New License Renewal Requirements
The CBA has recently adopted changes to its license renewal requirements. These changes include preparation engagement CE, peer review, fingerprint, Fraud CE, and delinquent renewal requirements.
The following requirements are effective beginning October 1, 2017:
- Licensees who perform preparation engagements of financial statements as their highest level of service while in the practice of public accountancy must complete eight hours of preparation engagement CE and four hours of Fraud CE specifically related to the prevention, detection, and/or reporting of fraud affecting financial statements.
The following requirements became effective January 1, 2014:
- Licensees are required to report peer review information at the time of license renewal, regardless if renewing in an active or inactive status.
- Licensees renewing in an active license status who either have not been previously fingerprinted, or for whom no electronic fingerprint records exist in the Department of Justice's criminal offender record identification database, are required to undergo the fingerprint process as a condition of license renewal. Licensees who are actively serving in the United States military are exempt from this requirement.
- Licensees subject to completing the Government Auditing and Accounting & Auditing (A & A) CE must complete four hours of CE in the prevention, detection, and/or reporting of fraud affecting financial statements.
- If new licensees or licensees that recently converted to an active license status allow the license to expire and go delinquent, they are required to complete an additional 20 hours of CE for each full six-month period from the date of license expiration through the date they apply for license renewal, up to the maximum of 80 hours of CE. If less than six full months have passed between the date that the license expired and the date they apply for license renewal, no additional CE is required.