Practice Privileges. Effective July 1, 2009, Vermont allows practice privileges.
Pursuant to 26 V.S.A. § 74c, a CPA whose principal place of business is outside of Vermont may provide services in Vermont without providing notice or paying a fee if the individual: - Holds a valid active license in a substantially equivalent jurisdiction; OR
- Has substantially equivalent individual CPA qualifications. Individual substantial equivalency can be evaluated through NASBA's CredentialNet service.
Please Note: Any individual who passed the Uniform CPA Examination and holds a valid license issued by any other state prior to January 1, 2012, shall be exempt from the 150-hour education requirement for practice privilege purposes.
CPAs who do not qualify for practices privileges must apply for a reciprocal license and firm license to practice in Vermont. Click Reciprocal Licensure above for additional information.
Practice privileges extend to any individual who offers or renders professional services, whether in person, by mail, telephone or electronic means, in Vermont, and no notice or other submission shall be provided by the individual.
Consent to Jurisdiction (Available at 26 V.S.A. § 74c(b)) A CPA of another state exercising practice privileges in Vermont and the firm which employs the CPA consents, as a condition to the exercising of this privilege, to the following: - The personal and subject matter jurisdiction and disciplinary authority of this Board.
- Compliance with the provisions of the Vermont Accountancy Law and the rules and regulations adopted by the Board or governing the practice of the profession in Vermont.
- In the event the license from the state of the individual's principal place of business is no longer valid or is otherwise conditioned or restricted, the individual shall cease offering or rendering professional services in Vermont individually and on behalf of the CPA firm.
- The appointment of the board of accountancy or licensing authority which issued the individual or firm license as his agent upon whom process may be served in any action or proceeding by this Board against the licensee.
- Performance of only those services within the scope of practice authorized by the state of the licensee's principal place of business.
Firm Registration Requirements May Apply (Available at 26 V.S.A. § 74c(c)) - An individual exercising practice privileges in Vermont or in the performance of the following services for any entity with its home office in Vermont must perform such services through a firm which has registered with the Vermont Board:
- A financial statement audit or other engagement to be performed in accordance with SAS;
- An examination of prospective financial information to be performed in accordance with SSAE; or
- An engagement to be performed in accordance with the auditing standards of the PCAOB.
Pursuant to 26 V.S.A. § 74, an out-of-state firm (those firms with no office in this state) may provide compilation services or review financial statements in accordance with SSARS for a client having its home office in Vermont and may use the title "CPA" or "CPA firm" without obtaining a Vermont firm registration if the firm: - Meets firm ownership requirements for licensure in Vermont;
- Performs services through an individual with practice privileges in Vermont; and
- Complies with Vermont's peer review requirements.
For mobility purposes, "CPA license" means a CPA license granted by the state board after all education, exam and experience requirements have been met. A CPA performing services through mobility may only perform the same level of services (attest or non-attest) in the mobility jurisdiction as they are permitted to perform in the home jurisdiction. Please note the following if you are coming from one (1) of the jurisdictions listed: - An Alabama certificate holder may not hold out or practice as a CPA in a mobility jurisdiction.
- A Connecticut certificate holder may not hold out or practice as a CPA in a mobility jurisdiction.
- An Illinois certificate or registered certificate holder may not hold out or practice as a CPA in a mobility jurisdiction.
- Both a Hawaii CPA license and permit are required in order to hold out or practice as a CPA in a mobility jurisdiction.
- A Kansas certificate holder may not hold out or practice as a CPA in a mobility jurisdiction.
- Both a Nebraska CPA certificate and permit are required in order to hold out or practice as a CPA in a mobility jurisdiction.
- An Oklahoma registrant must hold an active permit In order to hold out or practice as a CPA in a mobility jurisdiction.
Click Practice Privilege in the menu bar at the top of this page for additional information. |
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