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Licensing and disciplinary systems

REG Chapter 2 · Area I · Blueprint I.B

Sam has passed two sections of the CPA Exam and keeps asking Reggie the same question: who actually gives me the licence, and who can take it away? The answer is the state board of accountancy, and the Blueprint wants you to understand and explain its role and authority. Along the way you meet the other bodies that can discipline a CPA (the AICPA, state societies, the SEC, the PCAOB and the IRS) and learn why each can do only some of what the board can do.

In this chapter

1. Who regulates the CPA profession
2. Getting the licence: the three Es and ethics
3. Keeping the licence and the CPA firm
4. Mobility and substantial equivalency
5. How state boards discipline CPAs
6. Discipline outside the state board

This chapter has 6 lessons, 50 practice MCQs with explanations and 20 simulations, plus flashcards and a recall sheet.

What this chapter covers

• Role and authority of state boards of accountancy
• obtaining and keeping the license
• mobility
• discipline by boards, the AICPA, the SEC and the PCAOB

Chapter 1: Circular 230 and tax return preparers · Chapter 3: Federal tax procedures and taxpayer penalties