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Requirements

A licensed CPA firm may only provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia. Therefore, any licensee or firm providing these services must have an Active firm license in good standing.

Requirements to obtain a firm CPA license include the following:

  • 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.
  • 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 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 and is performing attest services, compilation services, or financial statement preparation services to persons or entities located outside Virginia does not need a Virginia firm CPA license.

The only exception is if the individual providing these services has a Virginia individual CPA license, holds a license of a substantially equivalent state or is under the supervision of a CPA with a Virginia individual CPA license or a license from a substantially equivalent state.