18 Va. Admin. Code § 5-22-140

Current through Register Vol. 41, No. 8, December 2, 2024

Section 18VAC5-22-140 - Persons who release or authorize the release of reports

A. To comply with subdivision D 4 of § 54.1-4412.1 of the Code of Virginia, a person who releases or authorizes the release of reports on attest services, compilation services, or financial statement preparation services provided for persons or entities located in Virginia shall annually obtain a minimum of eight hours of continuing professional education related to attest services, compilation services, or financial statement preparation services. The hours obtained to meet this requirement shall be considered in determining whether the person has complied with the requirements of 18VAC5-22-90.

B. Firms providing attest services, compilation services, or financial statement preparation services shall establish policies and procedures to provide the firm with reasonable assurance that persons who release or authorize the release of reports on attest services, compilation services, or financial statement preparation services possess the kinds of competencies that are appropriate given the facts and circumstances. These policies and procedures shall address the required technical proficiency, familiarity with the industry and the person or entity, skills that indicate sound professional judgment, and other competencies necessary under the circumstances.

Derived from Virginia Register Volume 26, Issue 24, eff. September 16, 2010; Amended, Virginia Register Volume 34, Issue 24, eff. 9/6/2018.

Statutory Authority: §§ 54.1-4402 and 54.1-4403 of the Code of Virginia.