I am pleased to present the Virginia Board of Accountancy’s biennial report covering fiscal years 2025 and 2026—which saw some of the most rapid shifts for the certified public accounting (CPA) profession in recent history.

The 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. The seven-member board with the support of 15 full-time staff members support that goal through the programs we’ve outlined in the pages that follow. Our enforcement division is especially important to our mission. Its work is reported on pages 7 and 8.

With the mission in mind, the board sets priorities through annual strategic goals. For this period, those goals focused on public protection through compliance with licensing regulations and acting as a proactive voice in a quickly changing profession.

Efforts to widen the pathways to CPA licensure was the highest profile shift the profession has seen in some time. Virginia was at the forefront of a national shift from a strict 150-hour college credit requirement for licensure in favor of options that combine degreelevel and experience differently (more on page 10).

The VBOA and staff worked hard on legislation, policies and guidance for the introduction of three pathways, effective Jan. 1, 2026, meant to bring more qualified candidates into the profession. And we are starting to see some effect: We approved 30 percent more new exam candidates and issued 15 percent more licenses in FY 2026 compared to FY 2025. You can find those numbers on pages 4-5.

Another consequential shift seen in the last few years is the documented rise in private equity investments in CPA firms in Virginia and across the nation. The board responded by amending 18VAC5-22-130, to clarify firm licensing and independence requirements.

And a final effort worth noting created a new status option for career CPAs, Emeritus, which gives CPAs flexibility to volunteer in retirement, without creating public risk. That option became available July 1, 2026. CPAs, CPA exam candidates, and the public all benefit from the dedication of our board members.

Empowered by the Code of Virginia, the board works to ensure individuals entering the profession are wellqualified and that those who hold the CPA credential uphold high standards of conduct and competency, remaining publicly accountable for their actions.

As I reflect on the last two fiscal years of rapid change, I am thankful for a board who strives to act quickly to respond so that consumers can continue to trust Virginia’s CPA profession.

Nancy Glynn, CPA
Executive Director