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Minimum credit deficiencies net ABO $63g

Written on May 1, 2020
By Laura Hay, CPA, CAE, OSCPA executive vice president

OSCPA represents the CPA profession at each meeting of the Accountancy Board of Ohio (ABO), the State of Ohio government entity charged with licensing, regulating, and when necessary, disciplining CPAs. Here are some highlights from the Feb. 7 ABO meeting:

  • The ABO discussed pending Ohio legislation related to sitting for the CPA exam with 120 hours of college education (150 hours would still be required for licensure.) Future considerations for Ohio rulemaking would include whether there should be some specific requirements for the additional 30 hours, and whether the eligibility criteria for ABO fifth-year scholarships should be amended to those completing masters’ programs.
  • The ABO requirement to obtain a minimum of 20 CPE credits annually went into effect beginning in 2016. Penalties are $10 for every credit deficient. As of Feb. 7, the ABO had collected more than $63,000 from deficiencies in meeting the annual minimum, just from the 2019 reporting group.
  • ABO members are submitting comments on the 2019 AICPA Uniform CPA Examination Practice Analysis exposure draft. Board members expressed concerns about reducing the written communication and state and local tax content, as well as asserting that it will be important to communicate more with candidates and the profession on how to get ready and timelines for the technology additions.
  • The board reviewed and approved Rule changes to be released for public comment, including rules related to the Educational Assistance Fund, data security and confidentiality, and peer review.
  • Additional rule changes which could be discussed in May include whether there should be a specific CPE requirement for audits in specialized practice areas, and whether there should be additional remediation from the ABO when a CPA firm receives two subsequent fail peer review reports.
  • Three public disciplinary hearings were held related to firms not completing peer review and firm registration by the renewal date. The registrations were revoked; but the revocation was stayed pending completion of the peer review and firm registration, and payment of a fine, registration fees and late fees.
  • One disciplinary hearing was held for a conviction of a felony. The CPA’s certificate was revoked.
  • The ABO staff team was recognized for exceptional effort conducting a smooth license renewal season during turnover of three staff positions.