                                 CODE OF VIRGINIA

PENALTIES (§ 54.1-4413.4)

A. Penalties the Board may impose consist of:

   1. Revoking a Virginia license or the privilege of using the CPA title in
   Virginia or providing attest services, compilation services, or financial
   statement preparation services to persons or entities located in Virginia;

   2. Suspending or refusing to renew or reinstate a Virginia license or the
   privilege of using the CPA title in Virginia or providing attest services,
   compilation services, or financial statement preparation services to persons
   or entities located in Virginia;

   3. Reprimanding, censuring, or limiting the scope of practice of any person,
   firm, or entity using a Virginia license or the CPA title in Virginia or any
   firm providing attest services, compilation services, or financial statement
   preparation services to persons or entities located in Virginia;

   4. Placing any person, firm, or entity using a Virginia license or the CPA
   title in Virginia or any firm providing attest services, compilation services,
   or financial statement preparation services to persons or entities located in
   Virginia on probation, with or without terms, conditions, and limitations;

   5. Requiring a firm holding a Virginia license to have an accelerated peer
   review conducted as the Board may specify or to take other remedial actions;

   6. Requiring a person holding a Virginia license to satisfactorily complete
   additional or specific continuing professional education as the Board may
   specify;

   7. Imposing a monetary penalty up to $100,000 for each violation of the
   provisions of this chapter or regulations promulgated by the Board; any
   monetary penalty may be sued for and recovered in the name of the
   Commonwealth; and

   8. Requiring any person, firm, or entity that violates &#xA7; 54.1-4414 to
   discontinue any acts in violation of that provision.

B. The Board may impose penalties on persons, firms, or entities using a
Virginia license or the CPA title in Virginia or firms or entities providing
attest services, compilation services, or financial statement preparation
services to persons or entities located in Virginia for:

   1. Violation of the provisions of this chapter or violation of any regulation,
   subpoena, or order of the Board;

   2. Fraud or deceit in obtaining, renewing, or applying for reinstatement or
   lifting the suspension of a Virginia license;

   3. Revocation, suspension, or refusal to reinstate the license of another
   state for disciplinary reasons;

   4. Revocation or suspension of the privilege of practicing before any state or
   federal agency or federal court of law;

   5. Dishonesty, fraud, or gross negligence in providing services to or on
   behalf of an employer, in providing services to the public, or in providing
   attest services, compilation services, or financial statement preparation
   services;

   6. Dishonesty, fraud, or gross negligence in preparing the person&#8217;s or
   firm&#8217;s own state or federal income tax return or financial statement;

   7. Conviction of a felony, or of any crime involving moral turpitude, under
   the laws of the United States, of Virginia, or of any other state if the acts
   involved would have constituted a crime under the laws of Virginia; or

   8. Lack of the competence required to provide services to the public for
   persons and entities located in Virginia or to provide attest services,
   compilation services, and financial statement preparation services to persons
   and entities located in Virginia, as determined by the Board.

C. The Board may also impose penalties on:

   1. A person, firm, or entity that does not hold a Virginia license, or that
   does not meet the requirements to use the CPA title in Virginia under the
   practice privilege provisions of &#xA7; 54.1-4411, and commits any of the acts
   prohibited by &#xA7; 54.1-4414; or

   2. A firm or entity that does not meet the criteria prescribed by subdivision
   D 1 of &#xA7; 54.1-4412.1 and commits any of the acts prohibited by &#xA7;
   54.1-4414.

HISTORY: 2007, c. 804; 2015, c. 287; 2017, c. 403; 2024, cc. 654, 677; 2025, cc.
523, 539.