macpa educator’s conference: state board...
TRANSCRIPT
Speaker Introduction
►Ray Speciale, Esq., CPA
►Mount St. Mary’s University, Associate Professor of Law and Accounting
►Appointed to Maryland State Board of Public Accountancy in 10/07—Term Ended 12/13
► Former Educator Member of the Board
Newly Appointed Educator Member of Board
►Prof. Phillip J. Korb
►Chair of Department of Accounting, University of Baltimore Merrick School of Business
►Teacher/Practitioner/Scholar
Overview of Board Functions
► Seven Member Board CPA Practitioner Members (4) Education Member (full-time professor) (1) Public/Consumer Members (2)
► Primary Function: Protect the Public►Regulatory Authority► Legislative Initiatives►Discipline and Enforcement►Adjudication
Presentation Overview
►Education Requirements: Review/Update
►CPA Exam Statistics
►CPA Exam: Practice Analysis
►Portfolio Credits
Presentation Overview (cont’d)
►Testing for Credits (ACE, AP, CLEP, etc.)
► Foreign Transcript Evaluation
►Counting Quarter Hours
►CPE Recording
►Avoiding Exam Application Denials
Educational Requirements
► 120/180 to sit for exam (with Group I requirements met)
► 150/225 required for licensure►Requires attainment of baccalaureate degree► 2 Groups of Requirements Created Group I—Accounting plus Ethics Group II—Business Related Subjects
►Graduate courses gain benefit of 1.5X multiplier
Educational Requirements
►Group I—Accounting Courses (30/45 hours) including: Auditing (3/4.5) Financial Accounting (9/13.5) Managerial Accounting (3/4.5) U.S. Federal Income Tax (3/4.5) Ethics (3/4.5)
Educational Requirements
►Group II—Business-Related Courses (21/31.5 hours) including at least 5 of the following: Statistics Economics Corporation or business finance Management U.S. business law Marketing Business communications
Education Requirements (Group II) Cont’d
►Quantitative Methods►Information Systems/Information
Technology
Are Revisions to Exam on the Way?
►Fall/Winter 2013 AICPA CPA Exam Alert: Is the exam aligned with needs of profession?
►“The Practice Analysis”
►BOE policy requires seven year reviews
►Launch in 2014
Revisions (cont’d)6 Phases
►Exploration (beginning in 2014)►Confirmation►Design of New Exam►Exposure of Proposed Changes►Finalize Design of Revised Exam►Announce New Exam
Portfolio Reviews
►Board recently addressed issue of portfolio reviews with UMUC
►Agreed to accept credits
►Case by case analysis
►Need for strong process and documentation
Testing For Credits
►AP, IB, ACE, CLEP are generally OK
►Need for transcripts from testing sponsor
►Staff concerns regarding how far this (and portfolio type credits) will go
Foreign Transcript Analysis
►Any courses taken from non-U.S. institution must be evaluated separately
►Starting in 2013 MD Board only accepts reviews by NASBA’s transcript evaluators
►Board has legal right to accept or decline evaluation provided
Quarter Hours
►History: (150/225) versus course by course analysis (3/4 or 3/4.5)
►Newly proposed regulation
►Potential problems at course by course analysis—need for communication and care if quarter hours used
CPE Recording
►Slow move toward electronic reporting
►Still some years down road
►Review of current requirements
Application Evaluation--General
►No review until application complete
►Course checklist complete and accurate
►Receipt of all required transcripts (including AP, CLEP, DANTES/DSST, AND ACE)
►Receipt of foreign credentials evaluations
Avoiding Common Errors
►Do not apply prior to graduation►Omitting required information►Name changes►Ethics►Need U.S. Business Law and U.S. Taxation►If title does not readily match, need CD
and/or syllabus used►Accredited institutions