By Laura Hay, CPA, CAE, OSCPA Executive Vice President
Actions of the Accountancy Board of Ohio – the State of Ohio government entity charged with licensing, regulating, and when necessary, disciplining CPAs, can significantly affect the practice of all CPAs. This is why OSCPA represents the profession at every ABO meeting and shares the most recent information in our Professional Standards and Responsibilities programs.
Key takeaways from the July 19, 2019 meeting included:
- Just like the CPA profession, state licensing boards face workload compression at license renewal time. The ABO is discussing the possibility of year-round CPA license renewal, which is already in place for some other state professional licenses.
- Should there be additional competency requirements to conduct audits? The ABO continued discussion of an AICPA/NASBA UAA proposal to have an experience requirement for conducting audits. While they had some concerns about such a change, they did agree to continue discussion of a specialized CPE requirement for audits of higher risk practice areas at a future meeting.
- A formal hearing was held for a Department of Labor referral of an audit found not to be in compliance with generally accepted auditing standards. The CPA received a fine and is prohibited from performing employee benefit plan audits until approval is received from the ABO.
The next meeting of the ABO is scheduled for Monday, September 9, at Miami University.