If you are a certified public accountant (CPA) from New York or performing accounting services in the state, it is important to be aware of the changes in the rules. New York has always been ahead of others in terms of the accounting profession. And to better service the public in terms of their accounting the needs, the changes have to take effect. Here are the changes that all accountants in the state should know.
Registering with the State Education Department
Licensed CPAs who perform any work which requires a CPA’s abilities must have the registration. They can register until July 26, 2009 only. Those who fail to register will face a penalty of a misdemeanor of unprofessional conduct.
Taking Continuing Professional Education (CPE) Courses
Before, CPAs who do attest work were required to get CPE credits every year. Today, all registered CPAs and PAs should get at least 24 hours of CPE every year in a specific concentration like tax or at least 40 hours of education in other disciplines. During every registration period, CPAs and Pas should complete 4 hours of New York Ethics CPE for CPAs. Those who still have to accumulate CPE credits or fulfill the requirements of their state must check the website of the New York State Society of CPAs (NYSSCPA) for a list of courses and discounts. Earning CPE credits can be done through the following:
- Webinars and Webcasts. Accounting CPE Network (ACPEN) is the biggest source of live CPE in video format. It broadcasts courses with live interaction.
- Self-study. With a busy life, finding the time to attend classes or study can be difficult. Also, it is not easy to keep track of your credits. Accounting professionals have access to hours of self-study courses through providers of New York CPA Ethics courses for subscription that costs a few dollars.
- Conferences. Conferences are mostly scheduled in January, November and December. Those who are looking to attend a conference to get CPE credits should check with the New York State Society of CPAs.
Understanding the Expansion in Scope of Services
CPA candidates do not need to get 75% of their experience requirement performing audit work. Essentially, the experience of those who work under a licensed CPA will qualify them to become a licensed CPA as long as they meet other requirements.
Taking Part in Peer Review
In New York, peer review has been voluntary because only NYSSCPA and AICPA members should take part in it. But as the new law takes effect, every CPA doing attest services must take part in peer review every 3 years. Firms that have a CPA or two may be exempted.
The changes cited about are quite broad-based. They are meant to protect the public from those who may have competence in one area but also does services they have significantly less competence in. CPAs are trusted by the public who may assume that all licensed CPAs have vast experience in all accounting areas. Those who want to know more about New York state reforms should check out the NYSSCPA website.
Author Bio – Tad Stephens – Founder and Director of Cpethink.com Ltd. Has sold over 100,000 CPE courses online since 2004, worked with 50+ authors and published his book on Internet Marketing on Amazon.com in 2014.