In an effort to make it easier for companies to conduct business across state borders, Assemblyman Thomas Giblin sponsors a bill that would remove some of the existing requirements for out-of-state Certified Public Accountants (CPAs) to provide certain services in New Jersey. The legislation was recently advanced by the Assembly Regulated Professions Committee.
Part of a CPA’s job is to provide attestation services that confirm the reliability of a company’s financial statements. Giblin’s bill revises certain provisions of existing New Jersey law regarding attestation to conform with the Uniform Accountancy Act, which is national legislation that provides a uniform approach to regulating the accounting profession.
Under the bill (A-4633) non-resident CPAs would be allowed to provide attest services in New Jersey without having to register with, notify or pay a fee to the New Jersey State Board of Accountancy. Although these out-of-state professionals would no longer face those requirements, they would still be subject to full regulatory oversight by the board.
Upon the legislation advancing, Assemblyman Giblin (D-Essex, Passaic) issued the following statement:
“It is quite common these days for companies to have multiple locations or conduct their business in more than one state. Forcing CPAs to obtain a different license from every state in which their companies do business poses an unnecessary burden. Implementing a uniform policy for CPAs who want to provide services for New Jersey companies – regardless of where the accountant is based – will help our businesses receive the services they need in a timely manner.”
The measure now heads to the Assembly Speaker for further consideration.