Factors for Verginia CPA CPE Requirement (2024)

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Inside This Article

Are you a CPA license holder in Virginia, looking to fulfill all the CPE requirements and maintain licensing?

CPE requirements for CPAs differ from state to state. To maintain a high professional standard, you must be aware of the CPA CPE requirements in Virginia.

The Virginia Board of Accountancy leads Virginia CPA license CPE requirements and compliances. The board specifies various factors that you must consider to earn credit. VBOA selects the courses in a way that aligns with industrial expertise. The objective is to improve the professionals' ability per the industrial standard.

Virginia CPE requirements for CPA

1. Required Hours

VBAO clearly states that a CPA must maintain 120 hours of CPE in a rolling period of three years. Out of which, a minimum of 20 hours of CPE per year is mandatory to renew their license.

In the first calendar year after passing the exam, new applicants must maintain 40 hours of CPE when applying for the license.

myCPE offers a specially designed course to meet CPE and state requirements of technical and ethics. This will help you to achieve appropriate credit before the deadline. Users can earn NASBA and state-approved credits with greater convenience by attending webinars, virtual conferences, and specialized packages.

2. Ethics Course

VBOA has structured an essential component to maintain two hours of ethics courses annually. The Virginia Board of Accountants implements the requirement to implement the highest ethical standards. So, you must select state-approved courses only.

3. A&A Courses

CPAs' fundamental works involve attesting, compiling, preparing, and presenting financial statements. So, they must obtain eight hours of CPE from relevant learning.

4. CPE Regulations

Being familiar with the VBOA regulation is essential, especially with the 18VAC5-22-90 and 18VAC5-22-140, which specifically deal with the CPE requirements.

5. Reporting Cycle

The license renewal period annually is by 30th June. The reporting cycle is from January 1 to December 31 each year. To meet the Virginia CPE requirements, CPAs must complet their CPE requirement to maintain their status.

6. Credit Time

50 minutes of CPE practice is equal to 1 hour of CPE credit.

7. License Status and CPE

CPE requirement in Virginia depends on the Calendar year since passing the exam and their current license status. For an initial application for a license, renewal of active licenses and activating the inactive license requirements change.

8. CPE Submission

Documentation and Annual submission of CPE credits is not compulsory for license renewal. Also, it is important to retain the documentation of the past four years, including the current year.

9. CPE Reciprocity

CPA license holders other than Virginia might be eligible to reciprocate CPE requirements for CPA in Virginia. Ensure you only take ethics courses that are approved by the VBOA and your home state's BOA.

10. Inactive professional practice

In case of inactive work actions regarding accounting, finance, and taxation, you can choose an inactive license status. Still, they must comply with the CPE requirements.

Additional Insights

However, complying with the substantial equivalency facilitates and eases licensed CPAs in practice across jurisdictions. You can conveniently verify the comparability of these regions on the NASBA website.

In case of CPE deficiency, reporting with the VBOA self-reporting portal may become a reliable source for resolution.

In conclusion, to maintain your CPA license in Virginia, CPAs must comply with Virginia CPA CPE requirements for 2024.

myCPE is a credible platform offering quality courses for Virginia CPAs to complete their CPE requirements. to stay informed and To maintain credibility and quality of service, you must Stay informed about Virginia's latest regulatory updates and CPA credentials.

Explore our website for more in-depth insights and resources to attain CPE credits. myCPE offers continuous education services to improve your professional efficiency and growth.

FAQs:

What are the minimum CPE requirements in Virginia?

CPAs in Virginia must manage their 120 hours of CPE over the rolling period of three years. Out of which, a minimum of 20 hours annually is essential.

Do new applicants have to attain different CPE hours?

Yes, in the very first year of applying for the license, CPAs have to complete 40 hours of CPE credit.

What is the minimum number of hours needed for A&A courses?

As a part of CPE, a CPA must maintain 8 hours of relevant learning of the Attestation and Auditing course.

Why do the Credit requirements Vary by State?

State Bodies set their own rules for credits. The design of the requirements is intended to align with industry standards. It helps professionals stay updated on relevant subjects to be more credible.

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Imtiaz Munshi, CPA

CFO, AZSTEC LLC

The author Imtiaz Munshi is a Certified Public Accountant and CFO at Azstec, LLC. He is Business Strategist, Tax Planner, Entrepreneur and Advisor to "HNEs" (High Net Worth Entrepreneurs).