New Law in New York May Affect Out-of-State CPAs

Editor’s note: This article originally appeared in the July 17 AICPA News Update.

On July 26, 2009, a new law goes into effect in New York state that significantly changes the regulation and practice of public accountancy. The law includes many new or expanded provisions that affect CPAs practicing in New York, including those with licenses in other states, where New York is their principal place of business. It broadens the definition of the scope of practice beyond the attest function to include all professional services performed by CPAs and includes for the first time CPAs practicing in private industry, government and academia who are using the skills and competencies of a CPA, as defined in specific regulations developed to implement the law. All CPAs who meet the new definition of public accountancy must register with New York state by July 26 and must complete continuing professional education through a New York state-approved provider by Dec. 31, 2009. CPAs who meet these requirements and who are not licensed in New York can be subject to professional misconduct procedures. For more specific information about the requirements of the new law, go to nysscpa.org.