Proposed Text
18VAC5-22-140. Persons who release or authorize the release of reports.
A. To comply with subdivision D 4 of ยง 54.1-4412.1 of the Code
of Virginia, a person who releases or authorizes the release of reports on attest
services, or compilation services, or financial statement
preparation services provided for persons or entities located in Virginia
shall annually obtain a minimum of eight hours of continuing professional
education related to attest services, or compilation services,
or financial statement preparation services. The hours obtained to meet this
requirement shall be considered in determining whether the person has complied
with the requirements of 18VAC5-22-90.
B. Firms providing attest services, or compilation
services, or financial statement preparation services shall establish
policies and procedures to provide the firm with reasonable assurance that
persons who release or authorize the release of reports on attest services,
or compilation services, or financial statement preparation services
possess the kinds of competencies that are appropriate given the facts and
circumstances. These policies and procedures shall address the required
technical proficiency, familiarity with the industry and the person or entity,
skills that indicate sound professional judgment, and other competencies
necessary under the circumstances.