As required by Senate Joint Resolution 170 enacted during the 1981 session of the General Assembly, the Virginia State Board of Accountancy is reporting on its progress in amending the work experience requirements for certification as a Virginia Certified Public Accountant.

As you may know, the Board was engaged in a comprehensive revision of its rules and regulations at the time that SJR 170 was passed. The members had, for some time, been aware that individuals who undoubtedly would have made excellent CPAs were unable to meet the experience requirements under the regulations then in effect. Therefore, the Board undertook a revision process that encompassed two years and which resulted in the new rules which were adopted May 26, 1981 and made effective June 30, 1981. The entire text is enclosed for your reference, with the appropriate section, 5.01.04.02, page 21, highlighted for your convenience.

Also enclosed is a copy of the pertinent segment of the public hearing conducted on April 20, 1981, at which time Judge Preston Shannon of the State Corporation Commission was present and endorsed the Board's proposal. Judge Shannon was consulted and was instrumental in aiding the Board in the revision process.

Briefly stated, the aim of the Board in adopting the new regulations has been to deregulate, if you will, the entrance requirement to the profession. Individuals who fall under Section 5.01.04.02 b have already been granted certification at Board meetings on July 27 and 28 and October 12 and 13. It is anticipated that more such qualified persons will be certified in the future, including employees of the State Corporation Commission.