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.