A. Only a firm can provide attest services or compilation services to personsor entities located in Virginia. However, this shall not affect the privilegeof a person who is not licensed to say that financial statements have beencompiled or to use the compilation language, as prescribed by subsections Band C of § 54.1-4401.
B. A firm that provides attest services or compilation services to persons orentities located in Virginia shall obtain a Virginia license if the principalplace of business in which it provides those services is in Virginia.
C. A firm that is not required to obtain a Virginia license may provideattest services or compilation services to persons or entities located inVirginia if:
1. The firm's personnel working on the engagement either (i) hold a Virginialicense or (ii) hold the license of another state and comply with thesubstantial equivalency provisions of § 54.1-4411, or
2. The firm's personnel working on the engagement are under the supervisionof a person who either (i) holds a Virginia license or (ii) holds the licenseof another state and complies with the substantial equivalency provisions of§ 54.1-4411.
D. For a firm to obtain a Virginia license:
1. As determined on a firm-wide basis:
a. At least 51 percent of the owners of the firm shall be licensees, trusteesof an eligible employee stock ownership plan as defined in § 13.1-543, or afirm that meets this requirement, and
b. At least 51 percent of the voting equity interest in the firm shall beowned by persons who are licensees, by trustees of an eligible employee stockownership plan as defined in § 13.1-543, or by a firm that meets thisrequirement.
If the death, retirement, or departure of an owner causes either of theserequirements not to be met, the requirement shall be met within one yearafter the death, retirement, or departure of the owner.
2. The Board shall prescribe requirements concerning the hours that ownerswho are not licensees work in the firm and may prescribe other requirementsfor those persons.
3. All attest services and compilation services provided for persons andentities located in Virginia shall be under the supervision of a person whoeither (i) holds a Virginia license or (ii) holds the license of anotherstate and complies with the substantial equivalency provisions of § 54.1-4411.
4. Any person who releases or authorizes the release of reports on attestservices or compilation services provided for persons or entities located inVirginia shall:
a. Either (i) hold a Virginia license or (ii) hold the license of anotherstate and comply with the substantial equivalency provisions of § 54.1-4411,and
b. Meet any additional requirements the Board prescribes.
5. The firm shall conduct its attest services and compilation services inconformity with the standards of conduct and practice in § 54.1-4413.3 andregulations promulgated by the Board.
6. The firm shall be enrolled in the applicable monitoring program of theAmerican Institute of Certified Public Accountants or its successor, or inanother monitoring program for attest services and compilation services thatis approved by the Board. In addition, the firm shall comply with anyrequirements prescribed by the Board in response to the results of peerreviews.
7. The name of the firm shall not be false, misleading, or deceptive.
E. The Board shall prescribe the methods and fees for a firm to apply for theissuance, renewal, or reinstatement of a Virginia license.
F. An entity may not use the CPA title in Virginia unless it meets therequirements of subdivision D 1.
A. Only a firm can provide attest services or compilation services to personsor entities located in Virginia. However, this shall not affect the privilegeof a person who is not licensed to say that financial statements have beencompiled or to use the compilation language, as prescribed by subsections Band C of § 54.1-4401.
B. A firm that provides attest services or compilation services to persons orentities located in Virginia shall obtain a Virginia license if the principalplace of business in which it provides those services is in Virginia.
C. A firm that is not required to obtain a Virginia license may provideattest services or compilation services to persons or entities located inVirginia if:
1. The firm's personnel working on the engagement either (i) hold a Virginialicense or (ii) hold the license of another state and comply with thesubstantial equivalency provisions of § 54.1-4411, or
2. The firm's personnel working on the engagement are under the supervisionof a person who either (i) holds a Virginia license or (ii) holds the licenseof another state and complies with the substantial equivalency provisions of§ 54.1-4411.
D. For a firm to obtain a Virginia license:
1. As determined on a firm-wide basis:
a. At least 51 percent of the owners of the firm shall be licensees, trusteesof an eligible employee stock ownership plan as defined in § 13.1-543, or afirm that meets this requirement, and
b. At least 51 percent of the voting equity interest in the firm shall beowned by persons who are licensees, by trustees of an eligible employee stockownership plan as defined in § 13.1-543, or by a firm that meets thisrequirement.
If the death, retirement, or departure of an owner causes either of theserequirements not to be met, the requirement shall be met within one yearafter the death, retirement, or departure of the owner.
2. The Board shall prescribe requirements concerning the hours that ownerswho are not licensees work in the firm and may prescribe other requirementsfor those persons.
3. All attest services and compilation services provided for persons andentities located in Virginia shall be under the supervision of a person whoeither (i) holds a Virginia license or (ii) holds the license of anotherstate and complies with the substantial equivalency provisions of § 54.1-4411.
4. Any person who releases or authorizes the release of reports on attestservices or compilation services provided for persons or entities located inVirginia shall:
a. Either (i) hold a Virginia license or (ii) hold the license of anotherstate and comply with the substantial equivalency provisions of § 54.1-4411,and
b. Meet any additional requirements the Board prescribes.
5. The firm shall conduct its attest services and compilation services inconformity with the standards of conduct and practice in § 54.1-4413.3 andregulations promulgated by the Board.
6. The firm shall be enrolled in the applicable monitoring program of theAmerican Institute of Certified Public Accountants or its successor, or inanother monitoring program for attest services and compilation services thatis approved by the Board. In addition, the firm shall comply with anyrequirements prescribed by the Board in response to the results of peerreviews.
7. The name of the firm shall not be false, misleading, or deceptive.
E. The Board shall prescribe the methods and fees for a firm to apply for theissuance, renewal, or reinstatement of a Virginia license.
F. An entity may not use the CPA title in Virginia unless it meets therequirements of subdivision D 1.
A. Only a firm can provide attest services or compilation services to personsor entities located in Virginia. However, this shall not affect the privilegeof a person who is not licensed to say that financial statements have beencompiled or to use the compilation language, as prescribed by subsections Band C of § 54.1-4401.
B. A firm that provides attest services or compilation services to persons orentities located in Virginia shall obtain a Virginia license if the principalplace of business in which it provides those services is in Virginia.
C. A firm that is not required to obtain a Virginia license may provideattest services or compilation services to persons or entities located inVirginia if:
1. The firm's personnel working on the engagement either (i) hold a Virginialicense or (ii) hold the license of another state and comply with thesubstantial equivalency provisions of § 54.1-4411, or
2. The firm's personnel working on the engagement are under the supervisionof a person who either (i) holds a Virginia license or (ii) holds the licenseof another state and complies with the substantial equivalency provisions of§ 54.1-4411.
D. For a firm to obtain a Virginia license:
1. As determined on a firm-wide basis:
a. At least 51 percent of the owners of the firm shall be licensees, trusteesof an eligible employee stock ownership plan as defined in § 13.1-543, or afirm that meets this requirement, and
b. At least 51 percent of the voting equity interest in the firm shall beowned by persons who are licensees, by trustees of an eligible employee stockownership plan as defined in § 13.1-543, or by a firm that meets thisrequirement.
If the death, retirement, or departure of an owner causes either of theserequirements not to be met, the requirement shall be met within one yearafter the death, retirement, or departure of the owner.
2. The Board shall prescribe requirements concerning the hours that ownerswho are not licensees work in the firm and may prescribe other requirementsfor those persons.
3. All attest services and compilation services provided for persons andentities located in Virginia shall be under the supervision of a person whoeither (i) holds a Virginia license or (ii) holds the license of anotherstate and complies with the substantial equivalency provisions of § 54.1-4411.
4. Any person who releases or authorizes the release of reports on attestservices or compilation services provided for persons or entities located inVirginia shall:
a. Either (i) hold a Virginia license or (ii) hold the license of anotherstate and comply with the substantial equivalency provisions of § 54.1-4411,and
b. Meet any additional requirements the Board prescribes.
5. The firm shall conduct its attest services and compilation services inconformity with the standards of conduct and practice in § 54.1-4413.3 andregulations promulgated by the Board.
6. The firm shall be enrolled in the applicable monitoring program of theAmerican Institute of Certified Public Accountants or its successor, or inanother monitoring program for attest services and compilation services thatis approved by the Board. In addition, the firm shall comply with anyrequirements prescribed by the Board in response to the results of peerreviews.
7. The name of the firm shall not be false, misleading, or deceptive.
E. The Board shall prescribe the methods and fees for a firm to apply for theissuance, renewal, or reinstatement of a Virginia license.
F. An entity may not use the CPA title in Virginia unless it meets therequirements of subdivision D 1.
