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October 2009

The Long Arm of the Law

The Regulatory Reach of New York's Accountancy Reform

On January 27, 2009, Governor David A. Paterson signed into law a sweeping reformm to the law regulating the CPA profession in the state of New York. These changes, which became effective July 26, 2009, have far-reaching effects both inside and out-side the state. The new law requires that any out-of-state CPA whose principal place of business is within New York State must obtain a New York license and therefore register with the state if using the professional skills and competencies of a CPA under an expanded definition of the scope of practice. In addition, the inclusion of NewYork–licensed CPAs working in private industry, government, nonprofit, and academia means that thousands of New York CPAs who were not previously regulated by the state now need to register, satisfy continuing professional education (CPE) requirements, and uphold the ethical standards set by the state. Out-of-state CPAs whose principal place of business is outside of New York but who work within the state need to be aware of the new cross-border practice privileges for nonattest services and temporary practice permits for attest and compilation services.

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