The Accountancy Board of Ohio (ABO), the regulatory body charged with licensing CPAs, CPA firms and protecting the public interest, met on July 8 to discuss a number of issues, including disciplinary cases. OSCPA always attend ABO meetings to represent the interests of our members.
Discussion of note at this meeting included:
The Board welcomed two newly appointed members to their first meeting: Jillian Brown, CPA, from Cincinnati, and Jan Culver from Dayton.
The Board’s new fiscal year began July 1, and concerns were expressed about significantly increased rent and e-licensing costs, neither of which are controllable by the ABO. They noted that they may soon need to pursue a tiered (according to firm size) firm registration fee increase ranging from $90-$360 for renewals. These fees have not been changed since the 1990’s. Registration and permit fees also are being looked at for a potential small increase. Those fees have not increased since 1994 and are among the lowest in the country.
The Education Assistance Fund has $315,500 allotted for scholarships in the new fiscal year. These scholarships are to help CPA candidates pay for their fifth year of college and are available to economically disadvantaged students. Interested students should check with their university’s accounting department to apply, or visit the ABO’s Education Assistance Fund page. The ABO is actively seeking refunds from students who received these scholarship funds in the past but did not take the CPA Exam. To date, $32,000 has been refunded, and a number of students updated their ABO records by indicating they already took the Exam in another state or have a different last name due to marriage.
The rule again requiring 30 hours of accounting coursework to become licensed took effect July 1.
In view of the reality that many people are working remotely in other states, the ABO is looking at what does it mean to “work/practice in Ohio” for licensure purposes? Is it the physical location where you work, where you are licensed, or where your clients/employer is located? They noted the AICPA and NASBA are working on language to help states get a more uniform approach. Right now, the rules say that if you live here, you need to be licensed here. If you have questions about where you should be licensed, contact the ABO at 614-466-4135.
Several disciplinary hearings took place, including two CPAs who failed to obtain a firm peer review, one who didn’t renew his individual license, and two who failed to prove they took 120 continuing education hours when asked. All five had their individual permits to practice revoked, and two of those also had their firm registration revoked.