Dual Notice on Rule Package R-04582
The Board will published in the July 1, 2019, issue of the State Register a Dual Notice of Intent to Adopt Rules Without a Public Hearing Unless 25 or More Persons Request a Hearing, And Notice of Hearing if 25 or More Requests for Hearing Are Received. The notice is for rule package R-04582, which proposes rules related to examinations as well as housekeeping updates.
Exam applicants, licensees, registrants, and firms will all receive a postcard regarding the Dual Notice.
The full text of the Dual Notice (which provides information on how to provide comment or request a hearing), the proposed language, and the Statement of Need and Reasonableness can be found on the Board's rulemaking page.
CPE Earning Deadline for FY19 Was June 30
A reminder that June 30 was the earning (but not the reporting) deadline for FY2019 CPE. You do not need to report until December 31 or when you renew in the fall, whichever is first.
If your license status is Inactive or if you were newly licensed on or after 7/1/2018, you did not need to earn (and will not need to report) CPE for FY19.
Those needing to meet both the 1-year and 3-year CPE reporting requirements can easily check what they need in FY19 by logging in to Online Services, using your license number and the last 4 digits of your SSN. Use any of the other links below to find out more about CPE earning and reporting.
A reminder that, if you discover you must do carryback in order to be in compliance for the 2020 renewal, CPE fees start accruing in July. It is in your best interests to earn and report your carryback hours as soon as possible.
Five Minnesota Exam Candidates Win 2018 Elijah Watt Sells Award
The AICPA announced its 2018 Elijah Watt Sells Award winners. To win the award an individual must obtain a cumulative average score above 95.50 across all four sections of the CPA Examination, pass all four sections of the Examination on the first attempt and complete testing in the award year.
Nearly 86,000 individuals sat for the CPA Exam in 2018 with 110 candidates meeting the criteria to receive the Elijah Watt Sells Award. Five of those were Minnesota Board exam candidates:
- Amy Fursa (Minnesota), a graduate of College of Saint Benedict and Saint John’s University with a BA in Accounting is employed with Ernst & Young, LLP in Minneapolis, Minnesota.
- Adam Heussner (Minnesota), a graduate of University of Wisconsin-Eau Claire with a BBA in Accounting, is employed with PricewaterhouseCoopers of Minneapolis, Minnesota.
- Jake McElmury (Minnesota), a graduate of University of Minnesota-Twin Cities with a BSB in Accounting and Finance, is employed with Deloitte in Milwaukee, Wisconsin.
- Matthew Sorensen (Minnesota), a graduate of The University of Minnesota – Twin Cities with a BSB in Accounting and Finance is employed with KPMG in Minneapolis, Minnesota.
- Ted Spilde (Minnesota), a graduate of Hamline University with a BBA in Accounting and Master of Accounting with Data and Analytics from the University of Missouri is employed with KPMG in Minneapolis, Minnesota.
The Elijah Watt Sells Award program was established by the AICPA in 1923 to recognize outstanding performance on the CPA Examination. Sells, one of the first CPAs in the U.S., was active in the establishment of the AICPA and played a key role advancing professional education within the profession.
Our congratulations on this achievement go out to all the winners.
UAA Committee Seeks Comments on Proposed Model Rules for Peer Review Programs
The AICPA/NASBA Uniform Accountancy Act (UAA) Committee has released draft proposed changes to the UAA Model Rules that pertain to peer review (compliance assurance) programs. As the changes are significant, the committee is strongly encouraging Accountancy Boards and other interested parties to review the proposed changes and submit comments to the UAA Committee.
The deadline for submitting comments to the committee is June 30, 2019. You can email your comments in the form of letters to firstname.lastname@example.org.
UAA Draft Model Rules on Peer Review
Jensen Elected as NASBA Director at Large
Sharon Jensen, CPA, Board Vice Chair, was elected to serve as a Director at Large for the National Association of State Boards of Accountancy (NASBA), of which the Minnesota Board is a member. NASBA has a total of seven Directors at Large who serve on the Board of Directors. Elections took place at the NASBA Annual Business Meeting.
Previously, Ms. Jensen served as NASBA Central Region Director, Chair of the NASBA/AICPA International Qualifications Appraisal Board (IQAB), and member of NASBA's Legislative Support and Global Strategies Committees.
Directors at Large are elected for a three-year term and may serve a maximum of two terms. They attend NASBA Board meetings, held four times a year, and the regional meetings for their area. They chair a committee of the Board of Directors.
Sowah Honored for Volunteer Work
Godson Sowah, Board Member and Examination and Credentialing Committee Chair, was recently honored by the Minnesota Society of CPAs (MNCPA). He was given a Public Service Award for his work as board president of Avenues for the Homeless Youth, and as program director for the Accounting Career Awareness Program.
Sowah was presented the award at MNCPA's Celebrate CPAs Award Luncheon.
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Continuing Professional Education Reporting Fee Chart
Either the left or the right fee column for any given year will apply. If you are noncompliant in more than one year; you owe the applicable fee for each year.
Examples (rates valid only for July 2019):
• Failed to report CPE on time in 2016 and 2017 but earned it both years in the proper timeframe: Total fee is $1300.
• Failed to complete CPE on time for 2018 and reported late for 2017: Total fee is $850.
• Reported late for 2018 but earned CPE in proper timeframe: Total fee is $200.
• Reported late for 2016 and 2017 and failed to complete on time in 2018: Total fee is $1650.
|Reported CPE late but earned the CPE during the proper timeframe, use these columns:
||Failed to complete CPE in proper timeframe (and so also did not report it on time), use these columns:
|Failed to report CPE by:
||Failed to complete CPE by*:
||Certificates of completion for only those hours earned after 6/30/2019* and required fees**
||Certificates of completion for only those hours earned after 6/30/2018* and required fees**
||Certificates of completion for only those hours earned after 6/30/2017* and required fees**
||Certificates of completion for only those hours earned after 6/30/2016* and required fees**
|* If you completed CPE hours after the June 30th deadline(s), you must include copies of the certificates of completion for those hours.
|**The above-referenced fees reflect the CPE rates if submitted/postmarked by JULY 2019 [MN Rule 1105.3000 (E)(2018)]. License fees and late renewal fees are not included. See the appropriate renewal form and status for those costs.|
|For renewals/CPE prior to these dates, please see Reinstatement.