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NSA Testifies at the California Board of Accountancy

  

NSA Executive Vice President John Ams testified before the California Board of Accountancy on Thursday, September 22, and urged the Board to keep the current safe harbor language used by non-licensees for compilations. The Board is considering amending the language to require explicit language stating the accountant is not licensed by the Board.

NSA was one of the parties in the negotiations that led to the current safe harbor language, which was subsequently adopted in the UAA Rules. In fact, this language is still recommended for use by all states as part of the UAA.  It is NSA’s belief that the current language adequately addresses both consumer concerns and the practice rights of the non-licensees and should not be changed. 

In comments submitted to the California Board of Accountancy, NSA responded to the proposed changes in language that included a negative tone by saying that an individual in “not licensed” but suggested that it take a more positive tone, such as “I am not required to be licensed by the CBA.”

NSA also cautioned that the more the safe harbor letter models the standard compilation report used by licensees, the more confusing it could be for consumers. Since the non-licensee is not required to adhere to standards, then they are not required to be independent to prepare financial statements. The proposed statement suggests that they are required to be independent unless they state they are not and, as a result, are subject to standards.

What are your comments? Please stay tuned for updates on this story. 


Background/More Information: 

Uniform Accountancy Act (UAA) 6th Edition
State Accountancy Laws

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https://connect.nsacct.org/blogs/john-ams/2011/09/22/nsa-testifies-at-the-california-board-of-accountancy