Bill > SB605

This bill directs the Virginia Board of Accountancy (the Board) to create two new license statuses for Certified Public Accountants (CPAs): "Inactive" and "Emeritus." These statuses are for CPAs who are no longer providing services to the public or working for an employer. To qualify for these statuses, a CPA must currently be licensed in Virginia and not be under investigation or facing disciplinary action. The bill outlines minimum qualifications for each status: for "CPA, Inactive," the CPA must have held an active license for at least five years, and for "CPA, Emeritus," they must have held an active or inactive license for at least 15 years and be at least 60 years old, or have held a license for at least 30 years. Additionally, the Board will develop guidelines to help active and inactive licensees accurately reference their CPA licensure in biographical or historical contexts, ensuring compliance with laws and regulations, and will adopt emergency regulations to implement these changes.