By Ken Berry
The New Jersey State Board of Accountancy is sorting out confusion over the CPA Uniform Exam requirements in the state. For the time being, the board has agreed to waive specific curriculum qualifications and allow candidates to sit for the CPA exam as long as certain other requirements are met.
The confusion stems from differing interpretations of the regulations governing the educational requirements by CPA Examination Services (CPAES) and the New Jersey State Board of Accountancy. On October 7, the New Jersey Society of Certified Public Accountants (NJSCPA) informed student members and CPA exam candidates about the problem. At a hastily convened meeting on October 20, the state board addressed the matter.
According to a press release issued by Don Meyer, NJSCPA Director of Communications and Marketing, the results of the board's vote at the meeting are as follows:
- New Jersey's accountancy regulations have been, and will continue to be",the law of the land" until the New Jersey State Board of Accountancy determines what, if any, changes will be made.
- For an interim period of time, current CPA exam applicants who do not meet the curriculum requirements will be told by CPAES via letter that they are being granted a waiver by the state board. The waiver permits candidates to sit for the CPA exam if they have at least 120 hours of general college level education, including a baccalaureate degree.
- If a candidate's application was rejected by CPAES for not meeting the specific education requirements, CPAES will notify the candidate via letter that he or she is now eligible for a waiver. The candidate should respond to the instructions in the letter.
- If a candidate has submitted an application but has yet to receive any notice, CPAES will begin processing the application based on the state board's October 20 vote. If the specific curriculum qualifications are not met, CPAES will notify the candidate that those requirements are being waived and process the application.
- If a candidate submits an application from this point forward, CPAES will process the application and issue a waiver if he or she does not meet the specific curriculum qualifications.
Finally, the NJSCPA reminds exam candidates in New Jersey about the following two points:
- Current CPA exam applicants must complete at least 120 hours of education, including a baccalaureate degree, to sit for the CPA exam.
- A CPA license will not be awarded until the full 150 credits with the required concentrations have been obtained, and the experience requirement have been met.