New Jersey State Board of Accountancy
The New Jersey State Board of Accountancy handles CPA and firm licensing and CPE compliance. Contact information:
The NJCPA regularly attends the monthly meetings of the New Jersey State Board of Accountancy. Below are highlights from the meetings:
March 16, 2023
The New Jersey State Board of Accountancy voted to endorse the new CPA Exam format slated to go into effect on Jan. 1, 2024. The new format, part of the CPA Evolution initiative developed by the AICPA and NASBA, extends the 18-month Exam passage rule to 24 months.
Board member Dan Geltrude reported on the latest developments across the country to achieve the educational requirements needed for licensure. Some believe the current 150-hour requirement, compulsory in almost all states, has acted as a financial and educational burden discouraging many students from pursuing CPA licensure. In New Jersey, PriceWaterhouseCoopers has teamed up with St. Peter’s University on a pilot program that allows students to receive 30 credits for working as paid staff. [Get more info on this program at the NJCPA’s May 2 free webinar.] Geltrude noted that Minnesota introduced legislation that offers a path to licensure that requires only 120 hours. This legislation, supported by the Minnesota Society of CPAs, has created a public rift between the Minnesota Society and the AICPA and NASBA, which oppose dropping the 150-hour requirement. The AICPA and NASBA believe that eliminating the 150-hour requirement will impact mobility and reciprocity in many states. AICPA President and CEO Barry Melancon has also stated that going back to 120 hours would make the public perceive the CPA profession as a trade instead of a profession. However, members of the board expressed strong disagreement with that assessment. Geltrude added that CPA groups across the country are closely watching the Minnesota legislation to see what happens. Geltrude suggested that the Board follow the same strategy of wait and see.
May 19, 2022
The New Jersey State Board of Accountancy voted to support the proposal to create an alternative path to achieve the 150 credit hours necessary for licensure. This proposal, which does not need Board or legislative approval, would allow students to get their final 30 credit hours by participating in a paid internship program — bringing down the cost of the 150-hour requirement. The Board said that such an internship program would also count towards the experience requirement. PwC and St. Peter’s University will be unrolling a pilot program in the fall.
In addition, the Board said that license wall certificates will be sent out starting this summer. They were suspended during the pandemic.
March 17, 2022
- New Jersey State Board of Accountancy President Ainsley A. Reynolds, ABD, MBA, CPA, CGMA, announced that his term is ending. Allison Dunko, CPA, a senior manager with Murphy, Miller & Baglieri, LLP, will be the new president effective April 1.
- Dan Geltrude, chair of the 150-Hour Exploratory Committee, said the committee is examining options to reduce the cost of the 30 credits that CPA candidates must take after finishing their 120 undergraduate credits. The consensus is to develop a program in which higher education institutions would work with CPA firms, private industry, government and nonprofits to establish 30-credit-hour paid internship programs. The colleges would charge less for the internship credits since they would not need many professors or any facilities for the program. Geltrude added that he met with the office managing partners of the Big 4 and that they were enthusiastic about the concept. PwC is working with Saint Peters University to launch a pilot program for the fall semester. In addition, Geltrude said that changes to statutes or regulations would not be necessary to start the program. He also said the traditional path to acquiring the 150 credits would still be available.
- The Board also discussed rules proposed by the New Jersey Division of Consumer Affairs that would require all licensing boards to investigate and discipline licensees for discrimination or harassment complaints. Government agencies, such as the New Jersey Division of Civil Rights and the courts, would be required to forward to the boards any judgements in which a licensee was found to have engaged in such prohibited behavior. The public could also make complaints directly to the boards. The Deputy Attorney General explained that the public can already lodge bias and harassment complaints with boards. This right is in the statute that governs all licensing boards. It is also covered in the AICPA Code of Professional Conduct, which the board enforces.
Feb. 24, 2022
- Allison Dunko of Murphy, Miller & Baglieri was elected Board President. Keith Balla will be vice president and Jack Dailey will be secretary.
- In Q4 2021, the CPA Exam pass rate in New Jersey was 43 percent. The overall pass rate for all states was just under 50 percent.
- Eight CPAs passed the Registered Municipal Accountant (RMA) Exam in December. Jack Dailey said that he doesn’t remember a test when so many people passed at once.
- Board member Dan Geltrude presented a proposal to allow CPA candidates to achieve 30 of their required 150 college credits by doing a paid internship. The Board recently set up a committee that is working on making recommendations to ease the financial burden of the 150 hour requirement.
Nov. 18, 2021
- The Board established a new committee to investigate the wisdom of pushing for legislation that would change the 150-credit hour requirement for CPA licensing back to 120 hours. Some Board members said the additional credit hours were a key factor in the decline in people sitting for the CPA Exam over the past few years. The committee will present a report to the full Board for its review.
Oct. 21, 2021
- The BOA staff is physically back to the office now.
- People are recommended to first email the Board at email@example.com. They can also call the Board at 973-504-6380 but the Board suggests not doing both. If you get voice mail, you can leave a message.
- The same portal that is used for paying renewal and other fees should be used by newly licensed CPAs who have completed their six-month deadline to take law and ethics and for peer review items.
- The NJCPA is continuing to work with the New Jersey State Board of Accountancy to resolve problems encountered by individual CPAs and CPA candidates and help with firm licensing renewals. Please contact us if you are in need of assistance.
July 21, 2021
New Jersey State Board of Accountancy Executive Director Michela Ross said at the Board’s July 15 meeting that while its Newark office is still not open to the public, staff is beginning to transition back. There is no set date for the office to reopen.
Ross said that although the COVID-19 pandemic seems to be easing, the public must still communicate with the Board via email at firstname.lastname@example.org. All license applications should be sent by email, and applicants will receive a confirmation email back from the Board. If the application is approved, the applicant will receive an invoice from the Board.
She reminded the public that, due to the pandemic, the average wait time for processing an application is two months. Board President Ainsley Reynolds said the Board is trying to shorten response time, but too often the problem is that applicants do not fully follow instructions.
Ross stressed that CPAs and CPA candidates should not try to contact Board members directly but must go through staff. Board members have received inquiries from the public at work, home and their social media sites. Contacting Board members in this manner is an invasion of their privacy and will slow down the process.