2019 New Jersey Revised Statutes
Title 45 - Professions and Occupations
Section 45:2B-54 - Requirements for registration of firm in practice of attest services or public accountancy.

45:2B-54 Requirements for registration of firm in practice of attest services or public accountancy.

13. a. The board shall only grant or renew registration to a firm engaged in the practice of attest services or public accountancy if that firm meets the requirements provided in this section.

(1) A firm shall register with the board if it:

(a) Has an office in this State engaged in the practice of attest services;

(b) Has an office in this State that uses the title "Certified Public Accountant," "CPA," "Certified Public Accountant firm," or "CPA firm;" or

(c) Does not have an office in this State, but offers or renders attest services, as defined in section 3 of P.L.1997, c.259 (C.45:2B-44), but only if it meets each of the following:

(i) It complies with the qualifications described in subsection b. of this section;

(ii) It complies with the qualifications described in section 26 of P.L.1997, c.259 (C.45:2B-67); and

(iii) It can lawfully offer or render attest services in the state where those individuals with practice privileges have their principal place of business.

(2) A firm that is not subject to the requirements of paragraph (1) of this subsection may perform compilation services and professional services other than attest services while using the title "Certified Public Accountant," "CPA," "Certified Public Account firm," or "CPA firm," without registering with the board only if:

(a) It can lawfully do so in the state where those individuals with practice privileges have their principal place of business; and

(b) It performs those services through an individual with practice privileges under subsection d. of section 6 of P.L.2008, c.45 (C.45:2B-50.1).

(3) (Deleted by amendment, P.L.2019, c.10)

(a) (Deleted by amendment, P.L.2019, c.10)

(b) (Deleted by amendment, P.L.2019, c.10)

(4) (Deleted by amendment, P.L.2019, c.10)

b. A firm seeking to register with the board shall meet the following requirements:

(1) (Deleted by amendment, P.L.2019, c.10);

(2) Notwithstanding any other provision of law to the contrary, a simple majority of the ownership of a firm, in terms of financial interest and voting rights of all partners, officers, shareholders, members, or managers, shall belong to certified public accountants of any state or possession of the United States or the District of Columbia in good standing, and licensed to practice public accountancy where licensed. Other than a nonlicensee owner, any partner, officer, shareholder, member, or manager whose principal place of business is in this State shall be a certified public accountant in good standing, and licensed to practice public accountancy in this State; and

(3) There shall be a certified public accountant in the firm who has ultimate responsibility for each attest engagement. On all firm applications and renewal forms, a licensee or an individual who qualifies for the practice privilege under section 6 of P.L.2008, c.45 (C.45:2B-50.1) shall be designated as responsible and in charge of all professional matters relating to the practice of accountancy by the registered firm. Each owner of a firm in this State, other than a nonlicensee, personally engaged within this State in the practice of public accountancy shall be a certified public accountant in good standing, and licensed to practice public accountancy in this State, or shall be an individual who qualifies for the practice privilege under section 6 of P.L.2008, c.45 (C.45:2B-50.1).

c. Application for registration of a firm shall be made upon the affidavit of an owner of the firm who is a certified public accountant in good standing and licensed to practice public accountancy in this State or who qualifies for the practice privilege under section 6 of P.L.2008, c.45 (C.45:2B-50.1). The board shall in each case determine whether the applicant is eligible for registration. A firm which is so registered may use the words "certified public accountant" or the abbreviation "CPAs" in connection with its firm name. Notification shall be given to the board within 90 days after admission or withdrawal of an owner licensed and practicing in this State from any firm so registered.

L.1997, c.259, s.13; amended 1999, c.215, s.2; 2001, c.149, s.5; 2008, c.45, s.2; 2019, c.10, s.6.