About the Board
The State Board of Accountancy regulates the profession of certified public accountants, both individuals and public accounting firms. The practice of public accounting includes the issuance of reports on financial statements, management advisory or consulting services, preparation of tax returns and furnishing advice on tax matters. The mission of the Board is to:
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identify, examine and license qualified practitioners;
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identify and license qualified public accounting firms;
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conduct investigations to ensure that practitioners comply with generally accepted standards of practice or conduct; and
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restrict or revoke licenses when generally accepted standards of practice or conduct are not met.
Activities
|| Funding Sources || Trends
For more detailed information, you may want to review the Division of Registrations Budget Narrative, which includes the following:
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Division Description and General Information
- Trends/Environmental Scan
- Critical Issues
- Program Functions and Business Activities
- Workload Measures
Activities
The Board is responsible for:
- licensing and regulating individual Certified Public Accountants (CPAs);
- registering and regulating Certified Public Accounting Firms;
- administering the Uniform CPA Examination;
- renewing individual licenses every two years and firm licenses every three years;
- monitoring continuing education of its licensees;
- making rules and regulations for the orderly conduct of its affairs and for the administration of the Accountants Law;
- making appropriate rules of professional conduct in order to establish and maintain a high standard of integrity in the profession of public accounting;
- investigating complaints against its licensees;
- conducting disciplinary hearings against licensees who are alleged to have violated the Accountants Law or the Board's Rules and Regulations;
- issuing disciplinary actions against licensees who violate the Accountants Law or the Board's Rules and Regulations; and
- meeting on a regular basis to conduct its business.
The Board also publishes a newsletter containing information licensees should know about.
Funding Sources
Expenditures and revenues are not always equal. Revenue needs and fee amounts are based on estimated expenses and numbers of revenue payers. These estimates may vary from actual expenses and numbers of payers. Revenue collected that exceeds expenditures remains with the agency and is considered when calculating total revenue needed for the following year.
The following table displays the amount of revenue generated and the amount of expenditures for the Board of Accountancy for fiscal years 05-06 and 06-07, and an estimate for fiscal year 07-08.
Revenue |
Expenditures |
|
FY 05-06 Actual |
$499,382 |
$518,065 |
FY 06-07 Actual |
$312,142 |
$526,263 |
FY 07-08 Estimate |
$307,323 |
$543,563 |
The following pie chart shows the source of revenue for fiscal year 07-08.
(99% Professional & Occupational Licenses; 1% Miscellaneous)
The following pie chart shows the expenditures for fiscal year 07-08.
(41% Enforcement; 28% Communication; 23% Licensing; 8% Examining
for Licensure)
Trends
The Uniform CPA Examination entered into a new era with a computer-based format that began in April of 2004. The computer-based test (CBT) offers more flexibility, versatility and convenience, as the exam is given year round at Prometric testing centers throughout the U.S. and territories.
The Uniform CPA Exam will continue to be managed by CPA Examination Services. Additional information about the CBT is available by going to www.cpa-exam.org, which contains pertinent up-to-date information.
As many practitioners know, there is a national trend toward requiring 150 hours of education for CPA licensure. At this time, Colorado does not require 150 hours of education for licensure and there is no indication this will change in the near future.
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