Virginia CPA Ethics Exam Requirements 2024

Share This...

Table of Contents

Virginia CPA Ethics Exam Requirements

To meet the Virginia CPA ethics exam requirements and become a CPA, a candidate must complete the self-study course and exam open book exam from the American Institute of Certified Public Accountants (AICPA) titled Professional Ethics: The AICPA’s Comprehensive Course (For Licensure). The candidates will need to have a score of 90% or higher to qualify for a license.

This article will help you to become a CPA in Virginia and is a requirement for you to take the Virginia CPA exam.

How to Save Yourself MONTHS of Time and Frustration
Keep in mind that the CPA exam is the one part of getting your CPA license that you can control how long it takes. The education and experience requirements take as long as they take, but the CPA exams can take you as little as 6 months, or as long as multiple years… depending on how effective your study process is from the beginning.
Learn how to study strategically so you can save yourself tons of time and retake fees with this free training…

Summary of Virginia CPA Requirements

Credit Hours to sit for the CPA Exam	120
Credit Hours in above the Introductory/Foundational Level Accounting course to sit for the CPA Exam	24
Credit Hours in Business course to sit for the CPA Exam	24
Bachelors with an accounting concentration or equivalent required to sit for the CPA Exam?	Yes
Credit Hours to receive a CPA License	150
Ethics Exam	Yes
Work Experience	1 Year
Required CPE Hours Every Three Years	120

Education Requirements

Before you may sit for the CPA Licensure exam, you will have to meet several prerequisites. The first step is the Virginia CPA education requirements, you must obtain one or more of these in accredited institutions:

For education, at least 150 semester hours are required.
Baccalaureate or higher degree with an accounting concentration or equivalent.

An accounting concentration or equivalent comprises:

24 semester hours of accounting courses above the introductory/foundational level including courses in Auditing, Financial Accounting, Managerial/Cost Accounting and Taxation.
24 semester hours of business courses with no more than six semester hours of what could be considered upper-level accounting courses.

While 120 semester hours is the standard hours of education, to be eligible to take the CPA examination, you must meet 150 semester hours with a minimum number of semester hours in accounting courses and business courses. It is recommended that students prepare and choose their courses wisely. Virginia’s board of accounting recommends applicants to incorporate at least some graduate-level study in accounting.

Core Accounting Courses

The Virginia Board of Accountancy requires core course subjects such as Auditing, Taxation, Cost or Managerial and Financial Courses that meet this requirement include but are not limited to Intermediate Accounting, Financial Statement Analysis, Intermediate Accounting I and II. Each core course must consist of 3 semester hours.

Accounting Course

Other accounting courses can be accepted and can be used to make up the 12 semester hour accounting requirement. These include but are not limited to:

Federal Taxation
Accounting Information Systems

Government/Not For-Profit Accounting
Fund Accounting
Accounting Internship

Accounting Seminar
Forensic Accounting
Government Accounting and Reporting

Accounting Systems and Control
Accounting Theory
Assurance Services

Accounting Analytics
Information Systems Assurance and Advisory

Business Courses

There are also business courses accepted for the business requirement, namely:

Economics
Finance

Statistics
Management
Marketing

Business Information Systems

Alternative courses accepted toward the business requirement include, but are not limited to:

Business Law

Commercial Law
Legal Environment of Business
Organizational Behavior

Financial Management
Insurance
Investments

Personal Financial Planning

Virginia board encourages candidates to use the Education Handbook to evaluate the education needed to qualify for the CPA exam.

Accredited Institutions and Universities

The Virginia board recognizes accredited organizations and institutions and these are:

Middle States Association of Colleges and Schools
New England Association of Schools and Colleges
North Central Association of Colleges and Schools

Northwest Commission on Colleges and Universities
Southern Association of Colleges and Schools
Western Association of Schools and Colleges

Council on Higher Education Accreditation (CHEA) – Any institution accredited by its recognized accrediting organization or its successor.

If your institution isn’t included above, the Virginia Board of Accountancy may approve organizations provided that their accreditation process and standards are considered equivalent to the accreditation process and standards of the above major regional accrediting organizations.

It is best to contact an unlisted institution directly to determine if it is accredited through one of the recognized accrediting agencies. Most institutions have their list of accreditations on the back of their transcripts.

International Education Eligibility

The board can consider a degree or coursework earned at a non-accredited institution located outside of the United States, once the degree or coursework is evaluated by an education evaluation firm.

Pass the Uniform CPA Examination

The “Uniform CPA Examination”, which is a 4-part exam, is developed by the AICPA – the American Institute of Certified Public Accountants and administered by NASBA – the National Association of State Boards of Accountancy.

The Three Core Exam Sections

Auditing and Attestation (AUD)

The Auditing and Attestation (AUD) section of the Uniform CPA Examination (the Exam) tests the essential knowledge and skills a newly licensed CPA must demonstrate when performing audit engagements, attestation engagements or accounting and review service engagements.

Newly licensed CPAs are required to:

Demonstrate knowledge and skills related to professional responsibilities, including ethics, independence, and professional skepticism. Professional skepticism reflects an iterative process that includes a questioning mind and a critical assessment of audit evidence.
Understand the entity including its operations, information systems (including the use of third-party systems), and its underlying business processes, risks, and related internal controls.
Understand the flow of transactions and underlying data through a business process and its related information systems.

Financial Accounting and Reporting (FAR)

The Financial Accounting and Reporting (FAR) section of the Uniform CPA Examination (the Exam) assesses the knowledge and skills that a newly licensed CPA must demonstrate in the financial accounting and reporting frameworks used by business entities (public and nonpublic), not-for-profit entities and state and local government entities.

The financial accounting and reporting frameworks that are eligible for assessment within the FAR section of the Exam include the standards and regulations issued by the:

Financial Accounting Standards Board (FASB)
U.S. Securities and Exchange Commission (U.S. SEC)
American Institute of Certified Public Accountants (AICPA)

Governmental Accounting Standards Board (GASB)

Regulation (REG)

The Regulation (REG) section of the Uniform CPA Examination (the Exam) tests the knowledge and skills that a newly licensed CPA must demonstrate with respect to:

U.S. federal taxation
U.S. ethics and professional responsibilities related to tax practice
U.S. business law

The Three Disciplines

The three new disciplines in the 2024 CPA Exam, part of the CPA Evolution initiative, are designed to allow candidates to specialize in areas that align with their career interests and the demands of the modern business environment. Here’s a more detailed look at each discipline:

Business Analysis and Reporting (BAR)

Objective: This discipline focuses on higher-order skills needed in financial statement analysis, business reporting, and the strategic role of the CPA in business decision-making.

Key Topics:

Financial Statement Analysis: Understanding and interpreting financial statements to assess an entity’s financial health and performance.
Performance Management: Developing and using key performance indicators (KPIs) to measure, manage, and improve business performance.

Data Analytics and Visualization: Utilizing data analytics tools to analyze business data, and effectively presenting data to support business decisions.
Strategic Planning and Risk Management: Involvement in the strategic planning process and identifying, assessing, and managing business risks.
Business Processes and Controls: Understanding and evaluating business processes and internal controls to improve efficiency and effectiveness.

Information Systems and Controls (ISC)

Objective: This discipline is tailored for those interested in information technology, data security, and controls. It addresses the increasing role of technology in accounting and auditing.

Key Topics:

IT Governance and Risk: Understanding the frameworks for managing and governing enterprise IT; identifying and managing IT-related risks.
Information Security and Cybersecurity: Knowledge of cybersecurity principles, data protection laws, and the steps necessary to protect information assets.
System and Organization Controls (SOC) Reporting: Understanding the requirements for SOC reports and the role of CPAs in assessing controls at a service organization.

Data Management and Privacy: Managing data effectively and understanding privacy regulations.
Business Continuity and Disaster Recovery: Planning and strategies to ensure business operations can continue and recover from disruptive events.

Tax Compliance and Planning (TCP)

Objective: This discipline focuses on tax compliance, tax planning, and tax strategy, suitable for those who aim to specialize in taxation.

Key Topics:

Individual Tax Planning and Compliance: Understanding tax laws affecting individual taxpayers, including income, deductions, credits, and tax planning strategies.

Business Tax Planning and Compliance: Knowledge of tax considerations for different business entities, including corporations, partnerships, and S-corporations.
Estate, Gift, and Trust Taxation: Understanding the tax implications and planning strategies for estates, gifts, and trusts.
International Taxation: Knowledge of taxation issues related to cross-border transactions and multinational enterprises.

State and Local Taxation (SALT): Understanding the complexities of state and local tax laws and their impact on business and individual tax planning.

Tips for Passing the CPA Exam

The CPA exam covers so many topics that you will need to study specifically for each section, usually for 6-8 weeks per section. Even a master’s degree in accounting doesn’t adequately prepare you to just walk in and pass the 4 CPA exams.

You will need a full review course such as Becker, Wiley CPA, Gleim, Roger, etc, and you will need to dedicate several hours a day over the course of months to even have a chance at getting passing scores.

Virginia CPA Exam Cost Breakdown

The Virginia CPA exam cost consists of four main fees: the initial exam application fee of $120, the $254.80 per CPA exam section totaling $1,019.20 for all four sections, the CPA initial license fee of $75, and the renewal fee of $60.

First-time candidates and re-exam candidates are required to pay certain fees for the application and the exam fees. A non-refundable application fee of $120 is required upon submission of the online application. Each of the section’s costs are seen below. These fees are paid directly to the National Association of State Boards of Accountancy.

Exam Application Fee	$120.00
Re-Exam Application	$20.00
Auditing and Attestation (AUD)	$254.80
Financial Accounting and Reporting (FAR)	$254.80
Regulation (REG)	$254.80
Disciplines (ISC, TCP, or BAR)	$254.80
Total for all 4 CPA Exam Sections	$1,019.20
CPA Exam Score Transfer	$25.00
Verification of Licensure	$25.00
CPA Initial License Fee	$75.00
Annual Renewal Fee	$60.00
Annual Renewal Fee (Payment made through check)	$85.00

For a re-exam application, there is a fee of $20 for every re-exam request submitted. This is each time a candidate applies for one or multiple CPA exam sections.

As for CPA exam score transfers, there is a fee of $25 for candidates requesting an exam score to be transferred from Virginia to another state. Complete the CPA Exam Score Transfer Form and submit it to the VBOA along with the fee. Note that this fee is non-refundable.

The Candidate Bulletin is given by the board as an official handbook. This handbook will serve as a preparation for the candidates as it outlines a candidate’s responsibilities and how the examination process works.

Virginia CPA Experience Requirements

To meet the Virginia CPA experience requirements, candidates are required at least 2,080 work hours, or equivalent to one year of full-time employment. The experience requirement includes being employed in academia, a firm, government, or industry involving the substantial use of accounting, financial, tax, or other skills that are relevant.