When used in this chapter, the following terms have the meanings indicated: (a) “AICPA” means the American Institute of Certified Public Accountants. (b) “Attest” means providing the following services: (1) any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS); (2) any review of a financial statement to […]
(a) There is established the Virgin Islands Board of Public Accountancy within the Department of Licensing and Consumer Affairs. The Board consists of five members, all of whom must be residents of this Territory, appointed by the Governor, with the advice and consent of the Legislature. Two members shall reside on the island of St. […]
(a) The Board shall grant a certificate of “certified public accountant” to persons of good moral character who apply for a certificate pursuant to section 250c and meet the education, experience and examination requirements of this section and regulations adopted under this section (b) “Good moral character” for purposes of this section means the propensity […]
(a) The Board shall grant or renew certificates to persons who make application and demonstrate (i) that their qualifications, including where applicable the qualifications prescribed by section 250b, are in accordance with this section or (ii) that they are eligible under the substantial equivalency standard set out in section 250q(a)(2) of this chapter which requires […]
(a) The Board shall grant or renew permits to practice as a CPA firm to applicants that demonstrate their qualifications therefore in accordance with this section. (1) The following must hold a permit issued under this section: (A) Any firm with an office in the Territory performing attest services as defined in section 250(b) of […]
A person or a firm not a resident of the Territory applying for a certificate under section 250c of this chapter or a permit to practice under section 250d shall appoint a resident agent as permitted by law or Board regulations. The applicant’s agent must be a person upon whom process may be served in […]
(a) The Board may initiate proceedings under this chapter either on its own motion or on the complaint of any person. (b) A written notice stating the nature of the charge or charges against the accused and the time and place of the hearing before the Board or its designee on such charges must be […]
(a) After notice and hearing pursuant to this chapter, the Board may revoke any permit issued under sections 250c or 250d of this chapter or corresponding provisions of prior law or revoke or suspend any such permit, or refuse to renew any such permit for a period of not more than five years, reprimand, censure, […]
(a) The Board or its designee may, upon receipt of a complaint or other information suggesting violations of this chapter or of the rules of the Board, conduct investigations to determine whether there is probable cause to institute proceedings under sections 250f, 250k, or 250l of this chapter against any person or firm for such […]
(a) In any case where the Board has suspended or revoked a certificate or a permit or revoked or limited privileges under section 250q or refused to renew a certificate, permit, the Board may, upon application in writing by the person or firm affected and for good cause shown, modify the suspension, or reissue the […]
(a) Only permittees and individuals who have practice privileges under section 250q of this chapter may issue a report on financial statements of any person, firm, organization, or governmental unit or offer to render or render any attest or compilation service, as defined herein. This restriction does not prohibit any act of a public official […]
Whenever, as a result of an investigation under section 250h of this chapter or otherwise, the Board believes that any person or firm has engaged, or is about to engage, in any acts or practices that constitute or will constitute a violation of section 250j of this chapter, the Board may make application to the […]
Any person who violates any provision of this chapter, is guilty of a misdemeanor, and upon conviction thereof, is subject to a fine of not more than $2,000, or to imprisonment for not more than one year, or to both such fine and imprisonment. Whenever the Board has reason to believe that any person is […]
In any action brought under sections 250f, 250k or 250l of this chapter, evidence of the commission of a single act prohibited by this chapter is sufficient to justify a penalty, injunction, restraining order, or conviction, respectively, without evidence of a general course of conduct.
Except by permission of the client for whom a permittee performs services or the heirs, successors, or personal representatives of such client, a permittee under this chapter, may not voluntarily disclose information communicated to the permittee by the client relating to and in connection with services rendered to the client by the permittee. Such information […]
All statements, records, schedules, working papers and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such certified public accountant or public accountant, except reports submitted by a certified public accountant or public accountant to a client, are and remain the property […]
(a) This section applies to all causes of action of the type specified herein filed on or after the effective date. (b) This section governs any action based on negligence brought against any accountant or firm of accountants practicing in this State by any person or entity claiming to have been injured as a result […]
(a) (1) An individual whose principal place of business is not in this Territory and who holds a valid license as a Certified Public Accountant from any state that the NASBA National Qualification Appraisal Service has verified to be in substantial equivalence with the CPA licensure requirements of the AICPA/NASBA Uniform Accountancy Act is presumed […]
If any provision of this chapter or the application thereof to any person or entity or in any circumstances is held invalid, the remainder of the chapter and the application of such provision to others or in other circumstances shall not be affected thereby.
