LCvista’s Compliance Advisory Group met on September 13th for lively discussions on current CPE related matters and service enhancement topics. We continue to be grateful to this geographically dispersed group of CPE compliance professionals who continue to generously share their experience, knowledge, best practices, and assist the group in seeking clarity to rules through their contacts within the various regulatory bodies.
Here are highlights from the recent meeting.
CPE Rule Clarification
- The National Registry of CPE Sponsors has clarified Standard 16 in the third paragraph of the What Sponsors Need to Know.
- Sponsors must determine when creating a course if partial increments will be calculated as .5 or .2 , as both increments cannot be used for participants in a specific course.
Confirmed Compliance Solution Updates
- QSA: Quality Security Assessor: flag added to exempt from CPE effective March 2021
- Flags: Ability to add flags to jurisdictions at the time the jurisdiction is added to a user profile
Rule Enhancement Discussion and Upcoming CPE Rule Changes
- Florida CPE reporting changes coming: Line-by-line reporting was proposed, but based on recent meetings it appears they are alternately considering accepting a single certified transcript.
- Hawaii partial credit: Several firms contacting the Board for clarification on their partial credit rule.
- ICAEW: Institute of Chartered Accountants in England and Wales: establishing certified professional development (CPD) requirements effective November 2023.
- IRS Enrolled Agent: Becker IRS Approved Ethics courses can be found here.
- Nevada: An annual 40-hour CPE requirement proposal has been edited to a 20-hour proposal.
- South Carolina: Two credits in any ethics topics required effective January 1, 2021.
- SEC CPE Tracking-48 Hours: Firms are currently tracking requirement via flags, custom jurisdictions, or tagging specific training as SEC related.
- Yellow Book Partial Credits: Firms agree that credit acceptance should be applied conservatively when partial credit increments are not specifically addressed in rules.
- Yellow Book Tax Credits: LCvista is considering adding a tax professional flag that accepts tax credits since providing services related to tax matters are their primary role on the Yellow Book engagement.
- Non-CPA CPE: LCvista is researching which states require non-CPA owner to fulfill CPE requirement.s
- Credit Modification Request Certification: The group was surveyed, and agreement reached that firms would like LCvista to add a statement for individuals requesting modifications. Proposed language: “Each professional is responsible for understanding the Continuing Professional Education requirements of their jurisdiction(s) and ensuring that only qualifying programs are applied toward applicable requirements. In the event of an audit, the Licensee is responsible for justifying the application of any CPE towards the regulator’s requirements. I certify that this credit modification request complies with the regulator requirements.”