Chairman Tom Reynolds Retires from State Board of Accountancy ffective June 30, 2013, Tom Reynolds has retired from his position as chairman of the Connecticut State Board of Accountancy. Reynolds’ tenure spanned more than a decade and three different governors; Former Governor John Rowland appointed him chairman on May 3, 2003, and Reynolds served at the pleasure of Rowland, Former Governor M. Jodi Rell, and Governor Dannel Malloy. “I am very proud of what the State Board has accomplished in the 10 years that I have served,” Reynolds told CTCPA Executive Director Art Renner in June upon announcing his retirement. “I am proud of having a Board comprising both practitioners and public members who took the Board’s mission very seriously and spent an enormous amount E of time doing a job for which they are not paid. I do not think many people in the profession or the public realize the commitment these individuals make. “During my tenure, the Board also observed its 100th anniversary, which was a very distinguished moment for us,” he continued. “I am quite proud of our record of progressiveness, of change ... we have adapted along with a profession that has changed dynamically during the past 10 years.” Reynolds is a founding partner of Reynolds & Rowella in Ridgefield. The CTCPA wishes to thank Reynolds for his longstanding service to the profession; he will be recognized publicly for his work at a future CTCPA event. Above – Reynolds (center), pictured at a recent CPA Certificate Ceremony with fellow State Board members (from left) Leonard Romaniello Jr., former Executive Director David Guay, Richard Sturdevant, and James Ciarcia. Below – Reynolds presents a CPA certificate to newly minted CPA Stacey Harriott. A Legacy of Progress Reynold’s tenure as State Board of Accountancy chairman was defined by a record of progress to adapt along with a changing profession. “120/150” CPA Certification Educational Requirement This change enabled candidates to sit for the CPA Exam upon conferral of a bachelor’s degree (120 credit hours) while still requiring an additional 30 credit hours for certification, providing candidates with greater flexibility in the timing of their sitting for the Exam while completely maintaining the existing standards. Consequently, the number of new CPAs in Connecticut has risen dramatically. CPA Practice Mobility Out-of-state CPAs may now practice in Connecticut under what is termed “No Notice, No Fee, No Escape,” meaning that a CPA can now enter Connecticut without having to notify our State Board and without paying a fee. If that CPA were accused of violating local accounting statutes, the State Board would report the alleged violation to the visiting CPA’s home state regulators – hence the term “no escape.” Broadened CPA Certification Experience Requirements The State Board eliminated the six months of attest function experience necessary to become certified as a CPA, enabling many corporate accountants to now join the CPA ranks. Minority Non-CPA Equity Ownership of CPA Firms This legislation allows minority equity ownership of CPA firms by nonCPA individuals who are actively engaged in the servicing of clients or the administration of the firm, up to a maximum total of 49 percent. Connecticut CPA September/October 2013 g paid advertisement 5