Certified Public Accountants in New York are being reminded to register with authorities in order to comply with new laws passed earlier this year that take effect on July 26.
Thousands of CPAs will be required to register with the State Education Department Office of the Professions and get additional certification.
Many of those who need to register will have to do so because the state previously defined the accounting practice as audit work. However that has been expanded under the new law to include financial advisory service, in addition to tax and professional services rendered to employers, according to the New York State Society of Certified Public Accountants.
“The new law brings regulation of the profession into the 21st century and will help ensure increased public protection,” said David Moynihan, president of the New York State Society of Certified Public Accountants (NYSSCPA).
He said New York CPAs could be charged with unprofessional conduct and investigated, he said. Those CPAs practicing in New York, but from other states, would also be affected.
“New York CPAs who fail to comply with the new requirements may be subject to charges of unprofessional conduct and investigation by the SED’s Office of Professional Discipline. The law’s provisions apply to CPAs practicing in New York, including those licensed in other states, where New York is their principal place of business,”
The NYSSCPA is providing more information on its website.