VSCPA Comments on 150-Hour Requirement
January 6, 2009
The Honorable Timothy M. Kaine
Office of the Governor
Patrick Henry Building, 3rd Floor
1111 East Broad Street
Richmond, Virginia 23219
Dear Governor Kaine:
I am writing on behalf of the Executive Committee of the Virginia Society of Certified Public Accountants (VSCPA) Board of Directors in reference to the Virginia Board of Accountancy’s (BOA) proposal to reduce the educational requirements to sit for the CPA Exam to 120 hours. The BOA recently submitted an emergency regulation to make this change.
After careful consideration, the VSCPA Executive Committee has determined it does not oppose the regulatory proposal to reduce the educational requirement to sit for the CPA Exam to 120 hours. However, passage of the CPA Exam is only one of the three major requirements for CPA licensure, the other two being the equivalent of one year of related work experience and the total educational requirement of 150 hours. We firmly support retaining the 150-hour educational requirement for licensure. Failure to do so would put at risk Virginia’s high reputation as a national leader in regulation of the CPA profession, undermine the elevated level of the profession created by the introduction of the 150-hour requirement and eliminate Virginia CPAs’ ability to easily gain licensure reciprocity in most other states.
CPA Exam candidates and accounting students are currently in the process of planning their educational paths for the upcoming spring and fall semesters, and this potential change could have a profound effect on that process. In addition, because the BOA announced its intent to propose this change back in July 2008, there has been substantial confusion in the CPA community regarding which requirements are currently in effect, mostly due to a general lack of understanding of the regulatory process. For these reasons, we respectfully request that this proposed change be given timely consideration.
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) 612-9428 or ewalker@vscpa.com.
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
Chair, VSCPA Board of Directors
Cc: Virginia Board of Accountancy
Patrick O. Gottschalk, Secretary of Commerce and Trade
David Smith, Deputy Secretary of Commerce and Trade
Bill Axselle, Williams Mullen
Travis Hill, Williams Mullen
LAST UPDATED 1/6/2009
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