Two bills passed during the 2014 Virginia General Assembly session that deal with the Facilitated State Board Access (FSBA) system in Virginia are set to take effect July 1.
Currently, firms’ peer review report, letter of response (if applicable), acceptance letter and completion letter (if applicable) are entered into the FSBA system, but firms can elect not to allow the Virginia Board of Accountancy (VBOA) to access them through the system. The VBOA can access those via a request.
HB 907 and SB 564, signed into law by Gov. Terry McAuliffe on Feb. 27 and April 7, respectively, will eliminate the option to “opt out” of the FSBA system. As of July 1, the VBOA will be able to access all peer review documents through the FSBA system.
“Knowing that the Board of Accountancy does have access to all peer review data if requested, it made sense to us that all data should be available through this automated system,” VBOA Executive Director Wade Jewell said. “…It’s basically a procedural change, and it affects the CPA firm in no way.”
Please direct any questions to VBOA Director of Operations Mary Charity at [email protected] or (804) 367-0495.