THE PUBLIC ACCOUNTING PROFESSION

A. WHAT IS A PROFESSION? l SPECIALIZED SKILL l OR BODY OF KNOWLEDGE l PUBLIC GOOD l ENTRANCE REQUIREMENTS l CONFIDENTIALITY l SELF-REGULATION

B. THE STATE BOARDS OF ACCOUNTANCY l NO NATIONAL REGULATION l REGULATION BY STATE l NASBA-AICPA EFFORT

C. THE VIRGINIA BOARD OF ACCOUNTANCY l PART OF DEPARTMENT OF COMMERCE l ALONG WITH BARBERS AND HAIRDRESSERS

C. THE VIRGINIA STATE BOARD OF ACCOUNTANCY l 3600 WEST BROAD STREET l RICHMOND, VIRGINIA l Phone FAX l Web site http// ncy

C. VIRGINIA STATE BOARD OF ACCOUNTANCY l ESTABLISHES ENTRANCE REQUIREMENTS l ESTABLISHES RULES l ENFORCES RULES

ENTRANCE REQUIREMENTS l EDUCATION l CPA EXAM l EXPERIENCE l ETHICS EXAM

THE CPA EXAM l FOUR PARTS l ACCOUNTING l TAXATION AND REPORTING l AUDITING l BUSINESS LAW AND PROFESSIONAL ETHICS

THE CPA EXAM l PASSING - 75% l TAKE ALL FOUR PARTS l PASS TWO AND 50% IN OTHER PARTS

ENFORCES RULES l COMPLAINT l PRELIMINARY HEARING l HEARING l VERDICT l PUNISHMENTS

D. THE AICPA AND STATE SOCIETIES

E. THE AICPA l REPRESENTS PROFESSION - NATIONALLY l STANDARDS l EDUCATION l NETWORKING

THE AICPA P.O. Box 2206 Jersey City, New Jersey Phone Web site

F. VIRGINIA SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS l REPRESENTS PROFESSION - STATE l STANDARDS l EDUCATION l NETWORKING

VSCPA P.O. Box 4620 Glen Allen, Virginia Phone FAX Web site

G. PUBLIC ACCOUNTING FIRMS l LARGE - INTERNATIONAL l LARGE - NATIONAL l REGIONAL l LOCAL

CPA FIRMS - FORM OF BUSINESS l PARTNERSHIPS l PROFESSIONAL CORPORATIONS l LLP’S

H. A PUBLIC ACCOUNTING FIRM l PARTNERS l MANAGERS l IN-CHARGES l STAFF

OTHER ISSUES l DIVERSITY l TURNOVER l PRESSURE