Jack Weichman, CPA has been indicted on 34 criminal charges ranging from bank fraud to money laundering to filing false tax returns, among others. His attorney, for one, is flabbergasted by this situation: In a statement issued Thursday morning, Weichman's attorney, Theodore Poulos, said "we are deeply disappointed and, quite frankly, appalled that the government […]
As you've probably heard by now, the head of the IRS's tax-exempt organizations divison, Lois Lerner, apologized on Friday that the agency targeted 501(c)4 organizations with "Tea Party" and "patriot" in their names. Lerner said this was not done out of political bias, because, as we all know, those words don't hold any political overtones. […]
Over the years, we have received many questions regarding criminal histories and a life in public accounting. Not surprisingly, most of these cases have revolved around drugs or alcohol. We aren't talking about major meth production rings (that might be a small disqualification) or moonshining operations, but your run-of-the-mill silly college mistakes like getting tossed […]
Although it took a very awkward moment to get it: Even well-intentioned executives tend, often unconsciously, to dismiss women's contributions. At Ernst & Young, where 23% to 26% of leadership teams internationally are women, CEO James Turley told the WSJ conference that he was running a meeting years ago when "three or four women said […]
Need ideas for working off those busy season pounds? Do you find yourself in a slightly more than average professional predicament? Wonder who would win in a Royal Rumble of Top 10 accounting firm CEOs? We've got answers. Email us. So, yesterday, I’m opening my mail and am thrilled to find an envelope from Diners […]
I’m sorry we missed this last week, I’ve been busy making arts and crafts and railing on misguided kids.
According to the NJSCPA, some New Jersey CPA exam candidates got disturbing news from CPAES when they were told they did not meet the state education requirements.
The New Jersey Society of CPAs was recently alerted that a number of CPA Exam candidates in New Jersey had their applications rejected by CPA Examination Services (CPAES) because they did not meet the education requirements. Upon further investigation, the NJSCPA learned that there has been some confusion about th New Jersey’s regulations concerning education requirements.
The NJSCPA is currently working with the New Jersey State Board of Accountancy to bring about a resolution to this situation that is in the best interests of CPA Candidates and the public. We expect to have a more detailed announcement about that resolution following the State Board’s next meeting on October 20.
At the moment, here is where we stand:
CPA Exam candidates whose applications were rejected by CPAES are encouraged to request a waiver. CPAES will hold your waiver request until the State Board makes its announcement in late October.
CPA Exam candidates who have submitted applications, but have yet to receive any type of notice from CPAES, please be advised that CPAES is holding your application until the State Board makes its announcement in late October. Any applications received between now and that announcement will be held until further action by the State Board.
The lone comment on the NJSCPA post states:
Well, this explains a lot. I applied for the exam more than 3 months ago and still haven’t heard a word. My understanding, which was gained by reading the NJSCPA, NASBA, and AICPA websites, was that in NJ one only needs to complete a Bachelor’s degree to sit for the exam. The 150 hour credit-specific requirement was always referenced to in the licensure section. I, for one, will be pretty upset if they decide to reinterpret these guidelines.
New Jersey! Why didn’t you guys tell me this?! For the record, I think I Pass the CPA Exam has the most comprehensive state CPA exam requirement page outside of NASBA’s own Accountancy Licensing Library, so if you have questions about individual jurisdiction requirements, check there also.
1. Education Requirements To Sit For The Exam:
• Bachelor degree or above with accounting concentration
• 120 semester units from an accredited university or educational institution
• Note to international candidate: NJ State Board only recognizes ECE as the only foreign credential evaluation agency for their state.
2. Additional Requirements To Get CPA License:
• Fulfill 150 semester hours AND any of the following:
• Graduate degree in accounting
• MBA with
• Any graduate degree with 30 hours in accounting class
• 1 year of public accounting experience supervised and verified by a licensed CPA
• There is no need to take the CPA Ethics Exam by AICPA. Instead, you’ll need to take an ethics course offered by these providers
3. Residency & Age Requirements:
• US citizenship not required
• NJ residency not required
• Minimum age: 18
Now this might not be a big deal to anyone else in the country but I’m sure anxious NJ candidates on a deadline did not appreciate this fubar snafu. This might be an appropriate time to analyze what else CPAES “administers” on behalf of the state boards of accountancy that choose to use their services:
• Process and evaluate requests from candidates seeking special accommodations under the Americans with Disabilities Act (ADA). This involves an individual negotiation process with each candidate, including receipt of a signed agreement from the candidate
• Notify National Candidate Database (and/or candidate) of candidate’s eligibility to take the examination
• Remit portion of fees to boards, if requested
• Remit portion of fees to National Candidate Database for distribution to NASBA, AICPA and Prometric
• Assist boards of accountancy in acquiring necessary hardware and software to communicate individual candidate credit status • Hold scores of candidates with deficiencies after obtaining board approval electronically with the National Candidate Database (transmitting both data and funds) and, if necessary, AICPA and Prometric
• Assist boards in addressing and resolving any electronic communication issues involving CPAES and the National Candidate Database
• Track candidate progress from scheduling through CBT examination delivery
• Receive candidate scores from National Candidate Database
• Analyze scores and post appropriate credit to candidate records, including expiration dates
• Provide boards with score reports, including
• Print and distribute score notices to candidates after board approval
• Provide passing candidates with licensure and other information
• Answer candidate questions about score results and diagnostics
• Maintain permanent electronic files for all candidates
• Issue written, oral and electronic reports to boards
• Prepare statistical reports of candidate performance
Put into perspective, that’s a pretty big snafu if, in fact, CPAES bumbled CPA exam candidate applications. That’s a big if until we hear the final word from NJSCPA.