New Jersey State Board of Accountancy


CPAs Have More Reciprocity Than NJ Board of Accountancy Form Says

Posted: September 7, 2017
The Application for Certification by Endorsement form posted on the New Jersey State Board of Accountancy website erroneously states reciprocity information. While the State Board is aware of the error, the form has yet to be updated to show that NJ has reciprocity with all jurisdictions.

NJ State Board Proposes Increase to License Fees

Posted: August 17, 2017
New Jersey State Board of Accountancy voted to approve increases in licensing and renewal fees for CPAs, RMAs and CPA firms.

Legislation on the NJCPA’s Radar

Posted: March 7, 2017
Section 1202, the Accountancy Act and S992 are priorities on the NJCPA's advocacy agenda. Here's an update on where each issue stands.

Retain Your CPE Records an Extra Year

Posted: November 23, 2016
In anticipation of a periodic random audit, the New Jersey State Board of Accountancy is asking CPAs to retain their CPE records for an additional year.

Meeting Highlights

The NJCPA regularly attends the monthly meetings of the New Jersey State Board of Accountancy. Below are highlights from the meetings:

  • June 15, 2017
    • The New Jersey State Board of Accountancy reviewed recommendations to include reducing the number of technical CPE credits required from 72 to 60 and allowing for nano learning, as well as some minor technical changes. The Board will vote on the proposed regulation changes at its July 20 meeting. The proposed rules will then be published in the New Jersey Register, and the public will have 60 days to submit comments to the Board. Under the state’s “sunset review” process, the Board’s regulations must be changed or readopted by April 2018.
    • Rajeev Malhotra, CPA and NJCPA member, was welcomed as a new State Board of Accountancy member.

     

  • April 20, 2017
    • The New Jersey State Board of Accountancy voted to approve an increase in the triennial license fee from $90 to $135. The increase was requested by Governor Christie’s budget office. For inactive CPAs, the fee would be raised from $45 to $60. The proposal still has to be published in the New Jersey Register for public comment before being adopted. It is subject to change before it becomes a new regulation. This process could take a few months.
  • December 15, 2016
    • New Jersey State Board of Accountancy President Daniel Geltrude introduced Michaela Ross, the new Acting Executive Director. She will replace Michael DeFrancisci, who will become the Executive Director of the New Jersey State Board of Nursing.
    • In December, the board began issuing letters for its CPE audit. More letters will be issued in January. About 550 CPAs will be audited. The Board reiterated that it is advising all CPAs to hold on to all CPE records dating back to 2012 until December 31, 2017.
    • The Peer Review Oversight Committee reported that many states are unhappy with the AICPA's plan to consolidate peer review administration to fewer states. In light of the objections, the AICPA is reconsidering its plan.
  • November 17, 2016
    • In the 30-minute meeting, the New Jersey State Board discussed conducting random CPE audits of CPAs from Dec. 2016 to Jan. 2017. Although the Board only requires that CPAs hold onto their CPE certificates for five years, they recommend that CPAs hold onto it for an extra year since they may be required to show the certificate to auditors.
  • October 20, 2016
    • The board voted to require all CPAs seeking a reciprocal license from New Jersey to have at least six months of experience within the past five years as a practicing CPA.
    • The board's Acting Executive Director Michael DeFrancisci reported that he is working on making the reciprocity forms easier to complete and is reviewing licensing fee procedures with an eye towards streamlining them.
    • The board is aware of the CPE credit changes related to nano learning outlined in NASBA and AICPA proposed revisions to the Statement on Standards for CPE Programs. They discussed the possibility of changing the state regulations for CPE credit, but didn't go into further discussion. The board will talk about nano learning in fuller detail in the next meeting.
  • September 15, 2016
    • The NJCPA, with input from the American Institute of CPAs (AICPA), drafted A3959 legislation. It was created to update New Jersey's Accountancy Act of 1997 to make it conform with the Uniform Accountancy Act (UAA). Board members reviewed this recently introduced legislation. The NJCPA hopes the bill will start moving through the legislative process this fall.
    • The National Association of State Boards of Accountancy (NASBA) and the AICPA together wrote the model legislation UAA. New Jersey's accountancy statute needs to be updated. Laws governing the accounting profession must be modernized to reflect changes that have taken place over the past 20 years, and so that New Jersey laws better conform to the accountancy laws of other states. Many of the changes the bill calls for are technical in nature. The most substantive changes include:
      • Firm Mobility. The bill would allow out-of-state firms to perform attest functions in New Jersey without having to register with the New Jersey State Board of Accountancy. They would still be subject to the full regulatory oversight of the Board. Fifteen states already allow this and more are expected to follow suit.
      • CPE Reciprocity. This exempts CPAs who hold multiple state licenses from having to meet the individual CPE requirements of each state so long as the licensee meets the CPE requirements of their home state. Currently, 22 states allow for CPE reciprocity and more are expected to do the same.

Click here to view upcoming meeting dates and access meeting minutes.