{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-4412.1.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-4412.1.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-4412.1.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-4412.1.html"}],"law_id":80082,"edition_id":1,"section_id":80082,"structure_id":14599,"section_number":"54.1-4412.1","catch_line":"Licensing requirements for firms","history":"2007, c. 804; 2014, cc. 40, 755; 2015, c. 287; 2017, c. 403; 2024, cc. 654, 677; 2025, cc. 523, 539.","full_text":"A\n\nOnly a licensed firm can provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia. However, this shall not affect the privilege of a person who is not licensed to include a statement on financial statements indicating that no assurance is provided on the financial statements, to say that financial statements have been compiled, or to use the compilation language, as prescribed by subsections B and C of § 54.1-4401.B\n\nA firm that provides attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia shall obtain a Virginia license if such firm’s principal place of business is in Virginia.C\n\nA firm whose principal place of business is not in Virginia is not required to obtain a Virginia license but may provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia if the following provisions are met:1\n\nThe firm holds the license of another state and can lawfully provide attest services, compilation services, or financial statement preparation services to persons or entities in the state where its principal place of business is located; and2\n\nThe firm complies with subsection D; and3\n\nThe firm’s personnel working on the engagement either (i) hold a Virginia license or (ii) hold the license of another state and comply with the practice privilege provisions of § 54.1-4411; or4\n\nThe firm’s personnel working on the engagement are under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the practice privilege provisions of § 54.1-4411.D\n\nFor a firm to obtain and hold a Virginia license:1\n\nAs determined on a firm-wide basis:\n\t\t\t\ta. At least 51 percent of the owners of the firm shall be licensees, trustees of an eligible employee stock ownership plan as defined in § 13.1-543, or a firm that meets this requirement; and\n\t\t\t\tb. At least 51 percent of the voting equity interest in the firm shall be owned by persons who are licensees, by trustees of an eligible employee stock ownership plan as defined in § 13.1-543, or by a firm that meets this requirement.\n\t\t\t\tIf the death, retirement, or departure of an owner causes either of these requirements not to be met, the requirement shall be met within one year after the death, retirement, or departure of the owner.2\n\nThe Board shall prescribe requirements concerning the hours that owners who are not licensees work in the firm and may prescribe other requirements for those persons.3\n\nAll attest services, compilation services, and financial statement preparation services provided for persons and entities located in Virginia shall be under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the practice privilege provisions of § 54.1-4411.4\n\nAny person who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services provided for persons or entities located in Virginia shall:\n\t\t\t\ta. Either (i) hold a Virginia license or (ii) hold the license of another state and comply with the practice privilege provisions of § 54.1-4411; and\n\t\t\t\tb. Meet any additional requirements the Board prescribes.5\n\nThe firm shall conduct its attest services, compilation services, and financial statement preparation services in conformity with the standards of conduct and practice in § 54.1-4413.3 and regulations promulgated by the Board.6\n\nIf the services provided by the firm are within the scope of the practice-monitoring program of the American Institute of Certified Public Accountants or its successor, the firm shall enroll in the program or in another practice-monitoring program for attest services, compilation services, and financial statement preparation services that is approved by the Board. In addition, if enrolled the firm shall:\n\t\t\t\ta. Comply with any requirements prescribed by the Board in response to the results of peer reviews; and\n\t\t\t\tb. Participate in the American Institute of Certified Public Accountants’, or sponsoring organizations’, Facilitated State Board Access process, or its successor process, or another process approved by the Board for peer reviews.7\n\nThe name of the firm shall not be false, misleading, or deceptive.E\n\nThe Board shall prescribe the methods and fees for a firm to apply for the issuance, renewal, or reinstatement of a Virginia license.F\n\nA firm may not use the CPA title in Virginia unless it holds a Virginia license or the license of another state as permitted in subsection C.","order_by":null,"text":{"0":{"id":286750,"text":"Only a licensed firm can provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia. However, this shall not affect the privilege of a person who is not licensed to include a statement on financial statements indicating that no assurance is provided on the financial statements, to say that financial statements have been compiled, or to use the compilation language, as prescribed by subsections B and C of § 54.1-4401.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":286751,"text":"A firm that provides attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia shall obtain a Virginia license if such firm’s principal place of business is in Virginia.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":286752,"text":"A firm whose principal place of business is not in Virginia is not required to obtain a Virginia license but may provide attest services, compilation services, or financial statement preparation services to persons or entities located in Virginia if the following provisions are met:","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"C1"},"3":{"id":286753,"text":"The firm holds the license of another state and can lawfully provide attest services, compilation services, or financial statement preparation services to persons or entities in the state where its principal place of business is located; and","type":"section","prefixes":["C","1"],"prefix":"1","entire_prefix":"C1","prefix_anchor":"C1","level":2,"prior_prefix":"C","next_prefix":"C2"},"4":{"id":286754,"text":"The firm complies with subsection D; and","type":"section","prefixes":["C","2"],"prefix":"2","entire_prefix":"C2","prefix_anchor":"C2","level":2,"prior_prefix":"C1","next_prefix":"C3"},"5":{"id":286755,"text":"The firm’s personnel working on the engagement either (i) hold a Virginia license or (ii) hold the license of another state and comply with the practice privilege provisions of § 54.1-4411; or","type":"section","prefixes":["C","3"],"prefix":"3","entire_prefix":"C3","prefix_anchor":"C3","level":2,"prior_prefix":"C2","next_prefix":"C4"},"6":{"id":286756,"text":"The firm’s personnel working on the engagement are under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the practice privilege provisions of § 54.1-4411.","type":"section","prefixes":["C","4"],"prefix":"4","entire_prefix":"C4","prefix_anchor":"C4","level":2,"prior_prefix":"C3","next_prefix":"D"},"7":{"id":286757,"text":"For a firm to obtain and hold a Virginia license:","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C4","next_prefix":"D1"},"8":{"id":286758,"text":"As determined on a firm-wide basis:\n\t\t\t\ta. At least 51 percent of the owners of the firm shall be licensees, trustees of an eligible employee stock ownership plan as defined in § 13.1-543, or a firm that meets this requirement; and\n\t\t\t\tb. At least 51 percent of the voting equity interest in the firm shall be owned by persons who are licensees, by trustees of an eligible employee stock ownership plan as defined in § 13.1-543, or by a firm that meets this requirement.\n\t\t\t\tIf the death, retirement, or departure of an owner causes either of these requirements not to be met, the requirement shall be met within one year after the death, retirement, or departure of the owner.","type":"section","prefixes":["D","1"],"prefix":"1","entire_prefix":"D1","prefix_anchor":"D1","level":2,"prior_prefix":"D","next_prefix":"D2"},"9":{"id":286759,"text":"The Board shall prescribe requirements concerning the hours that owners who are not licensees work in the firm and may prescribe other requirements for those persons.","type":"section","prefixes":["D","2"],"prefix":"2","entire_prefix":"D2","prefix_anchor":"D2","level":2,"prior_prefix":"D1","next_prefix":"D3"},"10":{"id":286760,"text":"All attest services, compilation services, and financial statement preparation services provided for persons and entities located in Virginia shall be under the supervision of a person who either (i) holds a Virginia license or (ii) holds the license of another state and complies with the practice privilege provisions of § 54.1-4411.","type":"section","prefixes":["D","3"],"prefix":"3","entire_prefix":"D3","prefix_anchor":"D3","level":2,"prior_prefix":"D2","next_prefix":"D4"},"11":{"id":286761,"text":"Any person who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services provided for persons or entities located in Virginia shall:\n\t\t\t\ta. Either (i) hold a Virginia license or (ii) hold the license of another state and comply with the practice privilege provisions of § 54.1-4411; and\n\t\t\t\tb. Meet any additional requirements the Board prescribes.","type":"section","prefixes":["D","4"],"prefix":"4","entire_prefix":"D4","prefix_anchor":"D4","level":2,"prior_prefix":"D3","next_prefix":"D5"},"12":{"id":286762,"text":"The firm shall conduct its attest services, compilation services, and financial statement preparation services in conformity with the standards of conduct and practice in § 54.1-4413.3 and regulations promulgated by the Board.","type":"section","prefixes":["D","5"],"prefix":"5","entire_prefix":"D5","prefix_anchor":"D5","level":2,"prior_prefix":"D4","next_prefix":"D6"},"13":{"id":286763,"text":"If the services provided by the firm are within the scope of the practice-monitoring program of the American Institute of Certified Public Accountants or its successor, the firm shall enroll in the program or in another practice-monitoring program for attest services, compilation services, and financial statement preparation services that is approved by the Board. In addition, if enrolled the firm shall:\n\t\t\t\ta. Comply with any requirements prescribed by the Board in response to the results of peer reviews; and\n\t\t\t\tb. Participate in the American Institute of Certified Public Accountants’, or sponsoring organizations’, Facilitated State Board Access process, or its successor process, or another process approved by the Board for peer reviews.","type":"section","prefixes":["D","6"],"prefix":"6","entire_prefix":"D6","prefix_anchor":"D6","level":2,"prior_prefix":"D5","next_prefix":"D7"},"14":{"id":286764,"text":"The name of the firm shall not be false, misleading, or deceptive.","type":"section","prefixes":["D","7"],"prefix":"7","entire_prefix":"D7","prefix_anchor":"D7","level":2,"prior_prefix":"D6","next_prefix":"E"},"15":{"id":286765,"text":"The Board shall prescribe the methods and fees for a firm to apply for the issuance, renewal, or reinstatement of a Virginia license.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D7","next_prefix":"F"},"16":{"id":286766,"text":"A firm may not use the CPA title in Virginia unless it holds a Virginia license or the license of another state as permitted in subsection C.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":14599,"edition_id":1,"name":"Public Accountants","identifier":"44","label":"chapter","depth":3,"order_by":1,"parent_id":14598,"metadata":{},"date_created":"2026-06-26 03:48:49","date_modified":"2026-06-26 03:48:49","permalink":{"id":244631,"object_type":"structure","relational_id":14599,"identifier":"44","token":"54.1\/VI\/44","url":"\/54.1\/VI\/44\/","edition_id":1,"permalink":0,"preferred":1}},{"id":14598,"edition_id":1,"name":"Professions Regulated by Other Entities","identifier":"VI","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:48:49","date_modified":"2026-06-26 03:48:49","permalink":{"id":244629,"object_type":"structure","relational_id":14598,"identifier":"VI","token":"54.1\/VI","url":"\/54.1\/VI\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":77707,"structure_id":14599,"section_number":"54.1-4400","catch_line":"Definitions","url":"\/54.1-4400\/","token":"54.1\/VI\/44\/54.1-4400","metadata":false},{"id":65495,"structure_id":14599,"section_number":"54.1-4401","catch_line":"Applicability of chapter","url":"\/54.1-4401\/","token":"54.1\/VI\/44\/54.1-4401","metadata":false},{"id":76023,"structure_id":14599,"section_number":"54.1-4402","catch_line":"Board; membership; qualifications; powers and duties","url":"\/54.1-4402\/","token":"54.1\/VI\/44\/54.1-4402","metadata":false},{"id":81120,"structure_id":14599,"section_number":"54.1-4403","catch_line":"General powers and duties of the Board","url":"\/54.1-4403\/","token":"54.1\/VI\/44\/54.1-4403","metadata":false},{"id":63559,"structure_id":14599,"section_number":"54.1-4404","catch_line":"Board to employ Executive Director; legal counsel","url":"\/54.1-4404\/","token":"54.1\/VI\/44\/54.1-4404","metadata":false},{"id":73724,"structure_id":14599,"section_number":"54.1-4405","catch_line":"Board of Accountancy Fund; receipts; disbursements","url":"\/54.1-4405\/","token":"54.1\/VI\/44\/54.1-4405","metadata":false},{"id":76188,"structure_id":14599,"section_number":"54.1-4405.1","catch_line":"Board of Accountancy Trust Account; creation; expenditures; excess moneys","url":"\/54.1-4405.1\/","token":"54.1\/VI\/44\/54.1-4405.1","metadata":false},{"id":62977,"structure_id":14599,"section_number":"54.1-4406","catch_line":"Powers and duties of the Executive Director","url":"\/54.1-4406\/","token":"54.1\/VI\/44\/54.1-4406","metadata":false},{"id":62850,"structure_id":14599,"section_number":"54.1-4407","catch_line":"Enforcement of laws by the Executive Director or investigators; authority of investigators appointed by the Executive Director","url":"\/54.1-4407\/","token":"54.1\/VI\/44\/54.1-4407","metadata":false},{"id":70412,"structure_id":14599,"section_number":"54.1-4408","catch_line":"Subpoenas","url":"\/54.1-4408\/","token":"54.1\/VI\/44\/54.1-4408","metadata":false},{"id":73633,"structure_id":14599,"section_number":"54.1-4409","catch_line":"Repealed","url":"\/54.1-4409\/","token":"54.1\/VI\/44\/54.1-4409","metadata":false},{"id":71993,"structure_id":14599,"section_number":"54.1-4409.1","catch_line":"Licensing 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firms","url":"\/54.1-4412.1\/","token":"54.1\/VI\/44\/54.1-4412.1","metadata":false},{"id":81954,"structure_id":14599,"section_number":"54.1-4413","catch_line":"Repealed","url":"\/54.1-4413\/","token":"54.1\/VI\/44\/54.1-4413","metadata":false},{"id":72351,"structure_id":14599,"section_number":"54.1-4413.2","catch_line":"Issuance, renewal, and reinstatement of licenses and lifting the suspension of privileges","url":"\/54.1-4413.2\/","token":"54.1\/VI\/44\/54.1-4413.2","metadata":false},{"id":81324,"structure_id":14599,"section_number":"54.1-4413.3","catch_line":"Standards of conduct and practice","url":"\/54.1-4413.3\/","token":"54.1\/VI\/44\/54.1-4413.3","metadata":false},{"id":57633,"structure_id":14599,"section_number":"54.1-4413.4","catch_line":"Penalties","url":"\/54.1-4413.4\/","token":"54.1\/VI\/44\/54.1-4413.4","metadata":false},{"id":86268,"structure_id":14599,"section_number":"54.1-4413.5","catch_line":"Confidential consent 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This law was first created in 2007. The record of its establishment is cataloged in chapter 804<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 5 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2014, chapters 40<\/a> and 755<\/a>; in 2015, chapter 287<\/a>; in 2017, chapter 403<\/a>; in 2024, chapters 654<\/a> and 677<\/a>; in 2025, chapters 523<\/a> and 539<\/a>.<\/p>","references":[{"id":76023,"section_number":"54.1-4402","catch_line":"Board; membership; qualifications; powers and duties","order_by":null,"url":"\/54.1-4402\/"},{"id":81120,"section_number":"54.1-4403","catch_line":"General powers and duties of the Board","order_by":null,"url":"\/54.1-4403\/"},{"id":57633,"section_number":"54.1-4413.4","catch_line":"Penalties","order_by":null,"url":"\/54.1-4413.4\/"},{"id":63959,"section_number":"54.1-4414","catch_line":"Prohibited acts","order_by":null,"url":"\/54.1-4414\/"},{"id":65630,"section_number":"54.1-4425","catch_line":"Time for filing complaints against CPAs or CPA firms","order_by":null,"url":"\/54.1-4425\/"}],"refers_to":[{"id":66461,"section_number":"13.1-543","catch_line":"Definitions","order_by":null,"url":"\/13.1-543\/"},{"id":84949,"section_number":"54.1-4411","catch_line":"Practice privilege provisions for persons who hold the license of another state","order_by":null,"url":"\/54.1-4411\/"},{"id":81324,"section_number":"54.1-4413.3","catch_line":"Standards of conduct and practice","order_by":null,"url":"\/54.1-4413.3\/"}],"permalink":{"id":244697,"object_type":"law","relational_id":80082,"identifier":"54.1-4412.1","token":"54.1\/VI\/44\/54.1-4412.1","url":"\/54.1-4412.1\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-4412.1\/","token":"54.1\/VI\/44\/54.1-4412.1","dublin_core":{"Title":"Licensing requirements for firms","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-4412.1","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Only a licensed<\/span> firm<\/span> can provide attest services<\/span>, compilation services<\/span>, or financial statement preparation services<\/span> to persons or entities located in Virginia. However, this shall not affect the privilege<\/span> of a person who is not licensed<\/span> to include a statement on financial statements<\/span> indicating that no assurance<\/span> is provided on the financial statements<\/span>, to say that financial statements<\/span> have been compiled, or to use the compilation language, as prescribed by subsections B and C of § 54.1-4401<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> A firm<\/span> that provides attest services<\/span>, compilation services<\/span>, or financial statement preparation services<\/span> to persons or entities located in Virginia shall obtain a Virginia license<\/span> if such firm<\/span>’s principal place of business is in Virginia. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> A firm<\/span> whose principal place of business is not in Virginia is not required to obtain a Virginia license<\/span> but may provide attest services<\/span>, compilation services<\/span>, or financial statement preparation services<\/span> to persons or entities located in Virginia if the following provisions are met: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The firm<\/span> holds the license of another state<\/span> and can lawfully provide attest services<\/span>, compilation services<\/span>, or financial statement preparation services<\/span> to persons or entities in the state where its principal place of business is located; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The firm<\/span> complies with subsection D; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The firm<\/span>’s personnel working on the engagement either (i) hold a Virginia license<\/span> or (ii) hold the license of another state<\/span> and comply with the practice privilege<\/span> provisions of § 54.1-4411<\/a>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> The firm<\/span>’s personnel working on the engagement are under the supervision of a person who either (i) holds a Virginia license<\/span> or (ii) holds the license of another state<\/span> and complies with the practice privilege<\/span> provisions of § 54.1-4411<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> For a firm<\/span> to obtain and hold a Virginia license<\/span>: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> As determined on a firm<\/span>-wide basis:\n\t\t\t\ta. At least 51 percent of the owners of the firm<\/span> shall be licensees<\/span>, trustees of an eligible employee stock ownership plan as defined in § 13.1-543<\/a>, or a firm<\/span> that meets this requirement; and\n\t\t\t\tb. At least 51 percent of the voting equity<\/span> interest in the firm<\/span> shall be owned by persons who are licensees<\/span>, by trustees of an eligible employee stock ownership plan as defined in § 13.1-543<\/a>, or by a firm<\/span> that meets this requirement.\n\t\t\t\tIf the death, retirement, or departure of an owner causes either of these requirements not to be met, the requirement shall be met within one year after the death, retirement, or departure of the owner. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The Board<\/span> shall prescribe requirements concerning the hours that owners who are not licensees<\/span> work in the firm<\/span> and may prescribe other requirements for those persons. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> All attest services<\/span>, compilation services<\/span>, and financial statement preparation services<\/span> provided for persons and entities located in Virginia shall be under the supervision of a person who either (i) holds a Virginia license<\/span> or (ii) holds the license of another state<\/span> and complies with the practice privilege<\/span> provisions of § 54.1-4411<\/a>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

4.<\/span> Any person who releases or authorizes the release of reports on attest services<\/span>, compilation services<\/span>, or financial statement preparation services<\/span> provided for persons or entities located in Virginia shall:\n\t\t\t\ta. Either (i) hold a Virginia license<\/span> or (ii) hold the license of another state<\/span> and comply with the practice privilege<\/span> provisions of § 54.1-4411<\/a>; and\n\t\t\t\tb. Meet any additional requirements the Board<\/span> prescribes. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

5.<\/span> The firm<\/span> shall conduct its attest services<\/span>, compilation services<\/span>, and financial statement preparation services<\/span> in conformity with the standards of conduct and practice in § 54.1-4413.3<\/a> and regulations promulgated by the Board<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

6.<\/span> If the services provided by the firm<\/span> are within the scope of the practice-monitoring program of the American Institute of Certified Public Accountants<\/span> or its successor, the firm<\/span> shall enroll in the program or in another practice-monitoring program for attest services<\/span>, compilation services<\/span>, and financial statement preparation services<\/span> that is approved by the Board. In addition, if enrolled the firm<\/span> shall:\n\t\t\t\ta. Comply with any requirements prescribed by the Board in response to the results of peer reviews<\/span>; and\n\t\t\t\tb. Participate in the American Institute of Certified Public Accountants<\/span>’, or sponsoring organizations<\/span>’, Facilitated State Board Access<\/span> process, or its successor process, or another process approved by the Board for peer reviews<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

7.<\/span> The name of the firm<\/span> shall not be false, misleading, or deceptive. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> The Board shall prescribe the methods and fees for a firm<\/span> to apply for the issuance, renewal, or reinstatement of a Virginia license<\/span>. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> A firm<\/span> may not use the CPA<\/span> title in Virginia unless it holds a Virginia license<\/span> or the license of another state<\/span> as permitted in subsection C. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nLICENSING REQUIREMENTS FOR FIRMS (\u00a7 54.1-4412.1)\n\nA. Only a licensed firm can provide attest services, compilation services, or\nfinancial statement preparation services to persons or entities located in\nVirginia. However, this shall not affect the privilege of a person who is not\nlicensed to include a statement on financial statements indicating that no\nassurance is provided on the financial statements, to say that financial\nstatements have been compiled, or to use the compilation language, as prescribed\nby subsections B and C of § 54.1-4401.\n\nB. A firm that provides attest services, compilation services, or financial\nstatement preparation services to persons or entities located in Virginia shall\nobtain a Virginia license if such firm’s principal place of business is in\nVirginia.\n\nC. A firm whose principal place of business is not in Virginia is not required\nto obtain a Virginia license but may provide attest services, compilation\nservices, or financial statement preparation services to persons or entities\nlocated in Virginia if the following provisions are met:\n\n 1. The firm holds the license of another state and can lawfully provide attest\n services, compilation services, or financial statement preparation services to\n persons or entities in the state where its principal place of business is\n located; and\n\n 2. The firm complies with subsection D; and\n\n 3. The firm’s personnel working on the engagement either (i) hold a\n Virginia license or (ii) hold the license of another state and comply with the\n practice privilege provisions of § 54.1-4411; or\n\n 4. The firm’s personnel working on the engagement are under the\n supervision of a person who either (i) holds a Virginia license or (ii) holds\n the license of another state and complies with the practice privilege\n provisions of § 54.1-4411.\n\nD. For a firm to obtain and hold a Virginia license:\n\n 1. As determined on a firm-wide basis:\n \t\t\t\ta. At least 51 percent of the owners of the firm shall be licensees,\n trustees of an eligible employee stock ownership plan as defined in §\n 13.1-543, or a firm that meets this requirement; and\n \t\t\t\tb. At least 51 percent of the voting equity interest in the firm shall be\n owned by persons who are licensees, by trustees of an eligible employee stock\n ownership plan as defined in § 13.1-543, or by a firm that meets this\n requirement.\n \t\t\t\tIf the death, retirement, or departure of an owner causes either of these\n requirements not to be met, the requirement shall be met within one year after\n the death, retirement, or departure of the owner.\n\n 2. The Board shall prescribe requirements concerning the hours that owners who\n are not licensees work in the firm and may prescribe other requirements for\n those persons.\n\n 3. All attest services, compilation services, and financial statement\n preparation services provided for persons and entities located in Virginia\n shall be under the supervision of a person who either (i) holds a Virginia\n license or (ii) holds the license of another state and complies with the\n practice privilege provisions of § 54.1-4411.\n\n 4. Any person who releases or authorizes the release of reports on attest\n services, compilation services, or financial statement preparation services\n provided for persons or entities located in Virginia shall:\n \t\t\t\ta. Either (i) hold a Virginia license or (ii) hold the license of another\n state and comply with the practice privilege provisions of § 54.1-4411;\n and\n \t\t\t\tb. Meet any additional requirements the Board prescribes.\n\n 5. The firm shall conduct its attest services, compilation services, and\n financial statement preparation services in conformity with the standards of\n conduct and practice in § 54.1-4413.3 and regulations promulgated by the\n Board.\n\n 6. If the services provided by the firm are within the scope of the\n practice-monitoring program of the American Institute of Certified Public\n Accountants or its successor, the firm shall enroll in the program or in\n another practice-monitoring program for attest services, compilation services,\n and financial statement preparation services that is approved by the Board. In\n addition, if enrolled the firm shall:\n \t\t\t\ta. Comply with any requirements prescribed by the Board in response to the\n results of peer reviews; and\n \t\t\t\tb. Participate in the American Institute of Certified Public\n Accountants’, or sponsoring organizations’, Facilitated State\n Board Access process, or its successor process, or another process approved by\n the Board for peer reviews.\n\n 7. The name of the firm shall not be false, misleading, or deceptive.\n\nE. The Board shall prescribe the methods and fees for a firm to apply for the\nissuance, renewal, or reinstatement of a Virginia license.\n\nF. A firm may not use the CPA title in Virginia unless it holds a Virginia\nlicense or the license of another state as permitted in subsection C.\n\nHISTORY: 2007, c. 804; 2014, cc. 40, 755; 2015, c. 287; 2017, c. 403; 2024, cc.\n654, 677; 2025, cc. 523, 539.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}