Activity Review
North Carolina State
Board of Certified Public
Accountant Examiners
llOlOberlin Road, Suite 104 • PO Box 12827 • Raleigh, NC 27605 • (919) 733-4222 • No. 11-2004
CPA Firm Renewal/Peer Review
Compliance Due
I n N ovember, CPA firm renewal/ peer
revi ew compl iance forms were mai I ed
to all registered CPA firms including
individual practitioners, partnerships,
professional corporations, professional
limited liability companies, and regis¬
tered limited liability partnerships.
By reading the instructions in¬
cluded with the form; reviewing
21 NCAC8J, Renewal sand Registrations,
and 21NCAC8M, Peer Review Program;
and following thechecklist below, you
can ensure that your CPA firm's re¬
newal/ peer review compliance infor¬
mation is received by the Board prior to
the D ecember 31 dead I i ne.
CPA Firm Renewal/Peer Review
Compliance Checklist
• If the information on the form is
i ncorrect or i ncompl ete, make the nec¬
essary corrections or additions.
• Theform must besigned to be com¬
plete. Do not detach and return only
the signature portion of theform; you
must return the enti re form, even if no
changes were made.
• IftheCPA firm isno longer in opera¬
tion, check the appropriate box, sign
theform, and return itand if appropri¬
ate, fi I ed arti cl es of d i ssol u ti
о
n
о
r w i th -
drawal, to the Board. Choosing not to
retu rn the form d oes not consti tute no-
ti tying the Board that the CPA firm is
no longer in operation.
• If fees are due, the check must be
mad e pay abl e to the N C State Board of
CPA Examiners. Checks madepayable
to other organizations such as the
NCACPA will not be accepted. Fees
may also be paid using MasterCard or
VISA.
• If there havethere been any changes
in employees, partners, shareholders,
members, etc., makethe necessary cor-
rections to the supplemental form. If
therehavenot been any changes, i nitial
the supplemental form and attach itto
the main page of the renewal form.
• If the CPA firm's peer review has
been compl eted, but i s not i nd i cated on
the form, w rite i n the date of compl e-
ti on and p ro v i d eth eap prop ri ate d ocu -
mentation. If the peer review has been
completed and the deadline is during
2004, the completion must be reported
no later than December 31, 2004.
If a CPA firm fails to comply with
any part of 21 NCAC 8J , Renewals and
Registrations or 21 NCAC 8M, Peer Re¬
view Program, the Board maytakedisci-
pl inary action (as specified in21NCAC
8| . 0111 and 21N CA
С
8M .0106) agai nst
the CPA firm's members. Such action
may i ncl ud e a cond i ti onal I i cense, ci vi I
penalty and suspension of each CPA
firm member's CPA certificate.
If you have questions about your
CPA firm'srenewal
огрев"
review com¬
pliance, please contact Jodi Nelson by
telephone at (919) 733-1423 or via e-
mail atjodisnelson@bellsouth.net.
Annual CPE Reminder
The December 31, 2004, d ead I i nefor
completing the 40-hour continuing
professional education (CPE) re-
qui rement for 2005-2006 1 i cense re¬
newal is fast approaching and some
licensees may still be trying to fulfill
that requirement.
Pu rsuant to 21 N CA C 8G .0406,
CompliancewithCPE Requirements, a
licensee who fails to complete the
CPE requirementinatimely manner
is subject to disciplinary action and
may be ineligible to renew hisorher
certificate.
As a reminder, pursuant to
21 NCAC 8G .0409(c), which was
effectivejanuary 1, 2004, CPAsmust
compl ete at I east ei ght hours of non¬
self study CPE each year.
Licensees taking self-study
courses to fulfill the Board's 40-hour
CPE
continued on page 6
www.cpaboard.state.nc.us
Inside this issue...
Certificates Issued . 4
Disciplinary Actions . 2, 5
Exam Issues, Part IV . 7
Guidance on GAGAS
Requirements for CPE . 4
Notice of Address Change . 8
Office Closed . 4
Reclassifications . 6
