CPE Frequently Asked Questions
Question: Is it possible to get a Board waiver to allow CPE credit for non QAS (NASBA Quality Assurance Services) self study CPE hours obtained after July 1, 2005, but prior to the date the Board notified licensees (letter dated October 14, 2005)?
Answer: No, the Board has reaffirmed it s policy effective July 1, 2005, to only accept self-study programs from CPE sponsors that are approved by the QAS program. No exceptions will be allowed.
Question: Will the Board accept faxed CPE reporting forms or forms that are scanned and attached to emails?
Answer: No, currently the Board will only accept CPE reporting forms that are mailed, sent by FedEx (UPS, etc.), or hand delivered to the Board office.
Question: I reported 4 hours Board approved Ethics CPE on this year’s CPE reporting form in the Ethics column. The program included the required one hour in Mississippi Accountancy Laws, Rules and Regulations. I also attended a 4 hour general ethics program. Must I report the additional hours in the Ethics column, or can I put the hours in the “other” column and carry them over to future compliance periods as other CPE?
Answer: You may record the hours as “other” on the CPE reporting form once you have met the triennial Ethics CPE requirement: 4 hours Board approved ethics including at least 1 hour in Mississippi Accountancy Laws, Rules and Regulations. Note that there is no Ethics CPE carryover from one triennial compliance period to the next compliance period. In addition, once Ethics CPE hours have been reported in any 12 month reporting period, they count toward the triennial Ethics requirement and do not have to be carried forward within the period or listed again.
Question: May I satisfy the ethics CPE requirement by obtaining all four hours related to the Public Accountancy Law and Regulations?
Answer: Yes; however, only a minimum of one CPE credit hour must be in Mississippi Public Accountancy Law and Regulations every three years. The remaining ethics CPE credit hours may be in general ethics or professional conduct requirements. [4.1.3.(b)]
Question: Does an ethics course have to be approved by the Mississippi State Board before it will qualify to satisfy the ethics CPE requirement?
Answer: Yes. A CPA should receive confirmation from the CPE sponsor that a course is approved by the Board for ethics CPE and in what topic area: Ethics-General or Ethics-Rules and Regulations.
The Board must approve content and all aspects of an ethics course before it can be acceptable for Mississippi requirements. If a course is not submitted for preapproval and the Board subsequently disapproves the course, ethics CPE credit would not be accepted. [4.1.3. and 4.3.2.]
Exceptions to this requirement are: for a CPA whose primary employment is in a State that has an ethics CPE requirement and the CPA complies with that State’s requirement. [4.1.9.]; and effective July 1, 2007, the Board will accept for the Ethics - General subject category programs from these sponsors without further Board review: American Institute of CPAs, CLE (Bar approved continuing legal education), MSCPA and other CPA Societies, and Stat Boards of Accountancy.
Question: As a Mississippi CPA primarily employed in another state but not licensed in that State, may I use that state's CPE ethics course be used to meet the Mississippi ethics requirement?
Answer: No. That individual must complete three hour in ethics CPE approved by the Mississippi Board. [4.1.3]
Question: As a Mississippi CPA primary employed and licensed in another state may that state's CPE ethics course be used to meet the Mississippi ethics requirement?
Answer: Yes. If the individual complies with that state's ethics CPE requirement. Compliance must be documented. [4.1.9]
Question: As a practicing attorney, may I count the one hour of ethics continuing legal education (CLE) that I must obtain for the Bar toward the three hours ethics CPE required by the Board?
Answer: Yes. It could be counted toward general ethics CPE hours. [4.1.3.(b)]
Question: Do the CPE rules now prohibit self-study CPE programs?
Answer: No, however, effective July 1, 2005, the Board will only accept self-study programs from CPE sponsors that are approved by the Quality Assurance Services (QAS) program through the National Association of State Boards of Accountancy (NASBA). This provision does not waive the regulatory requirements of Chapter 4, in particular Section 4.3.6., which prohibits CPE credit for quizzers or programs requiring only the reading of reference guides/materials, professional literature or publications whether or not followed by a test. Therefore, reading of guides (such as PPC, RIA, CCH) or independent study for examinations continues to be prohibited. The AICPA CPE Direct program is now approved by QAS and accepted by the Board. Ethics CPE programs whether self-study, classroom, or other must still be approved by the Board. For a listing of QAS approved sponsors, please refer to learningmarket.org.
Question: For 2010 compliance, does a new CPA licensee that passed the CPA examination (completion of all four exam sections) in the compliance period ending June 30, 2010, have to return the CPE report?
Answer: Yes. All licensees must annually complete the CPE reporting form. The reporting form contains an affirmation for new licensees who passed the exam during the 2010 compliance period. These individuals are exempt from earning CPE but not from completing and returning the CPE reporting form to the Board office by August 1, 2011. [4.1.5.]
Question: Is an individual who the Board granted a Mississippi reciprocal license during the year ended June 30, 2010, exempt from CPE reporting for this first CPE year?
Answer: No. The 2010 CPE reporting form must be completed and returned to the Board office by August 1, 2011. [4.1]
Question: When can a new CPA licensee begin accumulating CPE credits for compliance purposes?
Answer: Earned CPE credit hours may be accumulated from the time the CPA examination is passed and carried over to the next compliance period up to 20 hours. [4.1.4. and 4.1.5.]
Question: May an individual studying to take the Certified Internal Auditor exam, Certified Fraud Examiner exam, or other professional exam use either the time spent studying or taking the exam toward the Mississippi State Board of Public Accountancy CPE compliance requirements?
Answer: No. Studying for examinations not established as formal programs of learning and meeting these requirements are not allowable as CPE credit. [4.3.6.(a)]
Question: Calculation of self-study CPE credit can be based on either a 100-minute hour or a 50-minute hour. What calculation is acceptable by the State Board?
Answer: Formal correspondence or other formal individual self-study programs will be based on a 50-minute CPE credit hour. [4.3.6.(a) and 4.4.6.]
Question: May a licensee who also holds an insurance license receive credit for a self-study CPE course that is required by the Mississippi Insurance Department?
Answer: No, as mentioned above, the Board will only accept self-study programs from CPE sponsors that are approved by the Quality Assurance Services (QAS) program through NASBA.
Question: I recently obtained a Mississippi reciprocal license and reported CPE on the reciprocal license application. Must I complete and file the CPE reporting form for the year ending June 30, 2010?
Answer: Yes. All licensees must complete and file a CPE reporting form. This is true even if a licensee is exempt under Rule 4.1.5 (passed exam in current CPE compliance period) or Rule 4.1.9.[a] (primary employment is in another state and you are licensed there and are in compliance with other state's CPE rules).
CPA Examination Frequently Asked Questions