LICENSING AND CERTIFICATION FOR ACCOUNTANTS|
by VIBusiness Staff
There are different ways of becoming an accountant but the bottom-line is that to become certified all candidates must undertake a rigorous examination comprised of the Uniform CPA Examination and a Local CPA Examination.
The Boards and Commissions have established two purposes for the licensure of accountants: (1) To set minimal standards of qualifications, education, training and experience for persons engaged in Public Accounting; and (2) To promote high standards of professional performance for those persons working in the field of Public Accountancy. Following are additional details:
PERIOD OF LICENSURE:
Permanent licenses are issued on an annual basis.
INITIAL APPLICATION PROCESS:
1) Be a resident of the U.S. Virgin Islands for at least thirty (30) days immediately prior to submittal of application.
2) Complete and notarize application obtained from the Office of Boards and Commissions at DLCA.
3) Submit three (3) 2x2 photographs.
4) Present Social Security Card.
5) Meet the specified educational and experience requirements.
All candidates are required to sit an examination.
The examination is comprised of the Uniform CPA Examination and a Local CPA Examination.
The examination is given in May and November of each calendar year.
RENEWAL OF LICENSE:
1) Complete renewal application form obtained from the Office of Boards and Commissions at DLCA.
2) Obtain a Tax Clearance Letter from the VI Bureau of Internal Revenue.
3) Make payment of required license fees.
CERTIFIED PUBLIC ACCOUNTANT EXAMINATION FEE
The license fee is $300.00.
EDUCATIONAL & EXPERIENCE REQUIREMENTS:
The minimum educational requirement for the CPA Certificate is a high school diploma.
The experience requirement for the CPA Certificate is six (6) years of public accounting experience preceding the date of the application.
Candidates who hold degrees from recognized colleges or universities are required to have three years of experience immediately preceding application, in public accounting or in governmental accounting as an auditor or internal revenue agent.
Candidates who hold degrees from recognized colleges or universities and who have completed thirty (30) or more semester hours of study in accounting, business law, economics, and finance (of which a minimum of twenty (20) semester hours are in accounting) must have two years of experience, immediately preceding application, in public accounting or governmental accounting as an auditor or internal revenue agent.
A candidate who passes two or more parts of the Uniform CPA Examination may be granted credit for those parts on subsequent examinations. Each candidate is required to pass a local CPA Examination in addition to the Uniform CPA Examination.
An out-of-state accountant may temporarily practice in the U.S. Virgin Islands on professional business incident to his/her regular practice.
A reciprocal CPA certificate may be granted to a CPA of another state who meets all of the general requirements imposed upon a candidate for an original certificate in the U.S. Virgin Islands.
Any person of good moral character who holds a certificate, license, or degree which authorizes him/her to practice public accounting in a foreign country may register with the Board. Persons so registered are permitted to use the title under which they are generally known in their own country, followed by the name of that country.
Roy D. Jackson, President
Pablo O'Neill, Secretary
Lisa Davis, MPA
Boards and Commissions
Department of Licensing and Consumer Affairs
Office of Boards and Commissions
Golden Rock Shopping Center, Christiansted
St. Croix, U.S. Virgin Islands 00820
REVISED 1/98 BY THE OFFICE OF BOARDS AND COMMISSIONS