Please note: Requirements surrounding use of the CPA title for firms went into effect July 1, 2024. See §54.1-4412.1. “Licensing Requirements for Firms” for full requirements for firm licensure.
Requirements to obtain a firm CPA license:
- Pay the non-refundable firm license application fee is $100.
- At least 51% of the owners and the voting equity interest of the firm must be CPAs or trustees of an eligible employee stock ownership plan. Owners of a firm who are not licensees must participate in the firm’s activities on a regular, continuous and substantial basis.
- An individual who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services must obtain a minimum of 8 hours annually of CPE related to attest services, compilation services, or financial statement preparation services.
- Firms must provide that persons who release or authorize the release of reports on attest services, compilation services, or financial statement preparation services possess competencies which include:
- Required technical proficiency
- Familiarity with the industry and the person or entity
- Skills that indicate sound professional judgment
- Other competencies necessary under the circumstances
- The firm must conduct its attest services, compilation services, or financial statement preparation services in conformity with the standards of conduct and practice.
- The firm may be enrolled in a monitoring program of the American Institute of Certified Public Accountants or another VBOA-approved monitoring program.
- Firms must appoint an Active Virginia CPA as the principal licensee.
- The firm’s name must not be false, misleading or deceptive.
- All firms applying for CPA licensure must provide a copy of their certificate of incorporation or organization from the Commonwealth of Virginia’s State Corporation Commission. Sole proprietors are exempt from this requirement.
Firm located in Virginia
Any firm using the CPA title or performing attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia must hold a Virginia firm CPA license if Virginia is the principal place of business.
Firm located outside of Virginia
Any firm whose principal place of business is not located in Virginia is not required to hold a Virginia firm CPA license.
Firms not required to obtain a Virginia license may use the CPA title or provide attest services, compilation services, or financial statement preparation services to Virginia persons or entities if the firm is lawfully able to provide these services in the state where their principal place of business is located. Firm personnel who work on the engagement must either hold a Virginia license or hold a substantially equivalent license from another state. Firms must also comply with statutory requirements concerning firm ownership, firm names and practice monitoring.
