Licensing and Disciplinary Systems

Question 1

Who grants CPA licenses?

Answer 1

State boards of accountancy

Question 2

What does the acronym “JEEP” stand for?

Answer 2

The AICPA’s Joint Ethics Enforcement Program

Question 3

List the activities for which a CPA license is needed.

Answer 3

• Audit or other SAS engagement
• SSARS review of F/S
• SSAE examination of prospective F/S
• Any engagement meeting Public Company Accounting Oversight Board standards

Question 4

What are the requirements for obtaining a CPA license in most states?

Answer 4

• Education (bachelors + 30 hours of college credit) and continuing professional education
• Pass CPA Exam
• Experience (2,000 hours)

Question 5

List the items that can cause an automatic expulsion from the AICPA.

Answer 5

Adverse judgment for:

• Felony
• Failure to file tax return
• Filing fraudulent tax return
• Aiding fraudulent tax return