The South Carolina Board of Accountancy has released its 2nd Quarter 2018 Newsletter, and it includes a list of all recently licensed South Carolina CPAs from October 2017-March 2018. The New CPA Oath Ceremony was held at the BOA’s June 26 Board Meeting. As of June 27, 2018, there are 5,994 licensed CPAs in South Carolina.
Highlights from the newsletter include:
Education Considerations: The BOA has formed an Education Committee that will examine the differences between regional accrediting bodies and how they analyze schools, accounting programs and courses. The Education Committee will also study the new and different ways institutions are delivering their services.
While the BOA does not preapprove schools, programs or specific courses, students are urged to verify that an institution has a valid accreditation by an association that is acceptable to the Board.
The newsletter includes suggestions for prospective accounting students in choosing a school, including ways to check CPA Exam pass rates, job placement rates and faculty credentials.
The BOA calls its Education Committee an evolving “work in process.” To learn more about what the Board will accept in terms of college credits, the requirements of the BOA’s education policy can be seen here.
Succession Planning: As per Regulation 1-12(A), adopted in 2007, all South Carolina firm licensees must have a designated successor who will assume responsibility for client files in the case of a licensee’s incapacity or death. The successor must be an active licensee who has agreed to assume the responsibility. For details on succession planning, consult this guidance from NASBA and AICPA.
NASBA is Accepting Applications for Investigators and Expert Witnesses: To assist executive directors in this critical component of the enforcement process, NASBA maintains a database of investigators and expert witnesses. Those interested in applying can start the process here to be an investigator and here to be an expert witness.
Unclaimed Property Reporting Requirement: All businesses are required to annually submit an unclaimed property report to the State Treasurer’s Office by Nov. 1, but many businesses are unaware of this legal compliance responsibility. A message from the Office of the State Treasurer lists the top five things to know about the S.C. Unclaimed Property Act, including facts about outstanding liabilities, dormancy periods, and requesting voluntary disclosure agreements to report past-due property without incurring interest or penalties. The entire S.C. Unclaimed Property Act can be read here.
The newsletter also includes bulletins on how accountants can help educate businesses about E-Verify law and tips on firm registration.