Activity Review
North Carolina State
Board of Certified Public
Accountant Examiners
llOlOberlin Road, Suite 104, PO Box 12827, Raleigh, NC 27605 (919) 733-4222 Issue No. 11-2002
Results of Rule-Making Hearing
On October 18, 2002, theN C StateBoard
of CPA Examiners held a public rule-
maki ng heari ng to consi d er wri tten and
oral comments relev antto the proposed
adoption, amendment, and repeal of
specificrules as published intheActiv-
ity Review, Issue 9-2002 and on the
Board's web site, www.state.nc.us/
cpabd.
The proposed adoptions, amend¬
ments, and repeals were the result of
the Board's intention to bring its rules
i nto compl i ance w i th the U niform A c-
countancy A ct (U A A )--ajoi nt d ocument
of the National Association of State
Boards of Accountancy (NASBA) and
the American Institute of CPAs
(AICPA).
In addition, the proposed changes
ref I ect the Board ' s d esi reto enhance th e
protection of the public; to facilitate
uniform regulation of the profession;
and to prepare for the administration
of the computer-based Uniform CPA
Examination.
A I though written testi mony on the
proposed rules was received from 19
individuals or groups, including the
North Carolina Association of CPAs
(N CACPA), no one was present at the
publ i c rul e-maki ng hearing to offer oral
testi mony on the proposed rul es.
A tthecond usi on of thepubl i c hear¬
ing, the Board entered the Public Ses¬
sion of its regular meeting to discuss
the proposed rules.
Each of the proposed rules, except
for 21 N
С
A C 8G .0409(c) and 21 N
С
A C
8M .0106(a)(4), were adopted,
amended, or repealed as published in
the North Carolina Register, Volume 17,
Issue 6, which is available from the
Board's website.
21NCAC8G .0409(c) wasamended
to read as follows: CPE credit for self-
study coursesshal I be I i mited sothat aC PA
completes at least eight (8) hours of non¬
self-study each year.
21 NCAC 8M .0106(a)(4) was
amended to read as follows: A package
to include Peer Review Report, Letter of
Comments, Letter of Response and Final
Acceptance Letter for all adverse and sec¬
ond consecutivemodified reports issued by
a peer review program within sixty (60)
daysofthedateoftheFinal Letter of Accep¬
tance.
The rules, as passed by the Board
on October 18, 2002, have been filed
with the Rules Re/iew Commission
(RRC) for consideration.
Until therulesareapproved by the
RRC, theRRC staff may suggest changes
totherulesthatwill bringtherulesinto
compliance with the Board's statutory
authority.
After the RRC approves the rules,
the rules will be sent for legislative
review by theGeneral Assembly in its
2003 session, which will convene in
January.
If no bill is introduced against the
rules, the rules will beforwardedtothe
Rules
continued on page 4
Annual CPE
Reminder
The December 31, 2002, deadl i nefor
completing the 40-hour continuing
professional education (CPE) re¬
quirement for 2002-2003 1 i cense re¬
newal isfast approaching and some
licensees may still be trying to fulfill
that requirement.
Pursuant to 21 N CA C 8G .0406,
a I i censee w ho fai I s to compl ete the
CPE requ i rement i n a ti mel
у
manner
is subject to disciplinary action and
may be ineligible to renew hisorher
certificate.
CPE
continued on page 5
CPA Firm Renewal/SQR
Compliance Information
Page 4
www.state.nc.us/cpabd
Inside this issue...
Certificates Issued . 6
Disciplinary Actions . 2, 5
Firm Renewal/
SQR Compliance Due . 4
I nterpreti ve Statement . 6
New Audit Standard Released . 7
Notice of Address Change . 8
Principles- Based Standards . 7
Reinstatements . 6
