*This report was replaced in its entirety by the Board of Accountancy on March 1, 2023.

The Virginia Board of Accountancy is pleased to present the biennial report.

The core mission of the VBOA is to protect the citizens of the Commonwealth through a regulatory program of licensure and compliance of CPAs and CPA firms. We achieve this mission through the work of our Board who is supported by our hard-working agency team.

VBOA has a Board of seven dedicated individuals appointed by the Governor. The Board includes four members who hold Virginia CPA licenses and have been actively engaged in providing services to the public for at least three years; one member who holds a Virginia CPA license and is actively engaged in providing services to the public or to or on behalf of an employer in government or industry for at least three years, one educator in the field of accounting who holds a Virginia CPA license; and one public non-CPA member.

Serving as a Board member requires a significant time commitment and true dedication to the profession. Each year the Board meets for an average of seven, full day, in-person Board meetings.

CPAs, CPA exam candidates, and consumers all benefit from the commitment of our Board members.

The Board is empowered by the Code of Virginia to ensure that persons entering the profession are competent and those holding the CPA credential maintain high standards of personal conduct and competency and are held publicly accountable for their actions.

In addition to the Board, there are 14 dedicated staff members supporting our Board members, exam candidates, license applicants, the public, CPA firms and our almost 30,000 individual CPAs.

VBOA staff and Board work diligently to ensure we fulfill our mission. Each year in May the Board holds an annual planning meeting to map out goals and objectives for the next fiscal year.

Beginning in 2021, the Board has adopted the S.M.A.R.T. goal approach to ensure each goal is specific, measurable, attainable, relevant, and time bound. This approach holds the Board and staff accountable to reach the agreed upon goals.

In the past two years goals have included preparing the agency and our candidates for the changes to the CPA exam, reviewing our approach to enforcement, developing meaningful performance measures, and ensuring our fee structure and forecast tools are supporting the agency’s current and future financial needs.

Our Enforcement Division is an important component of protecting the public. The Board is charged with the responsibility to enforce the rules and procedures as defined by the Code of Virginia Chapter 44 under Title 54.

This is accomplished through the VBOA Enforcement team who are responsible for reviewing and investigating complaints against Virginia licensees, expired licensees or nonlicensees using the CPA title or performing services in Virginia restricted to CPAs. They are also responsible for the random audits of continuing professional education.

VBOA actively collaborates with the other 54 state boards of accountancy and other key partners on a variety of issues that affect exam candidates, license applicants and licensed CPAs.

As part of these efforts, in 1984 the National Association of State Boards of Accountancy and the American Institute of CPAs worked together to develop the Uniform Accountancy Act. This is used as a model for states when developing licensing laws.

All jurisdictions have adopted and generally follow these model rules, creating substantial equivalency among states for issuing CPA licenses. As a result of these efforts active CPA license holders have licensing reciprocity and mobility across states.

Recent key topics include changes to the Uniform CPA Examination and ensuring states remain substantially equivalent to support licensing reciprocity and mobility across states for CPA license holders.

The CPA exam will be revised as of January 1, 2024. All state boards of accountancy are working together to prepare for the changes and ensuring that substantial equivalency is not affected.

Nancy Glynn, CPA
VBOA Executive Director