54.1-4413.4 - Penalties.
§ 54.1-4413.4. Penalties.
A. Penalties the Board may impose consist of:
1. Revoking the privilege of using the CPA title in Virginia or providingattest services or compilation services to persons or entities located inVirginia;
2. Suspending or refusing to reinstate the privilege of using the CPA titlein Virginia or providing attest services or compilation services to personsor entities located in Virginia;
3. Reprimanding, censuring, or limiting the scope of practice of any personusing the CPA title in Virginia or any firm providing attest services orcompilation services to persons or entities located in Virginia;
4. Placing any person using the CPA title in Virginia or any firm providingattest services or compilation services to persons or entities located inVirginia on probation, with or without terms, conditions, and limitations;
5. Requiring a firm holding a Virginia license to have an accelerated peerreview conducted as the Board may specify or to take other remedial actions;
6. Requiring a person holding a Virginia license to satisfactorily completeadditional or specific continuing professional education as the Board mayspecify; and
7. Imposing a monetary penalty up to $100,000 for each violation of theprovisions of this chapter or regulations promulgated by the Board; anymonetary penalty may be sued for and recovered in the name of theCommonwealth.
B. The Board may impose penalties on persons using the CPA title in Virginiaor firms providing attest services or compilation services to persons orentities located in Virginia for:
1. Violation of the provisions of this chapter or regulations promulgated bythe Board.
2. Fraud or deceit in obtaining, renewing, or applying for reinstatement orlifting the suspension of a Virginia license.
3. Revocation, suspension, or refusal to reinstate the license of anotherstate for disciplinary reasons.
4. Revocation or suspension of the privilege of practicing before any stateor federal agency or federal court of law.
5. Dishonesty, fraud, or gross negligence in providing services to anemployer using the CPA title, in providing services to the public using theCPA title, or in providing attest services or compilation services.
6. Dishonesty, fraud, or gross negligence in preparing the person's or firm'sown state or federal income tax return or financial statement.
7. Conviction of a felony, or of any crime involving moral turpitude, underthe laws of the United States, of Virginia, or of any other state if the actsinvolved would have constituted a crime under the laws of Virginia.
8. Lack of the competence required to provide services to the public usingthe CPA title for persons and entities located in Virginia or to provideattest services and compilation services to persons and entities located inVirginia, as determined by the Board.
C. The Board may also impose penalties on:
1. A person who does not hold a Virginia license, or who does not meet therequirements to use the CPA title in Virginia under the substantialequivalency provisions of § 54.1-4411, and commits any of the acts prohibitedby § 54.1-4414, or
2. An entity that does not meet the criteria prescribed by subdivision D 1 of§ 54.1-4412.1 and commits any of the acts prohibited by § 54.1-4414.
(2007, c. 804.)