N.Y. Comp. Codes R. & Regs. tit. 8 § 70.8

Current through Register Vol. 46, No. 45, November 2, 2024

Section 70.8 - Registration of a firm

(a) Pursuant to the provisions of Education Law section 7408, a firm shall register with the department if:

(1) the firm is established for the business purpose of lawfully engaging in the practice of public accountancy pursuant to Education Law section 7401(1) and (2); or

(2) except as otherwise provided in section 70.7(a)(2) of this Part, the firm uses the title "CPA" or "CPA firm" or the title "PA" or "PA firm."

(b) A firm of certified public accountants or public accountants engaged in the practice of public accountancy pursuant to Education Law section 7401(3), that does not use the title "CPA" or "CPA firm" or the title "PA" or "PA firm" and does not engage in the practice of public accountancy pursuant to Education Law section 7401(1) and (2), may register with the department under this section.

(c) An application for registration of a firm shall include:

(1) a list of all offices within this State, including the name of the person(s) in charge of such offices;

(2) a list of all states in which the firm has applied for or holds registrations, licenses, or permits as a public accounting firm;

(3) a list of any past denial, revocation, or suspension of a license, registration or permit by any other state or jurisdiction within the last three years;

(4) a list of all partners, owners or shareholders of the firm, including state(s) of licensure;

(5) a list of all certified public accountants or public accountants whose principal place of business is New York or who are otherwise authorized to practice in New York and who are responsible for supervising attest or compilation services or signing or authorizing someone to sign the accountant's report on financial statements on behalf of the firm;

(6) affirmation by the firm that the individuals listed pursuant to paragraph (5) of this subdivision meet the following competency requirements set forth in section 29.10(a)(13) of this Title;

(7) confirmation acceptable to the department that the firm is appropriately authorized to do business in New York State;

(8) confirmation acceptable to the department that at least one partner of a partnership or limited liability partnership, member of a limited liability company or shareholder of a professional service corporation or the sole proprietor who is licensed or otherwise authorized to practice under article 149 of the Education Law and that his or her license to practice is not currently suspended, annulled or revoked in any jurisdiction and he or she is regularly engaged in practice on behalf of the firm within the State;

(9) affirmation that the firm has not violated the provisions of article 149 of the Education Law, any other applicable laws and such other requirements that the department may impose; and

(10) payment of a firm registration fee pursuant to subdivision (d) of this section.

(d) The fee for a firm registration shall be:

(1) $50 for each office of the firm located in New York State or $50 for the firm if the firm has no offices located in New York; and

(2) $10 for the sole proprietor or each general partner of a partnership or partner of a limited liability partnership, member of a limited liability company or shareholder of a professional service corporation whose principal place of business is located in New York and for each certified public accountant or public accountant licensed in New York State that signs or authorizes someone to sign an engagement on behalf of a New York State client but whose principal place of business is not located in New York State. Any firm that registers with the department pursuant to the provisions of Education Law section 7408, but does not have a sole proprietor or a general partner of a partnership or a partner of a limited liability partnership, or a member of a limited liability company or a shareholder of a professional service whose principal place of business is in New York State, shall pay $10 for the firm.

(e) A firm offering or rendering professional services via a website shall provide the address of the firm's principal place of business, the firm's principal state of licensure or registration and a means to contact the person in charge of the firm regarding complaints, questions, or regulatory compliance on the firm's homepage of their website.

(f) In accordance with Education Law section 7408 and the rules of the Board of Regents, the Board of Regents may revoke a registration issued under this section or take other action pursuant to a consent order or surrender of registration, in the same manner and to the same extent as is provided with respect to individuals licensed pursuant to article 149 of the Education Law, or pursuant to a settlement in which the firm neither admits nor denies the allegations of professional misconduct, or after a hearing conducted in accordance with the procedures set forth in Education Law section 6510 upon proof of the following:

(1) that the registration was obtained by either misrepresentation or suppression of any material fact;

(2) that the license or authorization to practice of any sole proprietor, partner of a partnership or limited liability partnership, member of a limited liability company or shareholder of a professional service corporation is suspended, annulled or revoked in any jurisdiction;

(3) that any sole proprietor, partner of a partnership or limited liability partnership, member of a limited liability company or shareholder of a professional service corporation in such firm is or has been engaged in the practice of public accountancy in this State who is not licensed or otherwise authorized to practice in this State;

(4) that the firm failed to file annually on or before the anniversary of the date of the firm's first registration, written notification of:

(i) any admission of a partner, member or shareholder;

(ii) any resignation, termination, retirement or death of a partner, member or shareholder;

(iii) any termination of a firm;

(iv) any change in the number or location of offices within this State and any change in the identity of the persons in charge of such offices; or

(v) any occurrence of any event or events which would eliminate as to such firm conformity with the applicable requirements of this section.

(5) Effective January 1, 2012, a firm seeking to re-register with the department shall submit a copy of its most recently completed peer review report performed in accordance with the provisions of Education Law section 7410, with its application for re-registration.

N.Y. Comp. Codes R. & Regs. Tit. 8 § 70.8

Amended New York State Register March 28, 2018/Volume XL, Issue 13, eff. 3/28/2018