Certified Public Accountants analyze business records and financial reports. They audit profit and loss statements, balance sheets, cost studies, and prepare tax reports. Accountants may also develop, install, and supervise accounting systems and operations. There are three fields of accounting employment: public accountants, who have their own firms or work for accounting firms; management accountants, who handle the financial records of the companies for whom they work; and accountants who are employed by the government. The requirements for Licensure are as follows: 1) Must meet the education and experience requirements set by the Board. 2) Must pass all parts of the CPA examination. 3) Must provide fingerprints and authorize the Board to conduct a criminal background check for verification. Any candidate who successfully completes the CPA examination must also complete 150 semester credit hours of education in order to be licensed. Successful candidates must complete this education requirement within 3 years of the date the last CPA exam section was passed. Candidates who are unable to complete this education requirement within 3 years due to extreme hardship (medical or other) may apply to the Board for an extension. Education Requirements to sit for the CPA Examination: An applicant will be deemed to have met the education requirement if the applicant earned a graduate or an undergraduate degree including at least 30 hours in business and at least 30 upper-level or 20 graduate hours in accounting (or a combination thereof) from a college or university that meets the criteria for accreditation. Applicants must meet the accounting education requirements and the business education requirements. The accounting component of the applicant's educational program must include at least 30 semester credit hours (SCH) of undergraduate accounting courses above the principles level or 20 SCH of graduate-level accounting courses, or a combination thereof. The accounting component must include coverage of financial accounting, management accounting, governmental and not-for-profit accounting, federal taxation, auditing and attestation, and accounting information systems. The applicant must earn a grade of "C" or better in each course included in the accounting component. The business component of the applicant's educational program must include at least 30 SCH of undergraduate courses in business, other than accounting, or 20 SCH of graduate business courses other than accounting (or a combination thereof). The applicant must earn a grade of "C" or better in each course included in the business component. Internship credit: The accounting or business component (but not both) may include a maximum of 3 SCH earned for an accounting internship. Internship credit may not be used to fulfill the subject matter requirements. The business component may include a maximum of 3 SCH earned for a business internship, other than in accounting. Independent study: The accounting or business component (but not both) may include a maximum of 3 SCH earned for an independent study. When appropriately documented by the institution, these hours may be used to fulfill part of the subject matter requirements. Examinations and Fees: CPA Examination: Initial (first-time) application fee: $50.00, 4 Exam Sections: $120.00, 3 Exam Sections: $105.00, 2 Exam Sections: $90.00, 1 Exam Section: $75.00. A fee of $226.15 per section is also collected by the Board and passed on to NASBA, Prometric, and the AICPA. Once eligibility to take the exam is determined, the Board will send an Authorization to Test to the National Candidate Database at National Association of State Boards of Accountancy (NASBA). NASBA will then issue a Notice to Schedule (NTS). An eligible candidate has 6 months from the date of the NTS, to schedule and take the approved examination sections. Utilizing the NTS, candidates are required to contact Prometric for site locations and test times. For a list of the Prometric Testing Centers in Arkansas, visit their web site at www.prometric.com. The Arkansas State Board of Accountancy does not control space availability or locale of the testing centers. CPA/PA License Application fee: $50.00, Reciprocal License Application fee: $50.00, Registration as a Certified Public Accountant Application fee: $50.00, License to Practice Registration fee (Annual): $110.00. Visit the ASBPA Web site for additional fees.
