Bulletin January 2013 PV Final 1 |
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OKLAHOMA ACCOUNTANCY BOARD VBVoOluLmUeM 4E1 , 3N9uu,m NbUerM 1BER I l l e t i n W JinUtLeYr 22001311 STOP and READ! Continued on pg. 4 under Stop Part of our job here at the Oklahoma Accountancy Board (Board) is to provide information and assist CPAs and PAs in maintaining compliance with the Oklahoma Accountancy Act and Board rules. During the process of implementing a new registration system and birth month registration, we discovered a number of issues impacting registrants. One area of concern is the failure of a number of registrants to complete required continuing professional education (CPE). The majority of these reporting issues fall into one of two main categories. First, there are CPAs and PAs who perform accounting-related services for their employers, but are not reporting CPE. Second, there are CPAs and PAs who are performing compilations yet fail to earn their required compilation CPE or fail to enroll in a Board-approved peer review program. Let’s take the first issue. In 2005 and 2006, notifications were sent out by the Board, the Oklahoma Society of Certified Public Accountants and the Oklahoma Society of Accountants, notifying CPAs/PAs of the change in Oklahoma law regarding CPE reporting. The new law, which took effect on Jan. 1, 2006, requires all CPAs and PAs to complete 120 hours of CPE in each rolling three-year reporting period unless they qualify to claim a valid exemption. The exemption applies to retired or disabled registrants, or to inactive CPAs/PAs who perform no accounting-related services. We find a number of CPAs/PAs who work in various professions who do not hold permits but perform accounting-related work, claiming an exemption when they are required to report CPE. Others use the CPA designation while claiming an exemption and failing to acquire continuing professional education. Most of the registrants say they assumed that since they never had to do CPE in the past (prior to 2006) or they performed accounting-related work in industry, government or education, that they were exempt. This is incorrect. Regardless of employer, if you are doing any type of accounting related work, or hold a permit to practice, you must earn and report CPE. The second issue deals with a change in Oklahoma law that became effective Jan. 1, 2011. The change requires any CPA/PA performing compilations to obtain four hours of compilation specific CPE or enroll in a board-approved peer review program. For clarification, this means a four-hour compilation course, not a combined four hour compilation and review course. Some registrants are reporting that they are performing compilations and are either (1) Not completing any compilation CPE, or (2) Taking a compilation and review course rather than a compilation-specific course. In This Issue OAB Makes Facebook Debut........................................2 Board Meeting Held on Local Campus..........................2 Important Policy Update.......2 Online Registration Update......................................3 Explanation of CPE Exemptions..............................3 I am Retired. What Next?.......4 Board Utilizes NASBA ALD/CPA Verify........................4 Additional Information.........5 Fall Recognition Ceremony.................................6 Enforcement Actions.............7 Candidate’s Corner.................9 201 N.W. 63rd St., Suite 210, Oklahoma City, Oklahoma 73116 405.521.2397 Fax 405.521.3118 www.ok.gov/oab
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Title | Bulletin January 2013 PV Final 1 |
Full text | OKLAHOMA ACCOUNTANCY BOARD VBVoOluLmUeM 4E1 , 3N9uu,m NbUerM 1BER I l l e t i n W JinUtLeYr 22001311 STOP and READ! Continued on pg. 4 under Stop Part of our job here at the Oklahoma Accountancy Board (Board) is to provide information and assist CPAs and PAs in maintaining compliance with the Oklahoma Accountancy Act and Board rules. During the process of implementing a new registration system and birth month registration, we discovered a number of issues impacting registrants. One area of concern is the failure of a number of registrants to complete required continuing professional education (CPE). The majority of these reporting issues fall into one of two main categories. First, there are CPAs and PAs who perform accounting-related services for their employers, but are not reporting CPE. Second, there are CPAs and PAs who are performing compilations yet fail to earn their required compilation CPE or fail to enroll in a Board-approved peer review program. Let’s take the first issue. In 2005 and 2006, notifications were sent out by the Board, the Oklahoma Society of Certified Public Accountants and the Oklahoma Society of Accountants, notifying CPAs/PAs of the change in Oklahoma law regarding CPE reporting. The new law, which took effect on Jan. 1, 2006, requires all CPAs and PAs to complete 120 hours of CPE in each rolling three-year reporting period unless they qualify to claim a valid exemption. The exemption applies to retired or disabled registrants, or to inactive CPAs/PAs who perform no accounting-related services. We find a number of CPAs/PAs who work in various professions who do not hold permits but perform accounting-related work, claiming an exemption when they are required to report CPE. Others use the CPA designation while claiming an exemption and failing to acquire continuing professional education. Most of the registrants say they assumed that since they never had to do CPE in the past (prior to 2006) or they performed accounting-related work in industry, government or education, that they were exempt. This is incorrect. Regardless of employer, if you are doing any type of accounting related work, or hold a permit to practice, you must earn and report CPE. The second issue deals with a change in Oklahoma law that became effective Jan. 1, 2011. The change requires any CPA/PA performing compilations to obtain four hours of compilation specific CPE or enroll in a board-approved peer review program. For clarification, this means a four-hour compilation course, not a combined four hour compilation and review course. Some registrants are reporting that they are performing compilations and are either (1) Not completing any compilation CPE, or (2) Taking a compilation and review course rather than a compilation-specific course. In This Issue OAB Makes Facebook Debut........................................2 Board Meeting Held on Local Campus..........................2 Important Policy Update.......2 Online Registration Update......................................3 Explanation of CPE Exemptions..............................3 I am Retired. What Next?.......4 Board Utilizes NASBA ALD/CPA Verify........................4 Additional Information.........5 Fall Recognition Ceremony.................................6 Enforcement Actions.............7 Candidate’s Corner.................9 201 N.W. 63rd St., Suite 210, Oklahoma City, Oklahoma 73116 405.521.2397 Fax 405.521.3118 www.ok.gov/oab |
Date created | 2013-02-01 |
Date modified | 2013-02-01 |