july 26 2021 meeting of the nc state board of cpa examiners

1101 Oberlin Road, Suite 104 • PO Box 12827 • Raleigh NC 27605 • (919) 733-4222 • Fax (919) 733-4209 • nccpaboard.gov

North Carolina State Board of Certified Public Accountant Examiners

The North Carolina State Board of CPA Examiners will conduct its July 26, 2021, meeting via WebEx. To request an invitation to the WebEx meeting, send your full name, email address, telephone number, and firm/employer name to [email protected] by 3:00 p.m. on Thursday, July 22, 2021.

http://www.nccpaboard.gov/

mailto:[email protected]

PUBLIC SESSION AGENDA NORTH CAROLINA STATE BOARD OF CPA EXAMINERS

JULY 26, 2021 10:00 A.M.

1101 OBERLIN ROAD RALEIGH, NC

I. Administrative ItemsA. Call to Order

In accordance with North Carolina General Statute 138A-15(e), it is the duty of every Boardmember to avoid both conflicts of interest and appearances of conflict. Does any Boardmember have any known conflict of interest or appearance of conflict with respect to anymatters coming before the Board today? If so, please identify the conflict or appearance ofconflict and refrain from any undue participation in the particular matter involved.1. Public Hearing Case No. C2020059 – Scott C. Coyle, NC CPA No. 34816 (ACTION)2. Acceptance of Proposed Decision by Consent – Leon L. Rives II,

Case No. 20 CPA 02840 (ACTION)B. Welcome and Introduction of GuestsC. Approval of Agenda (ACTION)D. Minutes (ACTION)E. Financial/Budgetary Items

1. Financial Statements for June 2021 (ACTION)

II. Legislative & Rule-Making Items

III. National Organization ItemsA. NASBA Annual Meeting (FYI)

IV. State & Local Organization Items

V. Committee ReportsA. Professional Standards (ACTION)B. Professional Education and Applications (ACTION)C. Audit Committee (ACTION)

VI. Executive Staff and Legal Counsel ReportA. Operational Metrics (FYI)B. Executive Staff Report (FYI)

VII. Public Comments

VIII. Closed Session

IX. Adjournment

PUBLIC SESSION MINUTES North Carolina State Board of CPA Examiners

June 28, 2021 Via Videoconference 1101 Oberlin Road Raleigh, NC 27605

MEMBERS ATTENDING: Barton W. Baldwin, CPA, President; Bernita W. Demery, CPA, Vice President; Gary R. Massey, CPA, Secretary-Treasurer; Michael S. Massey, CPA; Wanda B. Taylor, Esq., and Jennifer Van Zant, Esq. (all by simultaneous communication).

STAFF ATTENDING: Robert N. Brooks, Executive Director; David R. Nance, CPA, Deputy Director; Frank Trainor, Esq., Staff Attorney; Lisa R. Hearne, Communications Officer; Buck Winslow; Licensing Manager; and Noel L. Allen, Esq., Legal Counsel (all by simultaneous communication).

GUESTS: Sharon Bryson, CEO, NCACPA; Mark Soticheck, CPA, COO, NCACPA; and Arleen Thomas, NCACPA Board of Directors (all by simultaneous communication).

CALL TO ORDER: President Baldwin called the meeting to order at 10:07 a.m.

AGENDA: Mr. M. Massey moved, and Ms. Demery seconded the motion to approve the revised agenda. Motion passed with six (6) affirmative votes and zero (0) negative votes.

MINUTES: Mr. G. Massey moved, and Ms. Van Zant seconded the motion to approve the May 24, 2021, meeting minutes as submitted. Motion passed with six (6) affirmative votes and zero (0) negative votes.

FINANCIAL AND BUDGETARY ITEMS: Mr. G. Massey moved, and Mr. M. Massey seconded the motion to approve the May 2021 financial statements as submitted. Motion passed with six (6) affirmative votes and zero (0) negative votes.

Mr. Nance informed the Board that Bernard Robinson & Company, L.L.P. completed the 2020-2021 audit. The Audit Committee will review and discuss the audit before adding it to the Board’s July 26, 2021, meeting agenda for Board approval.

Mr. Nance stated that as of Friday, June 25, 2021, the Board had received one response to the Request for Proposal (RFP) for Selection of an Investment Advisory Firm. He anticipates receiving one or two additional responses by the June 30, 2021, deadline.

NATIONAL ORGANIZATION ITEMS: The Board members discussed the NASBA Regional Virtual Meeting held on June 22-23, 2021. President Baldwin said that he found the meeting interesting and informative, especially the discussion of the future of accounting education and coursework and the developments in college and university accreditation.

ITEM I-D

Public Session Minutes June 28, 2021

Page 2

Mr. Nance provided an overview of the CPA Exam transition policy presented by Colleen Conrad, NASBA Executive Vice President, and Michael Decker, AICPA Vice President, Examinations, at the Regional Meeting. Mr. Nance stated he was pleased that the policy does not create additional hurdles for Exam candidates. He surmised that the Board might see an increase in the number of candidates who attempt to pass BEC before the January 1, 2024, Exam launch. Mr. Nance said he felt that NASBA, the AICPA, and all other parties involved in the policy put a great deal of effort and time into creating a fair transition policy.

Mr. G. Massey moved, and Ms. Taylor seconded the motion to approve the amended response to the AICPA Exposure Draft, Proposed interpretations and definition - Responding to Noncompliance With Laws and Regulations (Appendix I). Motion passed with six (6) affirmative votes and zero (0) negative votes.

President Baldwin disclosed that a survey at the Regional Meeting revealed that most people plan to attend the 114th NASBA Annual Meeting in person. Because of lingering concerns about COVID and some jurisdictions' travel restrictions, NASBA will offer a concurrent virtual version of the meeting. Mr. Nance said he would provide information about the October 31-November 3, 2021, meeting when it is available from NASBA.

STATE AND LOCAL ORGANIZATION ITEMS: President Baldwin asked Ms. Bryson to share any NCACPA-related information that might be of interest to the Board. Ms. Bryson said about 300 people viewed the online 2021 CPA Inauguration/New CPA Celebration. Ms. Bryson thanked President Baldwin and Vice President Demery for recording remarks for the event and expressed her appreciation to the Board for its ongoing support.

Ms. Bryson and Mr. Soticheck updated the Board on the work of the NCACPA’s succession planning task force. Ms. Bryson stated that the expanded task force is more diverse and includes members from more geographic areas. The task force will meet monthly and initially focus on education and awareness. Mr. Soticheck explained that the NCACPA would incorporate succession planning information into its CPE offerings and other programs. Expanding the network of professionals available to provide practice continuance assistance is a priority. Ms. Bryson and Mr. Soticheck emphasized that CPAs are passionate about succession planning and its importance to the profession.

REPORT OF THE PROFESSIONAL STANDARDS COMMITTEE: The Board approved with six (6) affirmative and zero (0) negative votes the following recommendations of the Committee as presented by Ms. Van Zant.

Case No. C2021054 - Pauline K. Chan - Approve the signed Consent Order (Appendix II).

Case No. C2021046 - Carrie B. Hutton - Approve the signed Consent Order (Appendix III).

Case No. C2021008 - Close the case without prejudice.

Case No. C2021028 - Close the case without prejudice with a Letter of Warning.


Page 3




REPORT OF THE PROFESSIONAL EDUCATION AND APPLICATIONS COMMITTEE: The Board approved with six (6) affirmative and zero (0) negative votes the following recommendations of the Committee as presented by Ms. Taylor.

Reciprocal Certificate Applications - Approve the application for reciprocal CPA certification submitted by Lei Wang.

Temporary Permits - Approve the following temporary permits approved by the Deputy Director:

Jason M. Klein, T12494 Brianna Nicole Roberts, T12495 Jacqueline Eileen McArdle, T12496 Daniel Phillip Domonkos, T12497 Chandler Victoria Dew, T12498 Peter M. Zaccheria, T12499 Yasmine Laura Misuraca, T12500 Dominique Wever, T12501 Jaclyn Susanne Sokulski, T12509 Kendall Rae Breshears, T12510 Michael James Baudhuin, T12511 Sam Harry Bachstein, T12512 Leah Marie Hackworth, T12513 Charles N. Conibear, T12514

C’Ara Kisha McCrea, T12515 Ryan Patrick Marlar, T12516 Kyle Patrick Nevins, T12517 Peter Rutkowski, T12518 Ashley Scott Hogan, T12519 Jeffrey Howard Lewis, T12520 Stacy Mark Sessom, T12521 Kaley Marie Pellingra, T12522 Brian Lee Swann, T12523 Chad Westley Cottrill, T12524 Elizabeth Christine Krikke, T12525 Monica Herrera Rodriguez, T12526 Mohammad M. Bishawi, T12527

Reinstatements - Disapprove the application for certificate reinstatement submitted by Aaron Louis Blackmor.

Firm Registrations - Approve the following firm registration applications approved by the Deputy Director:

J. Acob, CPA, PLLCEsser CPA, PLLCPatricia Hyldburg, CPA, PLLC

A. Shin, CPA PLLCAmanda L Wolfe CPA, PLLCCollette Woodruff, PC

Rescind Letters of Warning - Approve rescinding the Letter of Warning issued to Jamison Walter Buehler, #40081.

Rescind Probationary License Status - Approve the request for rescinsion of probationary license status submitted by Erica Ariana Propst, #44600.


Page 4

Examinations - Approve the following applications to sit for the Uniform CPA Examination:

Bryan Adams Jennifer Adams Alexander Ade Jeremiah Akinsola Safiya Ali Michael Allan Daniel Allwurden Matthew Andrade Justin Appley Austin Atkinson Eva Azmoudeh Isadora Bailer Shinika Bailey Jason Baird Douglas Baker Prem Balakrishnan Amanda Baltrucki Rhett Barnett Jennifer Barrow Erin Beaird Jonathan Beck Kristin Beck Victoria Best Maureen Binter Daniel Bodenhamer Kristen Boley Aaron Braud Emily Breazeale Collin Brooks Ethan Brotherton Kaitlin Brown Scott Buckstad Christopher Burdick Chelsea Burney Justin Byrd Rudy Cabral Logan Caldwell Nolan Cambio Tyler Campbell Rocio Carbajal Brianna Cardwell Ryan Carson Sydney Carter Zachary Carver

Jonathan Cauble Kathleen Chambers Elaina Chen Nicholas Chilcutt Shane Choi Moses Chung Jessica Cianfrocca Anna Ciraco Marlon Clair Sharp Nicole Colmenares Bobbie Colomb Lenvil Coltrane Jake Compton Kassandra Cook Callie Copeland Amanda Crnic Addison Crowley Chase Crump Vincent Cuozzo Carson Cutright Stefan Davies Ashlyn Day Derik Dean Madison Dean Daniel Deas Anthony DeMarco Heidi Diegelman Brandon Dillingham Scott Douglas Allison Ducote Derek Duin Richmond Dunaway Jason Edelmann Tracie Edens Sara Ellis Alec Esoda Stacy Feldman Elizabeth Ferguson Shane Ferrero Austin Fishel Ryan Forbes Molly Foster Shane Fox Rohsaan Francis


Page 5

Samantha Frink Amanda Gadd Tracettia Gaither Jessica Garver Anatasha George John Gibson Kyle Gilman Lee Grantham Nicole Griffes Rachel Grote Andrea Guenther Mary Guest Olivia Guidone Connor Haggarty Zachary Halsey Donnetta Hanson Tanikya Harmon Blake Harrington Karen Harshman David Hartley Brett Hederick Anna Hendrick Callie Hendrick Megan Higgins Gabrielle Hoang Kathryn Hollis Molly Holloman Tiffany Hough Myisha Hoyle Marcus Hughes Christopher Hui Ayokunle Ilesanmi Henley Irby Ibreta Jackson Joshua Jackson Timothy Jackson Anish Jagath Justine James Mekeia Jenkins Cassandra Johnson Matthew Kalaf Jonathan Kane Jenny Kerley Ashley Kerr Lauren Kirkpatrick Julian Klein

Ginamarie Klos William Knabe Nicholas Koller Barrett Krimminger Brooke Lane Joshua Lane Benjamin Lasovsky Camie Le Megan Leasure Hannah Leskovec Yunuem Leyva Bedolla Ben Liboon Courtni Lincke Jessica Louros Zachary Lowman Samuel Main Matthew Mardjanov Caroline Martin Sonja Martin Juan Matamoros Grijalba Isamar Mateos-Valle Timothy Mauss Conor McCraw Roy McDonald Kristi McGaha Maura McKinney Diamond McKoy Morgan Merrill Jack Mock Alex Moore Andrew Moore Kelly Moore Jose Morales Rivera Adam Morris Hannah Moyles Abbey Mullen Alexandra Murphy Kathryn Nelson Henson Nguyen Thu Nguyen Anton Norris Taylor Norris Anne Nutter Daniel Ogbamichael Taylor Parks Hemangini Parmar


Page 6

David Pascual Aishni Patel John Pearce Tyler Pellarin Gail Perkins Samantha Petrelli Kalejah Pierce Joseph Pollard Caroline Ponchock Sally Jeanne Probst Laura Purdy Samantha Raburn Jana Reeve Olivia Richardson Sophie Ricks Katelyn Roberts William Roberts Rachel Roeth Precious Rogers Sierra Rolon Tyler Roten Steven Sasser Heather Shamblin Jill Shaw Heather Shelton Audrey Sigmon Rose Sims Rakita Sledge Patrick Stewart Teresa Striblin Andrew Strickland Ashley Strickland Daniel Sullivan Kensley Sutton Sean Tait Abigail Tenaglia Benjamin Thompson Matthew Tipton Sarah Todd

Stephen Tousignant Jeremy Truhel Ethan Tuby Matthew Tyndall Matthew Vaden Samuel Van Heukelom Julianne Vanderkwaak Jill Vang Christopher Vaughn Thomas Vaughn Alex Vazquez Laura Vega Tejada Emilie Vincitorio Malorie Virovets Angela Vite Linsey Wade John Walkowski Rusty Walser Damita Washington Lewis Watson Ella Webster Courtney Wells Rachel Wells David Wheeler Margaret Wheeler Brian White Matthew White William White Vandeth Wingo Carly Wolk Nathan Wonsch Kiersten Woodring Annie Woodward Caitlin Yarberry Jonathan Yavorsky Derek Zealy-Wright Anna Zhao Liudmila Zill

Requests for Extension of Exam Section Credits - Approve five score extension requests until the date requested, not to exceed 60 days. The extension requests focused on the COVID-19 pandemic closure of the Prometric Exam Centers.

Internal Policy on Extension of Exam Section Credits - Approve an internal policy on the extension of Exam section credits. To be eligible, 1) the candidate must request a section credit


Page 7

extension, and 2) the extension must be based on losing part of their 18-month credit window for a section due to the pandemic-related closure of the Exam centers. The credit expiration date would be extended to the requested date, not to exceed 60 days.

Other - Approve a request from a potential CPA Exam candidate for pre-determination of their Exam qualifications in light of the individual’s criminal history in accordance with NCGS 93B-8.1(b6).

REPORT OF THE STRATEGY COMMITTEE: Mr. M. Massey informed the Board that the Strategy Committee met on June 11 and discussed the modernization of technology for efficient engagement with stakeholders. The Committee concluded that consulting outside resources to improve the Board’s technology, including the database/licensing software, is necessary. Mr. Massey stated that the Board staff is reviewing the paper-based and PDF forms and applications to determine which documents to convert to an online format.

The Committee reviewed the Uniform CPA Exam voucher program’s 2015-present response rate. Mr. Massey stated that although the response rate is high, there is always room for improvement. Ms. Demery will develop a model presentation to use when communicating with universities about the voucher program.

Mr. Massey said the Committee would meet on the third Friday of each month to discuss the strategic plan.

REPORT OF THE EXECUTIVE COMMITTEE: The Board approved with six (6) affirmative and zero (0) negative votes the Executive Committee’s decision to approve Friday, June 18, 2021, as a paid holiday for the observance of Juneteenth National Freedom Day (“Juneteenth”). Mr. Nance explained that in 2007, the State of North Carolina enacted legislation recognizing June 19 as Juneteenth National Freedom Day effective upon its designation as a federal holiday. On Friday, June 18, 2021, President Biden signed the Juneteenth National Independence Day Act, establishing June 19 as a federal holiday. Mr. Baldwin stated that current North Carolina statutes allow a maximum of 12 paid holidays. Unless the General Assembly increases the number of paid holidays, the Board must eliminate one of the remaining 2021 holidays to comply with the statutes. Mr. Nance will apprise the Board of any action taken by the General Assembly on this matter.

EXECUTIVE STAFF AND LEGAL COUNSEL REPORT: The Board reviewed the monthly operational metrics and Executive staff report. Mr. Nance pointed out that the number of Exam applications was up significantly from last year when testing was limited because of the pandemic.

PUBLIC COMMENTS: Ms. Bryson shared that she found Dr. Yvonne Hinson’s NASBA Regional Meeting presentation on accounting education informative, especially since it included the most current information about the CPA pipeline.

Ms. Thomas, a former AICPA vice president, stated that she was encouraged by the increase in applicants for the Uniform CPA Exam.


Page 8

CLOSED SESSION: Ms. Van Zant moved, and Ms. Demery seconded the motion to enter Closed Session to discuss legal matters. Motion passed with six (6) affirmative and zero (0) negative votes.

PUBLIC SESSION: The Board re-entered Public Session and Ms. Van Zant moved, and Ms.Taylor seconded the motion to authorize Board staff to proceed with a proposed settlement offer for the Rives matter before the Office of Administrative Hearings. Motion passed with six (6) affirmative and zero (0) negative votes.

ADJOURNMENT: Ms. Taylor moved, and Ms. Demery seconded the motion to adjourn the meeting at 11:19 a.m. The motion passed with six (6) affirmative and zero (0) negative votes.

Respectfully submitted: Attested to by:

David R. Nance, CPA Barton W. Baldwin, CPA Deputy Director President

North Carolina State Board of Certified Public Accountant Examiners

June 28, 2021

Brian S. Lynch, Chair AICP A Professional Ethics Executive Committee 220 Leigh Farm Road Durham, NC 27707-8110

Dear Committee Members:

The North Carolina State Board of CPA Examiners (Board) has reviewed the Exposure Draft, Proposed interpretations and definition - Responding to Noncompliance With Laws and

Regulations prepared by the American Institute of Certified Public Accounts (AICP A) Profession Ethics Executive Committee (PEEC). The draft re-exposes for comment revisions to new interpretations for members "Responding to Noncompliance with Laws and Regulations" that would be added to the AICPA Professional Standards. The proposal seeks to provide specific guidance for members who encounter noncompliance with laws or regulations (NOCLAR) or suspected NOCLAR. The Board offers the following comments:

The Board agrees with PEEC's decision to separately identify the responsibilities for members who provide financial statement attest services and members who offer services other than financial statement attest services. When conducting a financial statement attest service, the highlevel objectives of the member include obtaining reasonable assurance as to whether a client's financial statements are free from material misstatement, thereby allowing the member to express an opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework (such as generally accepted accounting principles). This higher-level expectation should require more direct interaction with those charged with governance to address any suspected NOCLAR matters.

The Board agrees with PEEC's decision to exclude litigation and investigation engagements from being subject to the interpretation. For a litigation engagement, the member will be providing professional assistance to lawyers in a litigation process. The objective of an investigation engagement involves systemically gathering and reviewing evidence to document the presence of specific wrongdoing or noncompliance and provide a conclusion to the engaging party. Both situations could include services to be perfonned that specifically address possible known or suspected NOCLAR. As such, the Board agrees compliance with the interpretation would be inconsistent with its intended purpose.

1101 Oberlin Road, Suite 104 • PO Box 12827 • Raleigh, NC 27605 • (919) 733-4222 • Fax (919) 733-4209 • nccpaboard.gov

Appendix I

AICPA Professional Ethics Executive Committee June 28, 2021 Page 2

Finally, the Board agrees that a one-year transition period for the effective date of the interpretation is appropriate. This exposure of the interpretation appears to address many of the concerns with the March 2017 exposure expressed by the profession. It also seems that this presentation adequately addresses any concerns about member confidentiality requirements. The guidance appears relevant, and the interpretation's lengthy previous exposure period suggests that most practitioners should be aware of the interpretation's implications. As such, a one-year transition period should be sufficient.

The Board appreciates the opportunity to provide comments related to the proposed revisions and clarifications in the AI CPA Code of Professional Ethics.

Sincerely,

��A#� Barton W. Baldwin, CPA President

NORTH CAROLINA WAKE COUNTY

IN THE MATTER OF: Pauline K. Chan, CPA, #30536

Respondent

BEFORE THE NORTH CAROLINA STATE BOARD OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS

CASE #C2021054

CONSENT ORDER

THIS CAUSE, coming before the North Carolina State Board of CPA Examiners ("Board") at its offices at 1101 Oberlin Road, Raleigh, Wake County, North Carolina, with a quorum present. Pursuant to N. C. Gen. Stat. § 150B-41, the Board and Respondent stipulate to the following:

1. Pauline K. Chan, CPA (hereinafter "Respondent"), is the holder of North Carolinacertificate number 30536 as a Certified Public Accountant.

2. The Respondent informed the Board on her 2019-2020 individual certificate Renewal("Renewal") that between January 1, 2018, and June 30, 2019, she had obtained therequisite forty ( 40) hours of continuing professional education ("CPE") to meet the2018 CPE requirements.

3. Based on the Respondent's representation, the Board accepted her Renewal.

4. Board staff requested that the Respondent provide certificates of completion for theCPE reported to meet her 2018 and 2019 requirements.

5. The Respondent was unable to provide documentation for all of the forty (40) hoursof 2018 CPE hours that she claimed on her 2019-2020 annual renewal.

6. Pe;: Section 3.20 0f Session L:w; 2020-97, the Ncrth Carolina Genera•. Assembly hasauthorized State agencies to exercise regulatory flexibility during the Coronavirusemergency in order to protect the economic well-being of the citizens and businessesof North Carolina. The Board finds that allowing the Respondent to retain an activeCPA certificate, under the facts set forth above, furthers that goal.

7. The Respondent wishes to resolve this matter by consent and agrees that the Boardstaff and counsel may discuss this Consent Order with the Board ex parte, whetheror not the Board accepts this Consent Order as written. The Respondent understandsand agrees that this Consent Order is subject to review and approval by the Boardand is not effective until approved by the Board at a duly constituted Board Meeting.

NC BOARD (_)F

MAY 2 1 202\

CPA EXAMINERS

Appendix II

Consent Order - 2 Pauline K. Chan, CPABASED upon the foregoing, the Board makes the following Conclusions of Law:

1. The Respondent is subject to the provisions of Chapter 93 of the North CarolinaGeneral Statutes and Title 21, Chapter 08 of the North Carolina Administrative Code, including the Rules of Professional Ethics and Conduct promulgated and adoptedtherein by the Board. 2. The Respondent's actions as set out above constitute violations of 21 NCAC 08N.0202(a), .0202(b)(3), and .0202(b)(4).3. Per N.C. Gen. Stat. § 93-12(9) and also by virtue of the Respondent's consent to thisorder, the Respondent is subject to the discipline set forth below.

BASED on the foregoing and in lieu of further proceedings, the Board and the Respondentagree to the following Order: 1. The Respondent's CPA certificate is suspended for one year.2. In light of the aforementioned State policy to exercise regulatory flexibility, theRespondent's suspension is stayed. The stay shall be lifted if the Board finds that theRespondent has engaged in further violations of the Board's Rules of ProfessionalEthics and Conduct. 3. The Respondent shall pay a one thousand dollar ($1,000) civil penalty, to be remittedto the Board with this Consent Order.

CONSENTED TO THIS THE -�l_S_1'h __ DAY OF ___ w]�O&{..........._ __ �(Day) (Month) e£!AAfu� ck� rRespondent

APPROVED BY THE BOARD THIS THE 2-( (Day) DAY OF___,� ____ _, � 0,2,/

(Year) (Month)

NORTH CAROLINA STATE BOARD OF CERTIFIEDPUBLIC ACCOUNTANT EXAMINERS

President NC BOARD OF

MAY 2'1 2021

CPA EXAMINERS

NORTH CAROLINA WAKE COUNTY

IN THE MATTER OF:

BEFORE THE NORTH CAROLINA STATE BOARD OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS

CASE #C2021046

Carrie B. Hutton, CPA, #17782 Respondent

CONSENT ORDER

THIS CAUSE, coming before the North Carolina State Board of CPA Examiners ("Board") at its offices at 1101 Oberlin Road, Raleigh, Wake County, North Carolina, with a quorum present. Pursuant to N. C. Gen. Stat. § 150B-41, the Board and Respondent stipulate to the following:

.l. Carrie B. Hutton, CPA (hereinafter "The Respondent"), is the holder of North Carolina certificate number 17782 as a Certified Public Accountant.

2. The Respondent informed the Board on her 2019-2020 individual certificateRenewal ("Renewal") that between January 1, 2018, and June 30, 2019, she

had obtained the requisite forty (40) hours of continuing professionaleducation ("CPE") to meet the 2018 CPE requirements.

3. Based on the Respondent's representation, the Board accepted her Renewal.

4. The Board staff requested that the Respondent provide certificates of

completion for the CPE reported to meet her 2018 requirements.

5. The Respondent failed to provide documentation of all 2018 ethicsrequirements.

6. The Respondent wishes to resolve this matter by consent and agrees that theBoard staff and counsel may discuss this Consent Order with the Board

ex parte, whether or not the Board accepts this Consent Order as written. TheRespondent understands and agrees that this Consent Order is subject to

review and approval by the Board and is not effective until approved by the

Board at a duly constituted Board Meeting.

NC BOARD OF

MAY 2 4 2021

CPA EXAMINEF?S

Appendix III

Consent Order - 2 Carrie B. Hutton, CPA

BASED upon the foregoing, the Board makes the following Conclusions of Law:

1. The Respondent is subject to the provisions of Chapter 93 of the NorthCarolina General Statutes and Title 21, Chapter 08 of the North CarolinaAdministrative Code, including the Rules of Professional Ethics and Conductpromulgated and adopted therein by the Board.

2. The Respondent's actions as set out above constitute violations of 21 NCAC08N .0202(a), .0202(b)(3), and .0202(b)(4).

3. Per N.C. Gen. Stat.§ 93-12(9), and also by virtue of the Respondent's consentto this order, the Respondent is subject to the discipline set forth below.

BASED on the foregoing and in lieu of further proceedings, the Board and theRespondent agree to the following Order:

1. The Respondent's failure to provide adequate documentation of CPE rendersthe Renewal insufficient and untimely. The Respondent's failure toadequately renew her certificate results in a forfeiture pursuant to N.C. Gen.Stat. § 93-12(15).

2. The Respondent must return her certificate to the Board within fifteen (15)days of her receipt of the Board's notification of its approval of this ConsentOrder.

3. The Respondent may apply for the reissuance of her certificate after one (1)year from the date the Board approves this Consent Order as long as the civilpenalty required in number five (5) of this Order has been timely received bythe Board.

4. The Respondent may apply to return her certificate to acbve status bysubmission and approval of a reissuance application which includes:

a. Application form,b. Payment of the application fee,c. Three (3) moral character affidavits, andd. Forty (40) hours of CPE in the twelve (12) months preceding the application

including an eight (8) hour accountancy law course as offered by the NorthCarolina Association of CP As.

NC BOARD OF

MAY 2 4 2021

CPA EXAMINERS

Consent Order - 3 Carrie B. Hutton, CPA

5. The Respondent shall pay a one thousand dollar ($1,000) civil penalty, to beremitted to the Board prior to submitting a reissuance application.

6. The Respondent agrees that failure to timely comply with any terms of thisagreement and Consent Order shall be deemed sufficient grounds forrevocation of her certificate.

CONSENTED TO THIS THE dlJ DAY OF � , r:i!il21. �ii� �ear)

espondent

APPROVED BY THE BOARD THIS THE z.( DAY OF(Day)

-.

J"'-a,- --� �o.;J,,,/

(Year) (Month)

NORTH CAROLINA STATE BOARD OF CERTIFIED PUBLIC ACCOUNTANT EXAMINERS

President

NC BOARD OF

MAY 2 4 2021

CPA EXAMINERS

Financial Highlights

For the Three Month Period Ended June 30, 2021 Compared to the Three Month Period Ended June 30, 2020

11 Budget Var. Jun-21 II Jun-20

Item I-E-1

II Inc. (Dec.) I

Total Revenue II$ 419,013.87 $ 1,633,345.90 $ 1,sss,s91.93 I $ 47,753.971 ■Total Operating Revenue II$ 418,182.46 $ 1,617,749.25 $ 1,561,312.16 $ 56,437.09 [ ❖Total Net Non Operating Revenue II$ 831.41 $ 15,596.65 $ 24,279.77 $ (8,683.12) OTotal Expenses II$ (19,541.19) $ 639,300.50 $ 611,986.93 $ 27,313.57

IIncreaseQ)e� Net Assets for Period I $ 994,045.40 $ 973,605.00 $ 20,440.40 !Total Checking and Savings $ 3,190,206.38 $ 2,180,766.76 $ 1,009,439.62 [Total Assets $ 5,334,775.28 $ 5,119,314.471$ 215,460.81

I II !Full-Time/Part-Time Employees 11/1 12/2 !I

Budget: ■ Operating revenue was $418,000 over budget. Certificate fees increased ($399k), primarily due to the

timing of collection. Received more June payments normally collected in July.

❖ Non-Operating revenue was $800 over budget due to interest earnings.

0 Expenses were under budget by $19,500. Key variances individually were increased exam costs ($15k), offset by reduced operational expenses including travel office expenses (-$10k), legal and investigative (-$9k), and postage/printing (-$8k) due to the timing of their payment.

Actual: ■ Total operating revenue increased from prior yeai: by $56,000. Increase related to increased certificate

fee revenue (+$18k) and higher exam fee reven_u.e (+$39k).

•!• Total net non-operating revenue decreased this period compared to prior by $8,700 primarily due decreased interest income as Board seeing significantly lower earning rates.

0 Total expenses increased from prior period by $27,000. The majority of the increase can be explained by increased costs related to the exam fees (+$24k) and Dues/Subscriptions (+$5k), the latter due to 3-year renewal of data software licenses.

I

07/02/21

NC Board of CPA Examiners

Statement of Net Position As of June 30, 2021

Long Term Liabilities 2020 · Accrued Vacation

Total Long Term Liabilities

Total Liabilities

Net Assets·. 3010 · Net Assets Invest in Cap Assets 3020 · Designated for Capital Assets 3031 · Designated-Operating Expenses

- 3040 · Designated for- Litigation3900 · Net Assets Undesignated Change in Net Assets

Total Net Assets'

TOTAL LIABILITIES &-NET AS.SETS:

Jun 30, 21

71,555.27

71,555.27

406,153.31

Jun 30, 20

83,283.27

83,283.27

433,076,61

833,084 50 861,680.96

100,000 00 100,000.00 300,000.00 300,000.00

.1;000,0QQ,0Q · · 1,QQQ,.OOO rQQ __ 1,701,492.07 1,450,951.90

994,045.40 973,605.00

4,928,621.97 4,686,237.86

5,334,775.28 5,119,314.47

Page 2


07/02/21 Statement of Revenues & Expenses Year-to-Date Comparison

Apr -Jun 21

Ordinary Income/Expense Income

Certificate Fees 4110 · Certificates - Initial 10,200.00

4120 · Certificates - Reciprocal 7,000.00

4140 · Certificates - Renewal Fees 1,282,800.00

4150 · Certificates - Reinst/Revoked 300.00

4151 · Certificates - Reinst/Surr 900.00

Total Certificate Fees 1,301,200.00

-exam FeEfRevenue

4001 · Initial Adm Fees 37,720.00

4002 · Re-Exam Adm Fees 39,750.00

4004 · Exam Fees Revenue 251,368.83

4072 · Exam Scholarship Coupon -13,574.58

Total Exam Fee Revenue 315,264.25

Misc 4970 · Duplicate Certificates 125.00

4990 · Miscellaneous 75.00

Total Misc 200.00

Professional Corporation Fees 4250 · PC Registration Fees 1,050.00

4251 · PC Renewal Fees 25.00

4252 · PC Renewal Fees W/Penalties 10.00

Total Professional Corporation Fees 1,085.00 -

Total Income 1,617,749.25

Expense 6690 · Over & Short 0.99

Fringe Benefits 5031 · Retirement - NCLB Contribution 14,298.06

5033 · Retirement - NCLB Administr 147.74

5035 · Health Ins. Premiums 26,151.56

5036 · Medical Reim Plan 8,231.15

Total Fringe Benefits 48,828.51

Board Travel 5120 · Board Travel - Board Meetings 443.71

Total Board Travel 443.71

Apr -Jun 20 --- --

4,100.00

5,300.00

1,272,300.00

400.00

1,300.00

1,283,400.00

36,110.00

32,325.00

212,272.89

-4,084.86

276,623.03

175.00

14.13 -----

189.13

1,100.00

0.00

0.00

1,100.00

1,561,312.16

3.95

14,337.55

636.91

28,202.42

7,430.22 - �- ---

50,607.10

213.90

213.90

Page 1



Apr -Jun 21 Apr-Jun 20 ----

Building Expenses 5800 · Building Maintenance 117.98 0.00

5801 · Electricity 1,706.93 1,703.00

5802 · Grounds Maintenance 2,723.00 1,083.00

5803 · Heat & Air Maintenance 624.25 606.00

5807 · Janitorial Maintenance 3,855.00 3,855.00

5808 · Pest Control Service 150.00 0.00

5810 · Trash Collection 250.71 937.02

5811 · Water & Sewer 328.51 195.69

Total Buitding_fxpens_e§. __ 9,756.38 8,379.71

Continuing Education -Staff 5050 · Continuing Education - Staff 354.36 285.00

Total Continuing Education -Staff 354.36 285.00

Exam Postage 5531 · Exam Postage 120.00 0.00

Total Exam Postage 120.00 0.00

Exam Sitting and Grading 5538 · Exam Vendor Expense 222,899.84 208,480.94

Total Exam Sitting and Grading 222,899.84 208,480.94

Investigation & Hearing Costs 5222 · Investigation Materials 600.00 600.00

5230 · Hearing Costs 219.50 0.00

5250 · Administrative Cost Assessed -500.00 -500.00

5260 · Civil Penalties Assessed -3,000.00 -12,000.00

5261 · Civil Penalties Remitted 0.00 5,508.00

Total Investigation & Hearing Costs -2,680.50 -6,392.00

Legal Expense 5140 · Legal Counsel - Administrative 9,000.00 8,000.00

5211 · Legal Counsel - Litigation 12,413.50 9,963.00

Total Legal Expense 21,413.50 17,963.00

Misc Personnel 5034 · Misc. Payroll Deduction 0.00 0.00

5037 · HSA Deduction 0.00 0.00

5091 · Staff Recruiting 0.00 800.75

5092 · Misc. Personnel Costs 116.68 98.46

Total Misc Personnel 116.68 899.21

Page 2



Apr - Jun 21

Office Expense 5320 · Payroll Service 397.68

5360 · Telephone 1,442.80

5361 · Internet & Website 980.10

5390 · Clipping Service 247.80

5400 · Computer Prog/Assistance 150.00

5405 · Computer Software Maintenance 29,970.85

5410 · Dues 565.00

5420 · Insurance 250.00

5445 · Banking Fees 488.37

-- 5450-.._Credit-Card-Fees-- 12,.783 . .47 ..

Total Office Expense 47,276.07

Per Diem - Board 5110 · Per Diem - Board Meetings 2,000.00

5113 · Per Diem - NASBA Regional 0.00

5117 · Per Diem - NCACPA/Board 0.00

Total Per Diem - Board 2,000.00

Postage 5345 · Postage - UPS 52.51

5340 · Postage - Other 550.00

5341 · Postage - Newsletter 1,875.00

5342 · Postage - Business Reply 150.00

5343 · Postage - Renewal 180.00

Total Postage 2,807.51

Printing 5330 · Printing - Other 0.00

5331 · Printing - Newsletter 5,744.43

5332 · Printing - Certificates 600.25

Total Printing 6,344.68

Repairs & Maintenance 5383 · Maintenance - Postage 752.00

Total Repairs & Maintenance 752 00

Salaries & Payroll Taxes 5010 · Staff Salaries 240,768.80

5030 · FICA Taxes 18,407.77

Total Salaries & Payroll Taxes 259,176.57

Staff Travel 5060 · Staff Travel - Local 84.00

5061 · Staff Travel - Prof Mtgs 0.00

5072 · Staff Travel - NASBA ED/Legal 0.00

Total Staff Travel 84.00

Apr - Jun 20

553.72

1,487.79

1,016.34

372.00

150.00

24,128.05

560.00

241.00

473.21

15,67-6.80

44,658.91

3,000.00

950.00

150.00 ·---

4,100.00

3,032.82

0.00

3,500.00

0.00

0.00 --- -

6,532.82

474.55

3,672.59

935.50

5,082.64

724.00

724.00

238,961.19

17,295.07

256,256.26

13.23

89.70

-199.96

-97 03

Page 3

07/02/21


Statement of Revenues & Expenses Year-to-Date Comparison

Apr - Jun 21 Apr - Jun 20

Subscriptions/References 5370 · Subscriptions/References

Total Subscriptions/References

Supplies 5350 · Supplies - Office 5351 · Supplies - Copier 5352 · Supplies - Computer

Total Supplies

5!:120 · Funueti Depreciation 6999 · Uncategorized Expenses

Total Expense

Net Ordinary Income

Other Income/Expense Other Income

Interest Income 8500 · Interest Income - MMAs 8510 · Interest Income - CDs

Total Interest Income

8200 · Rental Income 8921 · Loss on Sale of Fixed Assets

Total Other Income

Net Other Income

Change in Net Assets

6,534.51

6,534.51

1,429.69

0.00

392.00

1,821.69

11,250.00

0.00

639,300.50

978,448.75

821.20

3,527.72

4,348.92

11,654.53

-406.80

15,596.65

15,596.65

994,045.40

---

1,401.15

1,401.15

1,005.76

177.61

454.00

1,637.37

11,250.00

0.00

611,986.93 --·- - �

949,325.23

1,161.53

11,803.16 ---

12,964.69

11,315.08

0.00

24,279.77

24,279.77

973,605.00

Page 4


07/02/21 Statement of Revenues & Expense - Budget v. Actual April 2021 through June 2021

Apr - Jun 21 Budget $ Over Bu ... - ----

Ordinary Income/Expense Income

Certificate Fees 4110 · Certificates - Initial 10,200.00 12,645.46 -2,445.46

4120 · Certificates - Reciprocal 7,000.00 8,163.64 -1,163.64

4140 · Certificates - Renewal Fees 1,282,800.00 880,000.00 402,800.00

4150 · Certificates - Reinst/Revoked 300.00 500.01 -200.01

4151 · Certificates - Reinst/Surr 900.00 1,374.99 -474.99

4152 · Certificates - Reinst/lnactive 0.00 0.00 0.00

4160 · Certificates - Notification 0.00 0.00 0.00 - --

Total Certificate Fees 1,301,200.00 902,684.10 398,515.90

Exam Fee Revenue 4001 · Initial Adm Fees 37,720.00 41,337.28 -3,617.28

4002 · Re-Exam Adm Fees 39,750.00 35,229.54 4,520.46

4004 · Exam Fees Revenue 251,368.83 227,562.17 23,806.66

4060 · Equivalency Exam Fees 0.00 0.00 0.00

4070 · Transfer Exam Grade Credit 0.00 0.00 0.00

4071 · Exam Review Fees 0.00 0.00 0.00

4072 · Exam Scholarship Coupon -13,574.58 -8,409.94 -5,164.64----

Total Exam Fee Revenue 315,264.25 295,719.05 19,545.20

Misc 4993 · Revenue Suspense 0.00 0.00 0.00

4999 · Board Training 0.00 0.00 0.00

4910 · Educational Program Fees 0.00 0.00 0.00

4970 · Duplicate Certificates 125.00 0.00 125.00

4980 · Copies 0.00 0.00 0.00

4990 · Miscellaneous 75.00 181.82 -106.82

Total Misc 200.00 181.82 18.18

Partnership Fees 4260 · Partnership Registration Fees 0.00 0.00 0.00

4261 · Partnership Renewal Fees 0.00 0.00 0.00

Total Partnership Fees 0.00 0.00 0.00

Professional Corporation Fees 4250 · PC Registration Fees 1,050 00 981.82 68.18

4251 · PC Renewal Fees 25.00 0.00 25.00

4252 · PC Renewal Fees W/Penalties 10.00 0.00 10.00

Total Professional Corporation Fees 1,085.00 981.82 103.18

Total Income 1,617,749.25 1,199,566.79 418,182.46

Expense 6900 · Bad Debit Expense 0.00 0.00 0.00

6690 · Over & Short 0.99 0.00 0.99

Page 1



Apr - Jun 21 Budget $ Over Bu ...

Fringe Benefits 5031 · Retirement - NCLB Contribution 14,298.06 14,251.58 46.48

5033 · Retirement - NCLB Administr 147.74 1,644.49 -1,496.75

5035 · Health Ins. Premiums 26,151.56 30,473.00 -4,321.44

5036 · Medical Reim Plan 8,231.15 9,355.16 -1,124.01

5038 · Unemployment Claims 0.00 0.00 0.00

Total Fringe Benefits 48,828.51 55,724.23 -6,895.72

Board Travel 5120 · Board Travel - Board Meetings 443.71 1,463.46 -1,019.75

·-- - -5 -12-r

; BcrarcJTravel -� Prof Mi'fetings----·

0.00 -· 750.00 -�750:00··

5122 · Board Travel - NASBA Annual 0.00 0.00 0.00

5123 · Board Travel - NASBA Regional 0.00 0.00 0.00

5124 · Board Travel - NASBA Committees 0.00 0.00 0.00

5125 · Board Travel -AICPA Council 0.00 850.00 -850.00

5126 · Board Travel - NCACPA Annual 0.00 0.00 0.00

5127 · Board Travel - NCACPA/Board 0.00 0.00 0.00

5128 · Board Travel -AICPA Committees 0.00 0.00 0.00

5129 · Miscellaneous Board Costs 0.00 0.00 0.00 -----

Total Board Travel 443.71 3,063.46 -2,619.75

Building Expenses 5800 · Building Maintenance 117.98 500.00 -382.02

5801 · Electricity 1,706.93 3,249.99 -1,543.06

5802 · Grounds Maintenance 2,723.00 1,500.00 1,223.00

5803 · Heat & Air Maintenance 624.25 750.00 -125.75

5804 · Improvements 0.00 0.00 0.00

5805 · Insurance 0.00 0.00 0.00

5807 · Janitorial Maintenance 3,855.00 3,999.99 -144.99

5808 · Pest Control Service 150.00 0.00 150.00

5809 · Security & Fire Alarm 0.00 0.00 0.00

5810 · Trash Collection 250.71 249.99 0.72

5811 · Water & Sewer 328.51 350.01 -21.50

Total Building Expenses 9,756.38 10,599.98 -843.60

Continuing Education -Staff 5050 · Continuing Education - Staff 354.36 584.54 -230.18

Total Continuing Education -Staff 354 36 584.54 -230.18

Exam Postage 5531 · Exam Postage 120 00 375.00 -255.00

Total Exam Postage 120 00 375.00 -255.00

Exam Printing 5533 · Exam Printing 0 00 0.00 0.00

Total Exam Printing 0 00 0.00 0.00

Page 2

07/02/21


Statement of Revenues & Expense - Budget v. Actual April 2021 through June 2021

Exam Sitting and Grading 5539 · Exam Vendor Accommodations 5538 · Exam Vendor Expense

Total Exam Sitting and Grading

Exam Supplies 5532 · Exam Supplies

Total Exam Supplies

lnv_es_tigation& Hearing Costs __ 5220 · Investigator Fees 5221 · Staff Investigation Costs 5222 · Investigation Materials 5230 · Hearing Costs 5231 · Rule-Making Hearing Costs 5232 · Legal Advertising 5250 · Administrative Cost Assessed 5260 · Civil Penalties Assessed 5261 · Civil Penalties Remitted

Total Investigation & Hearing Costs

Legal Expense 5140 · Legal Counsel - Administrative 5141 · Legal Counsel - Spec Projects 5210 · Legal Counsel - Prof Standards 5211 · Legal Counsel - Litigation

Total Legal Expense

Misc Personnel 5034 · Misc. Payroll Deduction 5037 · HSA Deduction 5090 · Flowers, Gifts, Etc. 5091 · Staff Recruiting 5092 · Misc. Personnel Costs

Total Misc Personnel

Office Expense 5301 · Equipment Rent 5310 · Decorations 5320 · Payroll Service 5360 · Telephone 5361 · Internet & Website 5390 · Clipping Service 5400 · Computer Prog/Assistance 5405 · Computer Software Maintenance 5410 · Dues 5420 · Insurance 5430 · Audit Fees 5435 · Consulting Services 5440 · Misc Office Expense

Apr - Jun 21

0.00 222,899.84

222,899.84

0.00

0.00

0.00 0.00

600.00 219.50

0.00 0.00

-500.00-3,000.00

0.00

-2,680.50

9,000.00 0.00 0.00

12,413.50

21,413.50

0.00 0.00 0.00 0.00

116.68

116.68

0.00 0.00

397.68 1,442 80

980.10

247.80 150.00

29,970.85 565.00

250.00 0 00 0 00

0 00

Budget

0.00 208,288.71

208,288.71

0.00

0.00

875.01 0.00 0.00

1,250.01 0.00 0.00

-624.99-1,875.00

0.00

-374.97

13,500.00 0.00 0.00

15,000.00

28,500.00

0.00 0.00 0.00 0.00

666.20

666.20

40.00 0.00

490.28 2,300.01

994.58

600.00 249.99

28,633.24 1,958.64

9,250.00 0.00

249 99

0.00

$ Over Bu ...

0.00 14,611.13

14,611.13

0.00

0.00

-875.010.00

600.00-1,030.51

0.00 0.00

124.99 -1,125.00

0.00

-2,305.53

-4,500.000.00 0.00

-2,586.50

-7,086.50

0.00 0-.00 0.00 0.00

-549.52

-549.52

-40.000.00

-92.60-857.21

-14.48-352.20

-99.991,337.61

-1,393.64

-9,000.00

0.00 -249.99

0.00

Page 3

07/02/21



Apr - Jun 21

5445 · Banking Fees 488.37 5450 · Credit Card Fees 12,783.47

Total Office Expense 47,276.07

Per Diem - Board 5110 · Per Diem - Board Meetings 2,000.00 5111 · Per Diem - Prof Meetings 0.00 5112 · Per Diem - NASBA Annual 0.00 5113 · Per Diem - NASBA Regional 0.00 5114 · Per Diem - NASBA Committees 0.00

. - 5115 .-Per Diem : AICPA CoUncff -ffoo-

5116 · Per Diem - NCACPA Annual 0.005117 · Per Diem - NCACPA/Board 0.00

5118 · Per Diem - AICPA Committees 0.00

5119 · Per Diem - Miscellaneous 0.00

Total Per Diem - Board 2,000.00

Postage 5345 · Postage - UPS 52.51

5340 · Postage - Other 550.00

5341 · Postage - Newsletter 1,875.00

5342 · Postage - Business Reply 150.00

5343 · Postage - Renewal 180.00

Total Postage 2,807.51

Printing 5330 · Printing - Other 0.00

5331 · Printing - Newsletter 5,744.43

5332 · Printing - Certificates 600.25

Total Printing 6,344.68

Repairs & Maintenance 5380 · Repairs - Misc. 0.00

5381 · Maintenance - Copiers 0.00

5382 · Maintenance - Computer 0.00

5383 · Maintenance - Postage 752.00

Total Repairs & Maintenance 752.00

Salaries & Payroll Taxes 5040 · State Unemployment Tax 0.00

5010 · Staff Salaries 240,768.80

5020 · Part-Time Staff Salaries 0.00

5021 · Temporary Contractors 0 00

5030 · FICA Taxes 18,407 77

Total Salaries & Payroll Taxes 259,176 57

Scholarships 5535 · Scholarship 0 00

Total Scholarships 0.00

Budget

500.01

12,151.36 ..

57,418.10

3,463.64 624.99

0.00 0.00 0.00 0;00

800.00 200.00

0.00 200.00

-- - - ..

5,288.63

3,289.49

1,500.00 2,625.00

875.01 624.99

8,914.49

1,500.00 5,839.03

642.40

7,981.43

0.00 575.01

0.00 705.82

1,280.83

0.00 237,527.89

0.00 0.00

18,272.96

255,800.85

0.00

0.00

$ Over Bu ... -

-11.64

632.11

-10, 142.03

-1,463.64-624.99

0.00 0.00 0.00

·o.oo

-800.00-200.00

0.00 -200.00

-3,288.63

-3,236.98

-950.00

-750.00-725.01

-444.99 - - - -·

-6,106.98

-1,500.00-94.60-42.15

-1,636.75

0.00 -575.01

0.00

46.18

-528.83

0.00 3,240.91

0.00 0.00

134.81

3,375.72

0.00

0.00

Page 4



Apr - Jun 21 Budget

Staff Travel 5060 · Staff Travel - Local 84.00 0.00

5061 · Staff Travel - Prof Mtgs 0.00 150.00

5062 · Staff Travel - NASBA CPE 0.00 0.00

5070 · Staff Travel - NASBA Annual 0.00 0.00

5071 · Staff Travel - NASBA Regional 0.00 0.00

5072 · Staff Travel - NASBA ED/Legal 0.00 0.00

5073 · Staff Travel - NASBA Committee 0.00 0.00

5074 · Staff Travel - AICPA 0.00 0.00

5075 · Staff Travel - NCACPA Meetings 0.00 0.00

_5_076�StafLTraveJ�.NCACPA1Board. .. -- o .. oo 0,00

5077 · Staff Travel - Clear/FARB Cont 0.00 0.00

Total Staff Travel 84.00 150.00

Subscriptions/References 5370 · Subscriptions/References 6,534.51 1,500.00

-

Total Subscriptions/References 6,534.51 1,500.00

Supplies 5350 · Supplies - Office 1,429.69 1,330.23

5351 · Supplies - Copier 0.00 249.99

5352 · Supplies - Computer 392.00 249.99

5353 · Supplies - Special Projects 0.00 0.00

Total Supplies 1,821.69 1,830.21

5920 · Funded Depreciation 11,250.00 11,250.00

6999 · Uncategorized Expenses 0.00 0.00

9999 · Suspense 0.00 0.00

Total Expense 639,300.50 658,841.69

Net Ordinary Income 978,448.75 540,725.10

Other Income/Expense Other Income

8250 · Gift Card Revenue 0.00 0.00

Interest Income 8500 · Interest Income - MMAs 821.20 606.07

8510 · Interest Income - CDs 3,527.72 2,504.62

Total Interest Income 4,348 92 3,110.69

8200 · Rental Income 11,654.53 11,654.55

8920 · Gain on Sale of Fixed Assets 0 00 0.00

8921 · Loss on Sale of Fixed Assets -406.80 0.00

Total Other Income 15,596.65 14,765.24

$ Over Bu ... . -

84.00

-150.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

· - 0.00--

0.00

-66.00

5,034.51

5,034,51

99.46

-249.99

142.01

-- ---

0.00 -

-8.52

0.00

0.00

0.00

-19,541.19

437,723.65

0.00

215.13

1,023.10

1,238.23

-0.02

0.00

-406.80

831.41

Page 5

07/02/21



Apr - Jun 21 Budget

Other Expense 7000 · Leasing Commission 0.00 0.00

Total Other Expense 0.00 0.00

Net Other Income 15,596.65 14,765.24

Change in Net Assets 994,045.40 555,490.34 - --

$ Over Bu ...

0.00 -- -

0.00

831.41

438,555.06

Page 6

Initial 2022 2021 2020 2019 2018Mth # # # # #

April 52 14 61 70 55May 55 59 70 77 58June 56 87 62 61 57July 0 71 92 66 38Aug 0 18 51 62 50Sept 0 56 54 48 59Oct 0 85 62 84 47Nov 0 78 58 82 79Dec 0 61 83 81 79Jan 0 66 111 91 131Feb 0 66 70 74 39March 0 46 41 45 66

Avg 54 59 68 70 63

Initial 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum


Exam Applications

Exam Applications

NC State Board of CPA ExaminersMonthly and Year-to-Date Operational Metrics

0

20

40

60

80

100

120

April May June July Aug Sept Oct Nov Dec Jan Feb March

Initial Exam Applications - Monthly

FY2022

FY2021

FY2020

0

100

200

300

400

500

600

700

800

900


Initial Exam Applications - Yr to Date

FY2022

FY2021

FY2020

ITEM VI-A

Re-Ex 2022 2021 2020 2019 2018Mth # # # # #


Avg 178 147 170 164 176

Re-Ex 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



Exam Applications

Exam Applications

0

50

100

150

200

250


Re-Exam Applications - Monthly

FY2022

FY2021

FY2020

0

500

1000

1500

2000

2500


Re-Exam Applications - Yr to Date

FY2022

FY2021

FY2020

Org 2022 2021 2020 2019 2018Mth # # # # #


Avg 30 39 48 49 47

Org 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



License Applications


0

20

40

60

80

100

120


Original CPA License Applications - Monthly

FY2022

FY2021

FY2020

0

100

200

300

400

500

600

700


Original CPA License Applications - Yr to Date

FY2022

FY2021

FY2020

Recp 2022 2021 2020 2019 2018Mth # # # # #


Avg 21 22 29 31 27

Recp 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum





0

10

20

30

40

50

60

70

80


Reciprocal CPA License Applications - Monthly

FY2022

FY2021

FY2020

0

50

100

150

200

250

300

350

400


Reciprocal CPA License Applications - Yr to Date

FY2022

FY2021

FY2020

2022 2021 2020 2019 2018Mth # # # # #


Avg 7 11 12 13 17

2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



Firm Registration

Firm Registration

0

5

10

15

20

25

30


Firm Registrations - Monthly

FY2022

FY2021

FY2020

0

20

40

60

80

100

120

140

160


Firm Registrations - Yr to Date

FY2022

FY2021

FY2020

Open 2022 2021 2020 2019 2018Mth # # # # #


Avg 18 17 26 38 23

Open 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



Prf Stds Cases

Prf Stds Cases

0

10

20

30

40

50

60

70

80


Prof Stds Open Cases - Monthly

FY2022

FY2021

FY2020

0

50

100

150

200

250

300

350


Prof Stds Open Cases - Yr to Date

FY2022

FY2021

FY2020

Closed 2022 2021 2020 2019 2018Mth # # # # #


Avg 15 19 28 38 20

Closed 2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



Prf Stds Cases

Prf Stds Cases

0

10

20

30

40

50

60


Prof Stds Closed Cases - Monthly

FY2022

FY2021

FY2020

0

50

100

150

200

250

300

350


Prof Stds Closed Cases - Yr to Date

FY2022

FY2021

FY2020

2022 2021 2020 2019 2018Mth # # # # #


Avg 119 53 52 46 48

2022 2021 2020 2019 2018Mth Sum Sum Sum Sum Sum



Inactive Applications

Inactive Applications

0

50

100

150

200

250

300


Inactive CPA Applications - Monthly

FY2022

FY2021

FY2020

0

100

200

300

400

500

600

700


Inactive CPA Applications - Yr to Date

FY2022

FY2021

FY2020

Month Initial Re-Exam Month Original Reciprocal Month Total Month Begin Bal Open Closed End Bal Month TotalJan-15 107 130 Jan-15 96 51 Jan-15 18 Jan-15 202 66 54 214 Jan-15 47Feb-15 62 110 Feb-15 64 16 Feb-15 20 Feb-15 214 22 40 196 Feb-15 13Mar-15 82 227 Mar-15 48 4 Mar-15 12 Mar-15 196 40 38 198 Mar-15 18Apr-15 97 180 Apr-15 48 61 Apr-15 18 Apr-15 198 7 38 167 Apr-15 29

May-15 78 151 May-15 40 11 May-15 11 May-15 167 26 18 175 May-15 73Jun-15 77 312 Jun-15 0 4 Jun-15 17 Jun-15 175 6 21 160 Jun-15 126Jul-15 66 178 Jul-15 60 54 Jul-15 13 Jul-15 160 10 32 138 Jul-15 90

Aug-15 52 155 Aug-15 100 21 Aug-15 11 Aug-15 138 31 27 142 Aug-15 6Sep-15 51 296 Sep-15 44 5 Sep-15 25 Sep-15 142 27 33 136 Sep-15 7Oct-15 64 154 Oct-15 74 70 Oct-15 13 Oct-15 136 53 32 157 Oct-15 21Nov-15 62 151 Nov-15 45 27 Nov-15 14 Nov-15 157 26 25 158 Nov-15 25Dec-15 139 276 Dec-15 0 2 Dec-15 22 Dec-15 158 9 24 143 Dec-15 35Jan-16 121 139 Jan-16 133 36 Jan-16 28 Jan-16 143 12 17 138 Jan-16 42Feb-16 101 141 Feb-16 68 12 Feb-16 16 Feb-16 138 17 21 134 Feb-16 17Mar-16 92 305 Mar-16 43 3 Mar-16 17 Mar-16 134 34 19 149 Mar-16 19Apr-16 97 191 Apr-16 60 69 Apr-16 3 Apr-16 149 27 31 145 Apr-16 38








Exam Applications Certificate Applications CPA Firm Registrations Professional Stds Cases Inactive

Month Initial Re-Exam Month Original Reciprocal Month Total Month Begin Bal Open Closed End Bal Month Total

Exam Applications Certificate Applications CPA Firm Registrations Professional Stds Cases Inactive







Aug-22 0 0 Aug-22 0 0 Aug-22 0 Aug-22 89 0 0 89 Aug-22 0Sep-22 0 0 Sep-22 0 0 Sep-22 0 Sep-22 89 0 0 89 Sep-22 0Oct-22 0 0 Oct-22 0 0 Oct-22 0 Oct-22 89 0 0 89 Oct-22 0Nov-22 0 0 Nov-22 0 0 Nov-22 0 Nov-22 89 0 0 89 Nov-22 0Dec-22 0 0 Dec-22 0 0 Dec-22 0 Dec-22 89 0 0 89 Dec-22 0

ITEM VI-B

EXECUTIVE STAFF REPORT June 2021

Executive Directors’ Meeting: On June 8, Bob and David participated in a virtual meeting of boards of accountancy executive directors. This monthly meeting allows executive directors to discuss issues of interest to boards of accountancy.

CBT Exam Administration Committee: Bob attended the June 9 meeting of NASBA’s CBT Exam Administration Committee.

State Board Remote Testing Webinar: On June 10, David and Bob participated in the State Board Remote Testing webinar. The webinar provided an update on CPA Exam remote testing and the pilot program.

CPA Evolution Model Curriculum Launch: David attended the June 15 and June 16 webinar that discussed the CPA Evolution Model Curriculum (CPAEMC). The CPAEMC outlines suggested courses colleges and universities can offer to align their accounting programs with CPA Evolution.

NCACPA Business Meeting: On June 16, David attended the NCACPA’s virtual board meeting.

NASBA Regional Meeting: Bob, David, Frank, and Lisa participated in NASBA’s virtual regional meeting on June 22-23.

NCACPA Meeting: On June 24, Bob and David met virtually with the NCACPA’s Sharon Bryson and Mark Soticheck.

NCACPA Meeting: On June 30, David met virtually with Sharon Bryson and Chris Jenkins from the SCACPA to discuss CPE reciprocity between the states.

july 26 2021 meeting of the nc state board of cpa examiners

Documents