Commonwealth of the Northern Mariana Islands (original) (raw)

Before applying for a CPA license through NASBA’s Licensing Service, please familiarize yourself with this jurisdiction’s licensure requirements below. To apply for a CPA license, you will be asked to create a user account upon your first usage of our licensing online application tool. Registering for a user account will allow you to obtain the required documents to submit with your licensure application, apply for the license, maintain your current information and check the status of your license application. Please allow up to two weeks from your file completion date (when application, fees and all additional required materials have been received) for your application to be processed. Acknowledgment of receipt of application will be sent to you via email, unless otherwise indicated. This notice is sent only as acknowledgment of receipt of application. For Individual License: For Firm License: Education All persons wanting to apply for a CPA license in CNMI must complete 150 semester hours of education, including a bachelor’s degree or higher AND one of the following: Option 1: Graduate degree in accounting from an accredited AACSB program. Option 2a: Graduate degree in business from an accredited AACSB program Twenty-four (24) semester hours in accounting at the undergraduate or graduate level to include financial accounting, auditing, taxation and management accounting Option 2b: Graduate degree in business from an accredited AACSB program Fifteen (15) semester hours in accounting at the graduate level to include financial accounting, auditing, taxation and management accounting Option 3: Baccalaureate degree in business from an accredited AACSB program Twenty-four (24) semester hours in accounting at the undergraduate or graduate level to include financial accounting, auditing, taxation and management accounting Twenty-four (24) semester hours in business related courses (other than accounting) Option 4: Bachelor’s degree from a regionally accredited institution (MSA, NWCCU, NEASC-CIHE, SACS, NCA-HLC, WASC-ACSCU) Twenty-four (24) semester hours in accounting at the upper division or graduate level to include financial accounting, auditing, taxation and management accounting Twenty-four (24) semester hours in business related subjects (other than accounting) at the undergraduate or graduate level Exam One general requirement to apply for a CPA license in CNMI is that you must have passed the Uniform CPA Exam. Fees Transfer of Grades – 355Reciprocal–355 Reciprocal – 355Reciprocal–355 Firm – 425Renewal(Individual)–425 Renewal (Individual) – 425Renewal(Individual)–355 Renewal (Firm) – $425 Experience Below are experience requirements you must obtain to apply for a CPA license in CNMI. One (1) year of experience shall consist of full or part-time employment that extends over a period of no less than one (1) year and no more than three (3) years. Acceptable experience shall include employment in public accounting, industry, government and/or academia. Experience may consist of providing any type of services or advice using accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills. Must have no less than 2,000 hours of qualifying experience. Online Applications International Candidates The CNMI Board may designate a professional accounting credential issued in a foreign country as substantially equivalent to a CPA certificate under the following conditions: The CNMI Board shall rely on the IQAB for evaluation of foreign credential equivalency The CNMI Board may accept a foreign accounting credential in partial satisfaction of its domestic credentialing requirements if: the holder of the foreign accounting credential met the issuing body’s education requirement and passed the issuing body’s examination used to qualify its own domestic candidates; and the foreign credential is valid and in good standing at the time of application for a domestic credential The Board may further satisfy itself through qualifying examination(s) that the holder of a foreign credential deemed by the Board to be substantially equivalent to a CPA certificate possesses adequate knowledge of US practice standards and CNMI Board regulations The holder of a CPA certificate issued in reliance upon a foreign accounting credential shall report any investigation undertaken, or sanction imposed, by a foreign credentialing body against the CPA’s foreign credential The foreign authority which granted the designation must make similar provision to allow a person who holds a valid certificate issued by the CNMI to obtain such foreign authority’s comparable designation The foreign designation must: Be duly issued by a foreign authority that regulates the practice of public accountancy and the foreign designation has not expired or been revoked or suspended Entitle the holder to issue reports upon financial statements Have been issued upon the basis of educational, examination, and experience requirements established by the foreign authority or by law Applicant must have: Received the designation based on educational and exam standards substantially equivalent to those required by CNMI, at the time the foreign designation was granted Completed an experience requirement substantially equivalent to CNMI’s requirement for initial certificate, in the jurisdiction which granted the foreign designation or has completed five years of experience in the CNMI or meets equivalent requirements prescribed by the CNMI Board by rule, within the ten years immediately preceding the application Passed a uniform qualifying exam in national standards (and an exam on the laws, regulations and code of ethical conduct in effect in this Territory) acceptable to the CNMI Board Reciprocity To apply for a reciprocal license in CNMI one must satisfy the requirements below: Holds an active license from a substantially equivalent jurisdiction. Has five years of public accounting experience within the 10 years immediately preceding the date of application. Renewals Individual Renewal Period September 30 – December 31 (every three years) CPE Requirements Total = 120 CPE hours which meet the standards set forth in the Statement on Standards for Continuing Professional Education Programs approved by NASBA and the AICPA. A minimum of (20) credit hours must be taken each year within the three year reporting period. (4) credit hours in professional ethics of CPAs, the content of these courses must be based on the Code of Professional Conduct of the AICPA and the courses must be provided by registered sponsors earned on location in CNMI. Firms Renewal Period September 30 – December 31 (every three years) Firm Renewal Requirements Submit evidence of undergoing a peer review within 3 years of the application date. Firms To apply for a firm license in CNMI, a firm must meet the following general and peer review requirements: General Requirements A firm must hold a permit issued by the CNMI Board in order to practice public accountancy in CNMI Applicants for firm permit must show that each sole proprietor, partner, officer, shareholder, member or manager who regularly works in the CNMI holds a valid certificate issued by the CNMI Board, and that each other partner, officer, shareholder, member or manager holds a certificate and is licensed to practice public accountancy in some state Permit holders are required to register each office of the firm within the CNMI with the Board and to show that each such office is under the charge of a person holding a valid certificate issued by the CNMI Board A sole proprietor may apply jointly for a certificate and a firm permit Peer Review Requirement A certificate holder who issues compilation reports, other than through a CPA firm that holds a permit in CNMI, must undergo a peer review. The CNMI Board may require a licensee to undergo a peer review as a condition of renewed licensing

USEFUL LINKS CNMI State Board CNMI licensing page in ALL FORMS CNMI Accountancy Statutes Wall Certificate Order Form CONTACT US Toll Free: (866) 350-0017 Email: [email protected] Mail: NASBA Licensing Services PO Box 198589 Nashville, TN 37219