VSCPA Executive Committee Comment Letter on Decision to Reduce CPA Exam RequirementsJuly 16, 2008 Virginia Board of Accountancy Dear Members of the Virginia Board of Accountancy: The Executive Committee of the Virginia Society of Certified Public Accountants (VSCPA) Board of Directors sincerely thanks the Virginia Board of Accountancy (BOA) for the opportunity to comment on its proposal to reduce the educational requirements to sit for the CPA Exam to 120 hours. The Committee is grateful for the BOA’s efforts in seeking our organization’s feedback throughout the regulatory review process. At its July 10, 2008, meeting, the VSCPA Executive Committee decided it was not opposed to the proposal to reduce the educational requirement to sit for the CPA Exam to 120 hours. However, we firmly support retaining the 150-hour educational requirement for licensure. Failure to do so would not only put Virginia’s substantial equivalency status at risk, but it could also undermine the elevated level of the profession created by the introduction of the 150-hour requirement. Additionally, after taking into account feedback from Virginia’s accounting educators, the Committee recommends careful consideration of how the education requirements, both to sit for the Exam and to obtain a license, are defined and how they will be applied. The Committee also discussed at length the process by which the BOA made the decision to reduce the required hours to sit for the Exam. The Committee firmly recommends careful review of the BOA’s decision-making processes as well as incorporation, whenever possible, of a thorough and transparent public awareness and comment period prior to enacting sweeping changes to the accountancy regulations. If we can be of any service to you during this process, please don’t hesitate to contact VSCPA Government Affairs Director Emily Walker at (804) 270-5344. Again, the VSCPA Executive Committee sincerely appreciates the opportunity to comment on this change. Thank you for your time and consideration. Sincerely, Gregory Lawson, CPA/ABV LAST UPDATED 7/16/2008
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