2006 Code of Virginia § 54.1-4411 - Substantial equivalency for nonresident CPA certificate holders and licensees

54.1-4411. Substantial equivalency for nonresident CPA certificate holdersand licensees.

A. A nonresident of the Commonwealth shall be granted the privilege ofpracticing public accounting in the Commonwealth if he holds a valid andunrestricted CPA certificate or license to practice public accounting inanother state or foreign jurisdiction that is determined by the Board or itsdesignee to have education, CPA exam and experience requirementssubstantially equivalent to those provided by this chapter or if the Boarddetermines that the nonresident individual has met education, CPA exam andexperience requirements that are substantially equivalent to those providedby this chapter. The Board shall provide by regulation the manner in whichthe privilege to practice under this section shall be evidenced.

B. Any person intending to exercise the privileges of a CPA certificateholder in the Commonwealth under this section shall:

1. Consent to be subject to (i) the same laws, regulations and standards ofconduct applying to holders of CPA certificates issued by the Board, (ii) thejurisdiction of the Board in all disciplinary proceedings arising out ofmatters related to his exercise of the privileges granted by this section,and (iii) the Board's authority to revoke his privilege to practice publicaccounting in the Commonwealth under this section.

2. Consent to the appointment of the director of the state board that issuedhis CPA certificate or license as his agent upon whom process may be servedin any action or proceeding by the Board against him, or in any civil actionin Virginia courts arising out of his professional activities in theCommonwealth. In the event he holds a CPA certificate or license from morethan one state, the Board by regulation shall establish which director shallserve as his agent.

3. Consent to the personal and subject matter jurisdiction of the courts ofthe Commonwealth in any civil action arising out of his professionalactivities in the Commonwealth and agree that the proper venue for suchactions is in the Commonwealth.

C. A person who holds a CPA certificate issued by the Board and is exercisingthe privileges of a CPA certificate holder in another state under acomparable substantial equivalency provision of that state's law shall besubject to disciplinary action by the Board for an act or omission committedin the Commonwealth. The Board shall investigate any complaint made to or bythe board of accountancy of another state related to the person's exercise ofthe privileges of a CPA certificate holder in the Commonwealth.

(2001, c. 832; 2003, c. 291.)