Accounting Requirements

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Accounting Requirements

Sections within this essay:

Background
Financial vs. Managerial Accounting

The Accounting Profession
Accountants, PAs, and CPAs
Qualification and Licensure
CPA Requirements

Professional Ethics
Accounting's Watchdog
Controlling Interstate Practice
Regulation of Accounting Firms
Generally Accepted Accounting Principles (GAAP)
Sarbanes-Oxley Act
Peer Review

Who's Watching the Watchdog?
Finding a Good Accountant
Accounting Discipline and Malpractice
State Boards of Accountancy
Additional Resources
Organizations
American Institute of Certified Public Accountants
National Association of State Boards of Accountancy

Background

The field of accounting embodies a set of concepts and techniques that are used to measure and report financial information about a particular economic entity (or smaller unit of an entity). An economic entity may be an individual, a for-profit or non-profit business or organization, or a unit of government.

Accounting information is useful not only to owners of entities or their creditors, but also to business planners and forecasters, government administrators, financial analysts, and even individual employees of a company. Investors are hoping to learn as much as possible about a business enterprise before purchasing an interest; creditors are interested in the enterprise's ability to repay obligations. Business enterprise managers need financial information to make sound business decisions. Governmental units need accurate financial profiles in order to tax and regulate. Analysts use this information to form opinions and forecast local or national economic profiles. Individual employees often have bonuses or options tied to enterprise performance.

Financial vs. Managerial Accounting

Accounting practices can be divided into two broad areas of function: financial accounting and managerial accounting. Both areas are dependent upon a strong information system that can reliably capture and summarize personal and business transactional data. At the heart of all accounting practices and procedures is a basic understanding of assets and liabilities (debts). However, with the advent of computers and sophisticated software capability, tedious bookkeeping tasks largely have been relegated to the annals of history, and replaced with software programs with dynamic, proactive decision-making capability in the field of financial and managerial accounting.

Financial accounting concerns itself with external reporting of information to parties outside of the subject business or entity. To ensure consistency and structure in reporting, financial accounting is managed by many rules or standards, such as those developed by the private sector group called the Financial Accounting Standards Board (FASB) (see below). Fi-nancial reports prepared under these standards have a general-purpose orientation with which all intended user groups are familiar, thus rendering the reports ostensibly neutral and free from bias. Most earnings reports are based on these established measurement and reporting rules, known as generally accepted accounting principles (GAAP)(see below).

In contrast, managerial accounting benefits internal management of an entity by providing information that will assist in planning, controlling, and decision-making. In contrast to financial accounting, internal management accounting dictates its own information needs and specifies the way that data is accumulated and presented. It need not follow any particular rules or guidelines, as its intended purpose is for internal decision-making.

The Accounting Profession

Like law or medicine, the field of accounting involves specialized study and experience in a variety of disciplines. The simplest of accounting tasks is no more than detailed bookkeeping; on the other end of the spectrum is analysis of complex data and economic predictions at the global level.

Auditing services involve the examination of transactions and systems that constitute an organization's financial reports. The objective of an audit is to provide an independent review and report on the appropriateness and correctness of financial statements.

Tax services relate to providing help in the preparation and filing of tax returns to governmental entities, and the rendering of advice on the tax consequences of alternative filing or income-classifying actions.

Consulting services include such diverse activities as evaluating production methods or developing information systems capable of multi- data-processing tasks.

Accountants may work in areas of product costing and pricing, budgeting, or diversifying investments. They may focus on internal auditing of controls and procedures used by their employers, to safeguard company resources and develop reliable and accurate accounting information and systems. They may specialize as tax accountants, auditors, or financial managers. Their expertise is widely used in governmental agencies such as the Internal Revenue Service, General Accounting Office, or Securities and Exchange Commission.

Accountants, PAs, and CPAs

Referring to oneself as an accountant implies, but does not require, a college education or license. It does require, at a minimum, a mastery of specialized expertise in the understanding and presentation of complex financial data. Many smaller business entities retain accountants/bookkeepers internally as employees, to handle the internal financial matters of the business.

Engaging in the practice of "public accounting" involves auditing, taxing, and consulting services to the general public. The term "PA" has become somewhat obsolete (or at least subsumed within the broader category of CPA) in that most, but not all, public accountants are licensed as Certified Public Accountants (CPAs) and hold themselves out as certified to engage in the practice of public accounting. CPAs have received a public accountant registration or license from an accountancy board within the jurisdiction in which they practice, after having met all requirements for such license.

Qualification and Licensure

The federal government plays no role in establishing minimum criteria for the profession, and instead defers to states. Qualification to practice accounting in each state is controlled by that state's board of accountancy (see below).

Generally speaking, modern references to the term "accountant" imply a profession dictated by the fulfillment of minimum education requirements and experience. Certainly this is true for the CPA subcategory. Most colleges offer bachelors' degrees in accounting, which is almost universally a minimum requirement for employment in the field. While experience was often substituted for education in earlier job vacancies, the technical nature of liability exposure for accounting errors now dictates a more comprehensive minimum educational requirement that ensures uniformity in the learning of various accounting practices and procedures.

CPA Requirements

The objective of most prospective accounting professionals is the attainment of a CPA license. All CPA candidates in all 50 state jurisdictions (and DC) must meet minimum educational criteria, successfully pass the Uniform Certified Public Accountant (CPA) Examination, and undergo background investigation to qualify for the CPA license/certificate permitting them to practice.

All states now require (New York is the last to implement, in 2009) a minimum 150-hour education re-quirements. This essentially equates to the completion of a standard 120-semester-hour bachelor's (baccalaureate) degree plus 30 hours of specialized course study in accounting, as found in typical master's degree programs. All states have a minimum number of core semester hours in accounting that must be completed as part of the educational requirement.

The Uniform CPA Examination was adopted by all 50 states and the DC as a way to protect the public interest in helping to ensure that only qualified individuals become licensed as CPAs. A revised examination was implemented in 2004, and new simulations on the exam were upgraded in 2006. Subjects covered in the examination include auditing and attestation; financial accounting and reporting; regulation; and business environments and concepts.

Each state accountancy board has additional criteria that must be met in order to obtain a license to practice within that state's jurisdiction. They include minimum age, residency, and experience requirements.

Professional Ethics

The Code of Professional Conduct promulgated by the American Institute of Certified Public Accountants (AICPA)(the premier association of certified professionals) contains both (1) Principles and (2) Rules governing the profession. The accounting Principles provide the framework for the Rules, which, in turn, govern the performance of professional services by members. Compliance with the Code depends primarily on members' understanding and voluntary actions, as tempered by peer reviews and public opinion, and ultimately disciplinary proceedings when necessary.

Membership in the AICPA is limited to those practitioners who are practicing in firms enrolled in an AICPA-approved practice-monitoring program (peer review). Firms that are required to register with, and be inspected by the Public Company Accounting Oversight Board (PCAOB) must have a peer review program developed and administered by the AICPA's Center for Public Company Audit Firms (Center PRP).

State boards of accountancy also regulate the type of fees that accountants may charge for their services. The majority of states do permit CPAs to accept commission-based fees, with full disclosure to clients, except in situations where CPAs perform "attest services". Generally, a CPA is prohibited from charging or accepting contingency fees for preparation of tax returns or tax refund claims, unless the CPA could reasonably expect that the claim would undergo substantive review by the taxing authority.

Accounting's Watchdog

In 1997, the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) jointly approved and published significant changes to their Uniform Accountancy Act (UAA) and Uniform Accountancy Act Rules. The UAA model bill and rules were designed to provide a uniform approach to regulation of the accounting profession, which had been largely self-regulated and self-policed, as are several other professions. The changes to the UAA reflected major recommendations by a joint committee of the two organizations that studied the issue of regulation for at least one year before issuing its report. The report focused on a number of contemporary issues facing the profession, including:

globalization of business
demographic shifts in the profession
expansion of services
dynamic information and electronic technology
legal challenges to the current regulatory system

Controlling Interstate Practice

One of the most significant changes in the UAA concerns the portability of a CPA license, and mobility across state lines for CPAs engaged in interstate practice, both personally and electronically. The approach taken was to establish, under Section 23 of the UAA, a "substantial equivalency" concept. The NASBA's National Qualification Appraisal Service (NQAS) first determined which states' CPA licensure requirements were substantially equivalent to that of the UAA (Section 23). CPAs who are licensed to practice in substantially equivalent states and who plan to practice in other states that have adopted Section 23 may lawfully practice in those states by simple notification of intent. A majority of states and jurisdictions were found to have CPA licensure requirements that were substantially equivalent to that of the UAA. As of 2005, five states were found to have non-substantially equivalent requirements: Colora-do, Delaware, Florida, New Hampshire, and Vermont (as well as Puerto Rico and the Virgin Islands).

At the same time, even though the vast majority of states met the equivalency criteria, only a few were expressly serviced by NASBA to accept documentation for the reciprocal licensing and notification process. They were: Arkansas, California, Kansas, New Mexico, New York, North Dakota, Oregon, and Tennessee.

Regulation of Accounting Firms

The UAA requires that all individuals referring to themselves as CPAs must hold a valid license obtained only after demonstrating a jurisdiction's licensing requirements [UAA Sections 3(c),5, and 14(c)]. This license must be periodically renewed by demonstrated compliance with continuing education (CPE) requirements (UAA Section 6). All licenses must comply with the accountancy law and regulations (UAA Section 10). Importantly, any individual holding a CPA license is subject to the state board of accountancy, regardless of how that individual earns his/her living or whether he or she uses the CPA title.

Under the UAA, CPAs who offer or render "attest services" (audits, reviews, and examinations of financial statements or information) for the public must do so in a CPA firm that is duly licensed by the state board of accountancy (UAA Section 7). These firms undergo peer review every three years to assure that those CPAs within the firm who supervise, sign, or authorize someone to sign "attest" engagements or reports on financial statements have met an appropriate competency requirement that is spelled out in professional standards.

However, CPAs are not required to offer general services through a CPA firm, and may offer other services through any type entity they choose; these entities are not licensed by the state board. Conversely, CPA firms using the term "CPAs" in association with the entity name are subject to regulation and discipline by the state board [UAA Section 7(a)].

Generally Accepted Accounting Principles (GAAP)

Generally Accepted Accounting Principles (GAAP) refer to a combination of authoritative standards (set by policy boards) and a common set of accounting principles, standards and procedures that most companies use to compile their financial statements. The reason that GAAP are imposed on company reporting is to ensure that investors have an ascertained level of consistency when analyzing companies for investment purposes. Companies are expected to use GAAP when reporting their financial data via financial statements. The GAAP is not written into law, but the U.S. Securities and Exchange Commission (SEC) requires that it be adhered to in the financial reporting of all publicly-traded companies.

Three organizations developed, or influenced the development of, the GAAP in the United States: the SEC, the AICPA, and the FASB. A separate but similar set of rules and principles govern state and local government reporting, as determined by the Governmental Accounting Standards Board (GASB).

Accountants generally apply GAAP through the use of FASB pronouncements referred to as Financial Accounting Standards (FASs), which are periodically published in industry bulletins. There are more than 100 FASs that have been issued over the years. They are supplemented by formal opinions and generally accepted assumptions in a particular sub-segment of the industry. For example, there exists a general assumption that financial statements must be based on the premise that a company will continue in existence unless there is substantial evidence to the contrary. Accountants are guided by these formal standards, rules, and principles, but must also incorporate their own professional judgment into their practices.

In 2005, the U.S. Supreme Court overturned the conviction of accounting firm Arthur Andersen, previously indicted and convicted of obstructing justice for shredding documents of its work done for Enron, the energy services giant under investigation for financial wrongdoing. U.S. v. Arthur Andersen, No. 04-0368 (2005). The government had cited various provisions of the GAAP as evidence of wrongdoing. (However, the conviction was overturned on a technicality, involving the wording of a principal jury instruction that, according to the Supreme Court, was vague and failed to convey the required consciousness of wrongdoing in order to convict.)

Sarbanes-Oxley Act

Following the Enron and WorldCom scandals, President George W. Bush signed into law the Sarbanes-Oxley Act of 2002 (P.L. 107-104, 116 Stat 745), which applies to publicly-traded companies and their audit firms (or CPAs actively working as auditors of, or for, publicly traded companies). There are some basic implications for accountants, including:

The Establishment of a Public Company Accounting Oversight Board (PCAOB): Ap-pointed and overseen by the SEC, its function is to oversee and investigate the audits and auditors of public companies, and it has sanctioning power over both firms and individuals for violations of laws, regulations, and rules.
The Creation of Criminal Penalties and Protections for Whistleblowers: Tough penalties are now available for those who destroy records, commit securities fraud, or fail to report fraud. The SEC established new rules covering the retention of "audit or review work papers." Other standards compel auditors to keep documentation for seven years. It is now a felony punishable by up to 20 years' imprisonment for destruction of documents in a federal or bankruptcy investigation.
Other checks and balances prohibit firms from providing audit services to any public company if any of that company's top officials was employed by the firm and worked on the company's audit during the previous year. Further, auditors now report to and are overseen by a company's audit committee and not by its management.

Peer Review

As previously mentioned, membership in the AICPA is limited to those practitioners who are practicing in firms enrolled in an AICPA-approved practice-monitoring program (peer review). Firms that are required to register with, and be inspected by the PCAOB (see above) must have a peer review program developed and administered by the AICPA's Center for Public Company Audit Firms (Center PRP).

Accounting firms that are members of the Center for Public Company Audit Firms that are not required to be registered with and inspected by the PCAOB may enroll in either the Center PRP or the AICPA PRP. Those firms that are not members of the Center for Public Company Audit Firms but want or are required to be enrolled in the Center PRP must submit an enrollment form and the Center Peer Review Committee will consider the request. All other firms have a peer review under the AICPA PRP. The AICPA's PRP was developed by and is overseen by the AICPA and administered by 41 state CPA societies across the country.

Who's Watching the Watchdog?

Ever since the PCAOB was created in 2002, business executives and free-market groups have argued that, as an accounting industry regulator, the Board has wielded too much unchecked power. In early 2006, the Free Enterprise Fund joined a Nevada accounting firm in filing suit in U.S. district court in Washington, challenging the constitutionality of the PCAOB. The suit alleged that the process for selecting PCAOB members violated the U.S. Constitution's separation of powers. Under Sarbanes-Oxley (which created the PCAOB), the SEC appoints them, rather than the president (confirmed by the Senate). Although the PCAOB considers its members lower-level officials (not subject to Constitutional provisions), it sets its own budget and pays its members upward of $450,000 a year, without Congressional oversight. Notwithstanding, when Sarbanes-Oxley was first being drafted, these arguments had been previously considered by constitutional scholars in Congress and several universities, and the provisions passed muster under these reviews.

Also in early 2006, the tax return-preparation giant, H&R Block Inc. revealed that it had miscalculated and understated its own state income tax liability for 2004 and 2005, amounting to approximately $32 million in arrears. The company had just settled four state class-action lawsuits related to "refund anticipation loans," where customers were advanced their tax refunds in return for a percentage of the refund being paid to H&R Block. However, the Center for Responsible Lending had alleged that the annual interest rates on these types of loans often turned out to be as high as 40 to 700 percent annualized. The settlement affected more than eight million customers.

In 2005, the General Accounting Office (GAO) performed its first audit of the SEC and released a mixed report. It found that the Commission had inadequate controls over its financial statement preparation process. This included a lack of sufficiently documented internal policies and procedures, raising questions of whether the balances presented in SEC's own financial statements were supported by SEC's underlying accounting records.

Finding a Good Accountant

Word-of-mouth recommendations remain the most preferred method to find high-quality accountants. Checking with other business owners in the area, as well as industry trade associations, often results in recommendations of good accountants familiar with issues specific to a particular business or industry.

Users of accounting services should always check with the local Better Business Bureau and local or state professional accountancy boards to ensure that accountants' credentials are good and licenses are current.

It is now possible for public accounting services to be purchased and provided over the Internet. Despite its ostensible convenience, consumers are reminded that since there is no face-to-face contact, unqualified persons may masquerade as fully-licensed accountants. Internet accountants may be physically located anywhere in the world. Therefore, any problems encountered with the purchased services may not be resolved if the provider of the service is not licensed in the consumer's state or jurisdiction. It is recommended that investigative e-mails and telephone conversations precede any commitment for services.

Accounting Discipline and Malpractice

Substantiated complaints and grievances against accountants are best addressed by state accountancy boards, most of which provide a forum and specific procedures for resolution. However, state boards are limited, for the most part, to suspensions or revocations of licenses to practice, and cannot award money damages for harm or loss.

Clients should also be sure, before any work is done, that a CPA provides an engagement letter outlining the work that will be performed, who will specifically perform the work, and what it will cost. In a majority of complaints received by accountancy boards that allege poor or incorrect services, no engagement letter had been provided that clearly described the agreement between client and CPA. In such cases, both CPA and client can only provide verbal recollections of the services, and discipline for substandard work is limited.

If substandard work performed by an accountant has caused financial loss or harm to a client, a civil lawsuit for professional malpractice is the most appropriate remedy (in addition to filing a complaint with the state board of accountancy). Some jurisdictions offer alternative dispute resolution (arbitration, mediation), which is particularly helpful if privacy is a consideration.

Unlike complaints filed with a state board, lawsuits carry a heavy burden of proof before a complaining party may recover monetary damages for substandard accounting work. As in other professional malpractice cases, expert witnesses from the same accounting discipline must testify that the defendant accountant (or accounting firm) breached its duty of care (such as those considered as GAAP) by providing services that violated GAAP or other established practices and procedures. However, and more importantly, the complaining party has the burden of showing that, but for the substandard work, the complaining party would not have suffered the financial loss, or would have gained more financial benefit. By the time that costs and expenses of expert witnesses and litigation are taken into account, accountant malpractice suits should be considered a last resort.

Accountant malpractice lawsuits sometimes involve alleged violations of state and federal statutes relating to the sale of securities. If the attested financial statements contain errors and lead to negative market impact, investors may try to recoup damages by asserting securities claims against the accountants who prepared the statements. The statutes most commonly cited to bring such claims are the Securities Act of 1933, the Securities Act of 1934, and the Racketeer Influenced and Corrupt Organizations Act (RICO).

State Boards of Accountancy

ALABAMA STATE BOARD OF PUBLIC ACCOUNTANCY: Suite 226, 770 Washington Ave., P.O. Box 300375, Montgomery, AL 36130 (334) 242-5700; fax (334) 242-2711

ALASKA STATE BOARD OF PUBLIC ACCOUNTANCY: Division of Occupational Licensing, Box 110806, Juneau, AK 99811-0806 (907) 465-3811; fax (907) 465-2974

ARIZONA STATE BOARD OF ACCOUNTANCY: 100 N. 15th Ave., Suite 165, Phoenix, AZ 85007 (602) 364-0804; fax (602) 364-0903

ARKANSAS STATE BOARD OF ACCOUNTANCY: 101 East Capitol, Suite 450, Little Rock, AR 72201 (501) 682-1520; fax (501) 682-5538

CALIFORNIA BOARD OF ACCOUNTANCY: 2000 Evergreen Street, Suite. 250, Sacramento, CA 95815 (916) 263-3680; fax (916) 263-3675

COLORADO STATE BOARD OF ACCOUNTANCY: 1560 Broadway, Suite 1340, Denver, CO 80202 (303) 894-7800; fax (303) 894-7692

CONNECTICUT STATE BOARD OF ACCOUNTANCY: 30 Trinity St., Hartford, CT 06106 (860) 509-6179; fax (860) 509-6247

DELAWARE STATE BOARD OF ACCOUNTANCY: Cannon Bldg., Suite. 203, 861 Silver Lake Blvd, Dover, DE 19904 (302) 744-4511; fax (302) 739-2711

DISTRICT OF COLUMBIA BOARD OF ACCOUNTANCY: Occupational & Professional Licensing, Room 7200, 941 North Capitol St., NE, Washington, D.C. 20002 (202) 442-4461; fax (202) 442-4528

FLORIDA BOARD OF ACCOUNTANCY: 240 NW 76 Drive., Ste A, Gainesville, FL 32607 850-487-1395; fax: 352-333-2508

GEORGIA STATE BOARD OF ACCOUNTANCY: 237 Coliseum Dr., Macon, GA 31217-3858 (478) 207-1300; fax (478) 207-1363

HAWAII BOARD OF ACCOUNTANCY: P.O. Box 3469, Honolulu, HI 96801 (808) 586-3000; fax (808) 586-2689

IDAHO STATE BOARD OF ACCOUNTANCY: P.O. Box 83720, Boise, ID 83720 (208) 334-2490; fax (208) 334-2615

ILLINOIS BOARD OF EXAMINERS: 100 Trade Centre Drive, Suite 403, Champaign, IL 61820 (217) 531-0950; fax (217) 531-0960

INDIANA STATE BOARD OF PUBLIC ACCOUNTANCY: Professional Licensing Agency, 302 West Washington St., Room W 072, Indianapolis, IN 46204 (317) 234-3040; fax (317) 232-2312

IOWA ACCOUNTANCY EXAMINING BOARD: 1920 SE Hulsizer Road, Ankeny, IA 50021-3941 515-281-5910, FAX: 515-281-7411

KANSAS BOARD OF ACCOUNTANCY: 900 S.W. Jackson St., Suite 556, Topeka, KS 66612-1239 (785) 296-2162; fax (785) 291-3501

KENTUCKY STATE BOARD OF ACCOUNTANCY: 332 West Broadway, Suite 310, Louisville, KY 40202 (502) 595-3037; fax (502) 595-4281

STATE BOARD OF CPAs OF LOUISIANA: 601 Poydras Street, Suite 1770, New Orleans, LA 70130 (504) 566-1244; fax (504) 566-1252

MAINE BOARD OF ACCOUNTANCY: #35 State House Station, Augusta, ME 04333-0035 (207) 624-8603; fax (207) 624-8637

MARYLAND STATE BOARD OF PUBLIC ACCOUNTANCY: 500 N. Calvert Street, Room 308, Baltimore, MD 21202 (410) 230-6258; fax (410) 333-6314

MASSACHUSETTS BOARD OF PUBLIC ACCOUNTANCY: 239 Causeway Street, Boston, Massachusetts 02114 (617) 727-1806 Fax: (617) 727-2197

MICHIGAN BOARD OF ACCOUNTANCY: P.O. Box 30018, Lansing, MI 48909 (517) 241-9249; fax (517) 241-9280

MINNESOTA STATE BOARD OF ACCOUNTANCY: 85 E. 7th Place., Suite 125, St. Paul, MN 55101 (651) 296-7937; fax (651) 282-2644

MISSISSIPPI STATE BOARD OF PUBLIC ACCOUNTANCY: 5 Old River Place, Suite 104, Jackson, MS 39202 (601) 354-7320; fax (601) 354-7290

MISSOURI STATE BOARD OF ACCOUNTANCY: P.O. Box 1335, Jefferson City, MO 65102 (573) 526-1555; fax (573) 751-0735

MONTANA STATE BOARD OF PUBLIC ACCOUNTANCY: P.O. Box 200513, Helena, MT 59620 (406) 841-2300; fax (406) 841-2309

NEBRASKA STATE BOARD OF PUBLIC ACCOUNTANCY: P.O. Box 94725, Lincoln, NE 68509 (402) 471-3595; fax (402) 471-4484

NEVADA STATE BOARD OF ACCOUNTANCY: 1325 Airmotive Way, Suite #220, Reno, NV 89502 (775) 786-0231; fax (775) 786-0234

NEW HAMPSHIRE BOARD OF ACCOUNTANCY: 78 Regional Dr., Building 2, Concord, NH 03301 (603) 271-3286; fax (603) 271-8702

NEW JERSEY STATE BOARD OF ACCOUNTANCY: P.O. Box 45000, Newark, NJ 07101 (973) 504-6380; fax (973) 648-2855

NEW MEXICO STATE BOARD OF PUBLIC ACCOUNTANCY: 5200 Oakland NE, Suite D, Albuquerque, NM 87113 (505) 222-9850; Fax (505)222-9855

NEW YORK STATE BOARD FOR PUBLIC ACCOUNTANCY: 89 Washington Ave., Albany, NY 12234 (518) 474-3817 ext. 270; fax (518) 402-5354

NORTH CAROLINA STATE BOARD OF CPA EXAMINERS: P.O. Box 12827, Raleigh, NC 27605-2827 (919) 733-4222; fax (919) 733-4209

NORTH DAKOTA BOARD OF ACCOUNTANCY: 2701 S. Columbia Rd., Grand Forks, ND 58201 (800) 532-5904; fax (701) 775-7430

ACCOUNTANCY BOARD OF OHIO: 77 S. High St., 18th Floor, Columbus, OH 43215-6128 (614) 466-4135; fax (614) 466-2628

OKLAHOMA STATE BOARD OF PUBLIC AC- COUNTANCY: 4545 N Lincoln Blvd., Suite 165, Oklahoma City, OK 73105 (405) 521-2397; fax (405) 521-3118

OREGON STATE BOARD OF ACCOUNTANCY: 3218 Pringle Rd. S.E., Suite #110, Salem, OR 97302-6307 (503) 378-4181; fax (503) 378-3575

PENNSYLVANIA BOARD OF ACCOUNTANCY: P.O. Box 2649, Harrisburg, PA 17105-2649 (717) 783-1404; Fax (717) 705-5540

RHODE ISLAND BOARD OF ACCOUNTANCY: 233 Richmond St., Providence, RI 02903 (401) 222-2246; fax (401) 222-6098

SOUTH CAROLINA BOARD OF ACCOUNTANCY: Street Address: 110 Centerview Dr., Columbia, SC Mailing Address: PO Box 11329, Columbia, S.C. 29211 803-896-4770; Fax: 803-896-4554

SOUTH DAKOTA BOARD OF ACCOUNTANCY: 301 E. 14th St., Suite 200, Sioux Falls, SD 57104-5022 (605) 367-5770; fax (605) 367-5773

TENNESSEE STATE BOARD OF ACCOUNTANCY: 500 James Robertson Parkway, 2nd Floor, Nashville, TN 37243-1141 (615) 741-2550; fax (615) 532-8800

TEXAS STATE BOARD OF PUBLIC ACCOUNTANCY: 333 Guadalupe Tower III, Suite 900, Austin, TX 78701-3900 (512) 305-7851; fax (512) 305-7875

UTAH BOARD OF ACCOUNTANCY: 160 East 300 South, Salt Lake City, UT 84111-2316 (801) 530-6628; fax (801) 530-65111

VERMONT BOARD OF ACCOUNTANCY: 26 Terrace St., Montpelier, VT 05609-110 (802) 828-2837; fax (802) 828-2465

VIRGINIA BOARD FOR ACCOUNTANCY: 3600 W. Broad St., Suite 378, Richmond, VA 23230 (804) 367-8505; fax (804) 367-2174

WASHINGTON STATE BOARD OF ACCOUNTANCY: P.O. Box 9131, Olympia, WA 98507-9131 (360) 753-2586; fax (360) 664-9190

WEST VIRGINIA BOARD OF ACCOUNTANCY: 122 Capitol Street, Suite 100, Charleston, WV 25301 (304) 558-3557; fax (304) 558-1325

WISCONSIN ACCOUNTING EXAMINING BOARD: 1400 East Washington Ave., P.O. Box 8935, Madison, WI 53708-8935 (608) 266-5511; fax (608) 267-3816

WYOMING BOARD OF CPAs: 2020 Carey, Cheyenne, WY 82002 (307) 777-7551; fax (307) 777-3796

Additional Resources

"Background on AICPA/NASBA Uniform Accountancy Act-Third Editon (UAA)." American Institute of Certified Public Accountants, 2005. Available at "http://www.aicpa.org/states/uaa/briefs/newuaa.htm"

Barr, Alistair. "H&R; Block Gets Its Own Taxes Wrong." AOL News, 23 February 2006. Available at "http://aolsvc.news.aol.com/business/article.adp?id-200602231953099900248"

Borrus, Amy. "Who Watches Accounting's Watchdog?" Business Week, 8 February 2006. Available at cl "http://www.businessweek.com/investor/content/feb2006/pi20060208_072238.htm"

Dharan, Bala G., et al.(contributors). Enron: Corporate Fiascos and Their Implications. Foundation Press, 2004.

Walther, Larry, PhD., CPA, CMA. "Principles of Accounting." Online publication available at "http://www.principlesofaccounting.com"