PROGRAM › Section 13:29-5.9 - Confidentiality

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Any documents submitted in accordance with the rules in this subchapter shall have deleted the name of the client, the client's address and other identifying factors, provided that the deletion does not render the type or nature of the entity or organization undeterminable.
For example, the client name, address, or Federal identification number shall be deleted, but reference to the type of entity or organization, such as financial institution, school district or hospital shall be indicated.
(b) The identities of persons or entities who submit financial statements and reports to the Board or the Committee, other than the licensees who issued the reports, shall be preserved in confidence unless expressly ordered by the Board.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.1 - Scope

Current through Register Vol. 56, No. 14, July 15, 2024
All licensees subject to the provisions of 45:2B-42 et seq. shall comply with the provisions of this subchapter relating to continuing professional education (CPE). These rules apply to all licensees registered by the Board of Accountancy in order to enhance the professional competence of such licensees.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.3 - Qualifying technical subjects

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following subjects are acceptable for satisfaction of the required 60 credits of continuing professional education in technical subjects over the triennial period:
1. Accounting;
2. Auditing, including, but not limited to, review, compilation and attest standards;
3. Business law;
4. Information Technology;
5. Economics;
6. Finance;
7. Management advisory services;
8. Mathematics, statistics, etc.;
9. SEC practice;
10. Taxation; and
11. Professional ethics.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.3A - New Jersey law and ethics course

Current through Register Vol. 56, No. 14, July 15, 2024
Each applicant for triennial license renewal shall complete, during the preceding triennial period, a four credit course on New Jersey law and ethics approved by the Board pursuant to 13:29-6.6(c).
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.4 - Other qualifying subjects

Current through Register Vol. 56, No. 14, July 15, 2024
Courses related to personal or professional development of the licensee, or courses directly associated with the administration of the licensee's practice, shall be accepted towards satisfaction of continuing professional education requirements. Included in this category are courses that concentrate on the practice management areas, such as organizational structure, human resource management and other administrative matters. Courses which relate to a licensee's personal skills such as speaking, leadership and managing people or organizations shall also be included in this category. Courses which relate to the development of a licensee's practice or the marketing of services shall not be accepted towards satisfaction of continuing professional education requirements.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.6 - Criteria for continuing professional education sponsors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In order to qualify as a continuing professional education sponsor in the subject matters set forth in N.J.A.C. 13:29-6.3 and 6.4, the sponsor shall submit an application form prescribed by the Board and obtain a sponsor number, except as provided in NJ.A.C. 13:29-6.6A. Qualified sponsors shall offer courses that meet the following requirements:
1. Be a formal course of learning which contributes directly to the maintenance of professional competence of a licensee;
2 Be conducted by a qualified instructor or discussion leader; and
3 Offer subjects enumerated in 13:29-6.3 or 6.4.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.6A - Sponsor number exemptions

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Accredited universities and colleges, national and state professional organizations, and Federal and state government agencies that sponsor continuing professional education courses or programs, and continuing professional education sponsors registered with the National Association of State Boards of Accountancy (NASBA) shall be exempt from the requirement of submitting an application to the Board and obtaining a continuing professional education sponsor number.
(b) In order for a licensee to obtain continuing professional education credit for a course or program offered by a sponsor exempt pursuant to (a) above, the program or course shall satisfy the requirements of 13:29-6.6(a).
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.7 - Continuing professional education credit calculations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Except for those sources of continuing professional education for which another system of credit calculation is set forth in this subchapter, a continuing professional education credit shall be equivalent to 50 minutes. The Board will accept partial credits of continuing professional education.
(b) Unless otherwise provided, only in-class participation, not student time devoted to preparation, shall be counted toward satisfaction of the continuing professional education requirements of this subchapter.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.8 - Retention of continuing professional education records

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A licensee shall be primarily responsible for documenting satisfaction of continuing professional education requirements. Evidence to support fulfillment of continuing professional education requirements shall be maintained for a period of five years after the completion of educational courses. Such evidence shall be subject to periodic audit by the Board. Satisfactory documentation of the necessary information, including the retention of attendance records and written outlines, shall be accomplished as follows:
1. For courses taken for scholastic credit in accredited universities or colleges, a certified transcript or notarized statement of appropriate school authority shall constitute evidence of satisfactory completion of the course. For noncredit courses taken, a statement of the hours of attendance signed by the instructor, shall be obtained by the licensee.
2.For courses offered by national or state professional organizations, Federal and state government agencies, and sponsors registered with the National Association of State Boards of Accountancy (NASBA), and for correspondence and individual self study courses, written evidence of completion shall be submitted by the licensee. Acceptable evidence of the completion of such courses shall be a certificate of completion or other comparable documentation acquired by the licensee from the program sponsor. The certificate or other documentation shall include the following information:
i. Dates attended;
ii. Credits earned;
iii. Course title and description of content, including method of course delivery and subject area:
iv. Course sponsor name;
v. Instructor name; and
vi. Course location.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.9 - Continuing professional education requirements; reciprocity

Current through Register Vol. 56, No. 14, July 15, 2024
An individual who holds a valid and unrevoked license issued by any state or other political subdivision of the United States and who receives a license to practice in New Jersey under the appropriate provisions of 45:2B-42 et seq. and pursuant to 13:29-1A.8 shall be required to comply with the continuing professional education requirements applicable to all other licensees.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.10 - Responsibilities of program developers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Program developers shall specify the level of knowledge to be imparted under the continuing professional education program in order to provide sufficient information to potential participants and sponsors. As an illustration, a program may be described as having the objective of imparting technical knowledge at such levels as basic, intermediate, advanced, or overview, which may be defined as follows:
1. A basic level program teaches fundamental principles or skills to participants having no prior exposure to the subject area;
2. An intermediate level program builds on a basic level program in order to relate fundamental principles or skills to practical situations and extend them to a broader range of applications;
3. An advanced level program teaches participants to deal with complex situations; and
4. An overview program enables participants to develop perspective as to how a subject area relates to the broader aspects of accounting or brings participants up-to-date on new developments in the subject area.
New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 29 - NEW JERSEY STATE BOARD OF ACCOUNTANCY › Subchapter 6 - CONTINUING PROFESSIONAL EDUCATION › Section 13:29-6.11 - Responsibilities of program sponsors

Current through Register Vol. 56, No. 14, July 15, 2024
(a) In addition to the requirements of N.J.A.C. 13:29-6.6, continuing professional education program sponsors shall comply with the following requirements:
1. Disclosure to prospective participants: The program sponsor shall disclose in advance to prospective participants the objective, prerequisites, experience level, content, required advanced preparation, teaching method, and number of continuing professional education credits involved in the program. Sponsors shall also advise participants, in advance, of courses which qualify as "auditing" pursuant to 13:29-6.3(a).
2. Selection and review of instructors: The program sponsor shall select and assign qualified instructors for the continuing professional education program. Sponsors shall evaluate the performance of the program instructors at the conclusion of each program to determine the instructors' suitability to continue to serve as instructors in the future.
3. Number of participants and adequacy of physical facilities: The program sponsor shall be responsible for assuring that the number of participants and the physical facilities are consistent with the teaching methods to be utilized.
4. Program evaluation: Program evaluation shall be in accordance with the following:
i. The sponsor shall provide some means of program evaluation. Evaluations shall be solicited from both the participants and instructors. Programs shall be evaluated to determine whether:
(1) Objectives have been met;
(2) Prerequisites were necessary or desirable;
(3) Facilities were satisfactory;
(4) The instructor was effective;
(5) Advanced preparation materials were satisfactory; and
(6) The program content was timely and effective.
ii. Evaluations shall take the form of one or a combination of pretests for advanced preparation, post-tests for effectiveness of the program, questionnaires completed at the end of the program or later, or oral feedback to the instructor or sponsor. Instructors shall be informed of their performance, and sponsors shall systematically review the evaluation process to insure its effectiveness.
5.Issuance of certificates: The program sponsor shall be responsible for issuing certificates of satisfactory completion or other comparable documentation to program participants. Such certificates or documentation shall be printed with the following information:
i. Dates attended;
ii. Credits earned;
iii. Course title and description of content, including method of course delivery and subject area;
iv. Course sponsor name;
v. Instructor name; and
vi. Course location.