New Jersey State Board of Accountancy

The New Jersey State Board of Accountancy discussed the language presented in NJCPA’s proposal for an additional pathway to CPA licensure. Specifically, the Board requested clarity regarding the 150-credit hours. Several Board members indicated that the language currently in the bill suggested that someone could be licensed with 150 “random” credits and no degree. The Board is suggesting changes.

Daniel Geltrude, CPA, a board member, explained a case where a “donut hole” or gap is occurring with certain accounting programs. At Penn State, for example, he said students who wish to pursue a Master of Accountancy (MAcc) degree are not issued their B.S. in Accounting until they complete their masters work, which is preventing them from being able to sit for the CPA Exam. Dan suggested language to overcome this “unfairness” is needed in the bill.

During public comments, Robert Saunders, CPA, managing member of Westfield CPAs LLC, explained his challenges with filing a CPE provider application and wants some follow-up from Board staff. 

Matthew Wielkotz, CPA, PSA, a member of Wielkotz and Company, LLC, discussed the RMA Exam and his attempts to pass. His father also spoke in support of his efforts. Matthew and his father do not believe that the RMA Exam is a fair or reasonable tool for evaluating a CPA’s abilities to perform government work and requested that changes be made to either the Exam or the grading process. 

In response to the recent proposal for an alternative pathway to the standard 150-hour requirement for CPA licensure by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA), the New Jersey State Board of Accountancy voted unanimously for the candidate to have the following:

      * Bachelor’s degree (which is usually 120 credits) – with 24 credits required in accounting and business

      * Two years of general experience (not competency-based)

The Board voted to ask the Division of Consumer Affairs and the Office of the Attorney General to find a sponsor to introduce legislation that would implement their positions. That process will take a few months. First, the Division has to review the Board’s request. If they agree, they would draft a recommendation to the Attorney General’s office, which would then review it from a policy and legal perspective. If they agree, the Attorney General would seek a sponsor to introduce a bill.

Applications are open until Nov. 25 to sit for the Registered Municipal Accountant (RMA) Exam on Dec. 6. Applications may be found on the Board’s website at www.njconsumeraffairs.gov/acc under the Applications and Forms tab. Completed applications should be emailed to accountancy@dca.njoag.gov. Study materials, including the past exam, may be found under the Study Materials tab. Questions can be sent to accountancy@dca.njoag.gov.

In responding to a question, the New Jersey State Board of Accountancy clarified that work experience in the field of accounting before graduating college does not count towards CPA experience for the candidate requirement even if college credit is awarded. The individual has to graduate college first for accounting work to count towards that criteria. 

The board said, in general, that the deadlines for taking lapsed parts of the CPA Exam are enforced. However, the board may review hardship exemptions to expired CPA Exam credit on a case-by-case basis. Candidates are encouraged to seek out exemptions, if needed, by contacting the Board office at accountancy@dca.njoag.gov and staff will discuss the supporting documents that should be submitted for the Board to review. Most candidates aren’t aware of this option.