Activity Review
North Carolina State
Board of Certified Public
Accountant Examiners
1101 Oberlin Rd„ Ste. 104 • PO Box 12827 • Raleigh, NC 27605 • 919-733-4222 • nccpaboard.gov • No. 06-2015
Are You Prepared for the Future?
CPA License Renewal
Deadline Is June 30
The deadline for renewing a North
Carolina CPA license is just days
away— June 30, 2015. Have you
renewed your CPA license or re¬
quested inactive status?
Licensees who do not complete
the renewal or request inactive status
before July 1, 2015, may receive a
Letter of Demand from the Board.
Failuretosubmitthe renewa 1
о
r
a request for inactive sta tu s within 30
days of the mailing of the Letter of
Demand will result in an automatic
forfeiture of the licensee's NC CPA
certificate.
Detailed information on the
online renewal process was pub¬
lished in the March issue of the Ac¬
tivity Review and can be accessed at
http://bit.Iy/18HcWms.
For specific questions about
CPA license renewal, please contact
Buck Winslow, Manager of Licens¬
ing, at buckw@nccpaboard.gov or
(919) 733-1421.
Board Office Closed
In accordance with the holiday
schedule adopted by the State of
North Carolina, the Board office will
be closed on the following dates:
Friday, July 3, 2015
Independence Day
Monday, September 7, 2015
Labor Day
CPAs are known for competently
handling confidential financial data
and performing core services such as
tax preparation, audits, and general
accounting services to their clients.
Many of those same CPAs serve as
business advisors to those clients who
own businesses and at some point,
the topic of succession planning will
(or should) come up during a client
meeting.
No one likes to think about it, but
illness, disability, family obligations, or
death can be devastating for the busi¬
ness, its customers, employees, and the
family or heirs of the owner.
As a CPA, are you guilty of "Do as
I say not as 1 do" when it comes to suc¬
cession planning for your firm?
CPAs who have not yet taken the
time to develop a practice continuation
plan (PCP) may be inviting future legal
issues for themselves or their estates
and leaving their spouses, families, and
heirs with the daunting task of trying
to figure out what to do in the event of
a disability or death.
A 2012 survey conducted by the
Private Companies Practice Section
(PCPS) of the A1CPA showed that just
6 % of 428 sole proprietors had a practice
continuation agreement (PCA) with
another CPA practice.
For many CPAs, the first hurdle
in preparing a practice continuation
agreement is procrastination— finding
the time to make a plan— or even know¬
ing how to develop a plan.
To assist CPAs with the process,
the NCACPA has developed a sample
PCA with supporting implementation
checklists.
The information is available on the
NCACPA website in the Professional
Resources section of the "CPA Profes¬
sion" tab (httpy^bit.ly/lQc5DHZ).
The AlCPA's Succession Plan¬
ning Resource Center (http://bit
.Iy/1KA8CX0) provides a number of
resources firms need to make their firms
succession-ready and is available at no
cost to PCPS member firms.
The Resource Center incorporates
a variety of succession scenarios that
practitioners can work through, in¬
cluding selling the firm, merging the
firm, developing new leadership, and
transitioning with retiring partners.
The Board has added several
articles and guides about succession
planning and practice continuation
agreements to its website, nccpaboard
.gov, under the " Resources" tab. Look
for the "Info You Can Use" page and
then scroll to the "Succession Planning"
section.
In This Issue
2015 Board Meetings . 2
Cease and Desist Agreements . 4
Certificates Issued . 6
Disciplinary Actions . 2
Inactive Status . 7
Reclassifications . 6
