Virginia Board of Accountancy

The Peer Review Oversight Committee (PROC) meeting included an introduction of the new PROC liaison. A recap of PROC activities detailed that the committee oversees six Report Acceptance Body (RAB) meetings annually, noting that a lack of peer reviewers presents a challenge. The committee also discussed AICPA meetings and the annual report creation process. Staff informed the committee of a new AICPA exposure draft regarding ethics and alternative practice structures. Discussion also covered PROC confidentiality, challenges in peer review related to alternative practice structures, and private equity investment. The PROC chair announced the completion of the annual PROC report, which is scheduled for presentation at the next Board meeting.

The meeting commenced with the determination of a quorum and the approval of the agenda. A new Board member, Christine Williamson, CPA, was introduced. Key discussion items included public comments on proposed changes to the Inactive, Emeritus, and Expired/Suspended/Revoked License Status Policy, with the VSCPA suggesting removing the restriction on volunteerism. The Enforcement Agenda involved reviewing and taking action on several cases, resulting in fines and license actions, including a $25,000 fine for Case #2025-0198 and license revocation for Case #2025-0204. Committee updates were provided on NASBA activities, including feedback requested on the Private Equity Task Force White Paper by January 31, 2026. The Executive Director's Report covered general updates, licensing system progress (which was marked as 'red'), and enforcement division status. A significant regulatory update involved the decision to withhold most proposed fee increases, except for eliminating the re-exam fee, due to likely non-approval from the Secretary's Office. Discussions also included CPE reporting requirements and future topics like the 2026 Strategic Plan. The Board approved the Inactive/Emeritus Status Policy with edits, effective July 1, 2026.

The agenda includes a security briefing, determination of quorum, and approval of the agenda and previous board meeting minutes. The board will discuss enforcement agenda items, including recommendations after informal fact-finding hearings and eligibility recommendations. Updates will be provided by NASBA and AICPA committees, the Executive Director, and on financial and board reports, enforcement, regulation, and communications. Discussion topics include the licensing system update, changes to Inactive/Emeritus status policy, a response letter to the NASBA-AICPA CPE Standards exposure draft, and the NASBA APS/PE Task Force White Paper. Additional discussion will cover changes to CPE reporting period requirements and Peer Review Oversight Committee changes. A closed session may be held for contract and/or legal matters, and future meeting dates will be discussed.

The Virginia Board of Accountancy convened to discuss several key issues, including updates from NASBA committees, presentations on building a career in accounting and student resources at the Virginia Society of CPAs, and changes to licensure pathways. The board also addressed enforcement actions for multiple cases, reviewed a system implementation update, and discussed policy revisions related to inactive status procedures and VBOA enforcement processes. Additionally, the Executive Director provided general updates, and the board discussed the PROC Comment Letter on the AICPA Peer Review Exposure Draft.

The Virginia Board of Accountancy (VBOA) meeting agenda includes a security briefing, approval of virtual participation for board members, and approval of the meeting agenda and previous minutes. The meeting will feature a welcome address from William & Mary's Accounting Department, an overview of the VBOA, board member introductions, committee updates, and discussions on building a career in accounting. Topics include student resources at the Virginia Society of CPAs, the process of becoming a CPA, VBOA FAQs, public comment periods, enforcement agenda items, board discussion topics such as system implementation updates, policy revisions, guidance document revisions, and PROC comment letter. The agenda also includes an Executive Director's update covering financial and board reports, enforcement, regulation, and communications. There will be a closed session for legal advice and contract discussions, followed by additional items for discussion, including signing conflict of interest forms, travel expense vouchers, and future meeting dates.