Revocation of Certified Public Accounts credentials
Accountants, the number cruncher’s we rely on them to keep our finances in order and reduce our tax bills. Sometimes our trusted accountants and CPA’s (certified public accounts) start fiddling the books, or run off to Hawaii with our money. When this happens, they need to be put out of business. If you need to get a CPA’s license revoked, you can do so with the help of the following organizations.
What would warrant a revocation of a certified public accounts credentials?
Accountants are placed in a position of trust in society, but there are some accounts who are happy to break the law when they do, they are likely to lose everything they have worked for. Some of the reasons for losing a license would be:
– Negligent behavior such as fraud
– Errors in bookkeeping (cooking the books)
– Violating codes of conduct
– Fraudulent fee schedules
– A Felony conviction
– Incompetence in the role of a certified public account
The Public Company Accounting Oversight Board can revoke an accounts license
The Public Company Accounting Oversight Board or PCAOB is an oversight committee tasked with investigating complaints into CPA’s. Once a complaint about a certified public accountant arises, the board launches an investigation into the certified public accountant and appropriate action is taken. Depending on the severity of the allegations the accountant may be sanctioned or struck off. All bars or terminations can be challenged, and the PCAOB has international contacts to help enforce their rulings. Hence, the accountant can’t just go overseas and set up shop. Anyone who wishes to make a complaint can do so through the organization’s official website.
The Securities and Exchange Commission
The SEC as it is more commonly known, is the over-site commission of all aspects of the stock exchange and accountants. The SEC can and will blacklist CPA’s and even bring about criminal charges on behalf of the United States government. SEC investigations are often drawn out, but with enough evidence, the SEC will place temporary sanctions of a certified public accountant while waiting for the outcome of the investigation. In addition to being struck off or having your certified public accountant license revoked the SEC can also put a certified public accountant in jail if the charges are severe enough to warrant jail time.
The State Board of Accountancy
Every state has a state board of accountancy that oversees local and state laws that influence certified public accountants and regulate the trade. If you have a problem with a CPA, then it is advisable to start with a complaint at a local level. The state board has the power to arbitrate any issues and make recommendations, impose sanctions, or even blacklist the accountant in question.
Accounts are placed in a position of trust and should always be held accountable for their actions no matter the severity of the crime or misfeasance committed. Business and Financial Solutions has been in business for over 17 years. One of the most trusted CPA firms in the Maryland Virginia area. If you are having an issue with your accountant contact us today.