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Guam Board of Accountancy
 

The following questions and answers were compiled from questions frequently asked of Board staff. They are unofficial applications of Guam law and Board rules, and must not be relied on as authoritative guidance in place of the law and rules. The Guam Accountancy Act of 2003, as amended, and most application forms and instructions are available for download on this website.

How do I determine if I am eligible to sit for the Certified Public Accountant (CPA) exam or to register to sit for the CPA exam?

How do I have my foreign college transcripts evaluated?

Does Guam have a 150-hour rule?

Is work experience required for certification/licensure?

How do I transfer my exam grades to another state?

I am not a licensed CPA and I do not use the title ‘CPA’ in the work that I do. Is there a format that I can use on the reports I prepare for clients that the Board will not challenge as a violation of the Guam Accountancy Act of 2003 (as amended) prohibitions on language used in accounting reports?

What licensing requirements must I meet in order to personally use the CPA title on my business cards and/or letterhead?

How do I apply for or renew my license to avoid becoming delinquent or having my license cancelled?

How do I apply for a CPA Firm Permit to Practice?

How do I advise the Board of a name or address change for me or my CPA firm?

I hold a Guam CPA license and I am applying for a CPA license in another state. That state board requires that the Guam Board completes an "Exchange of Information" form. Does the Guam Board charge a fee for this service?

I failed to renew my license and have become “delinquent” in status. How do I apply for renewal before my license is cancelled without any possibility of reinstatement?

I am a Guam licensed CPA and I am changing my employment from public accounting to private industry. If I drop my CPA license, how can I get it back?

Must I have a Guam license if I offer or provide CPA services via my website in Guam? If so, what information must be posted on my website?

If a CPA prepares a tax return for a client (the CPA's work) and refuses to release the tax return to the client until a past due bill is paid, is this in violation of Board rules?

If I have a complaint against a Guam CPA who should I contact?

How do I request a certificate or license verification?

How does a continuing education provider submit continuing education courses for approval?

Q1: How do I determine if I am eligible to sit for the Certified Public Accounting (CPA) exam or to register to sit for the CPA exam?

Answer: All inquiries regarding the CPA exam should be directed to our Licensing Manager via email to licensing@guamboa.org or by calling our office directly at: 671-647-0813. CPA exam application forms and instructions are available for download on this website.

Q2: How do I have my foreign college transcripts evaluated?

Answer: Please refer to our Foreign Credential Evaluation Services page at http://www.guamboa.org/services/links.htm

Q3: Does Guam have a 150-hour rule?

Answer: Guam CPA exam candidates may qualify to sit for the exam with less than 150 semester hours of education if they hold a baccalaureate degree with at least 24 semester hours of upper division accounting courses and 24 semester hours of upper division business courses, or equivalent. Guam will not accept grade transfers of any CPA exam candidate that has not met Guam's education requirements prior to sitting for and passing any CPA exam section.

Q4: Is work experience required for certification/licensure?

Answer: Successful Guam CPA exam candidates must have at least 150 semester hours of education and one year of work experience to qualify for issuance of an active Guam CPA license; successful candidates with less than 150 semester hours of education that met Guam's educational requirements prior to sitting for and passing the CPA exam must have two years of work experience to qualify for an active Guam CPA license; successful candidates that met Guam's educational requirements prior to sitting for and passing the CPA exam but not having met Guam's work experience requirement may qualify for issuance of an inactive Guam CPA license. Acceptable work experience may be gained through government, industry, academia, or public practice employment under the supervision of an actively licensed CPA in the jurisdiction of licensing. Work experience must be verified by an actively licensed CPA, and must have been obtained within five years of applying for a Guam license to be acceptable for licensing purposes. NOTE: an active "attest" license requires at least 1,000 hours of "attest" experience under the direct supervision of an actively licensed CPA authorized to perform attest services.

Q5: How do I transfer my exam grades to another state?

Answer: Mail written requests for transfer/verification of exam grades to the Board's office. Please provide an address where the verification of grades should be mailed.

Q6: I am not a licensed CPA and I do not use the title ‘CPA’ in the work that I do. Is there a format that I can use on the reports I prepare for clients that the Board will not challenge as a violation of the Guam Accountancy Act of 2003 (as amended) prohibitions on language used in accounting reports?

Answer: Yes, see the Safe Harbor Language for use by non-CPAs in the Guam Accountancy Act of 2003, Guam Accountancy Administrative Rules section 25 GAR 2111(f). The Guam Accountancy Act of 2003 is available on this website.

Q7: What licensing requirements must I meet in order to personally use the CPA title on my business cards and/or letterhead?

Answer: You MUST obtain an active Guam CPA license, by meeting the Guam requirements or through substantial equivalency or reciprocity, if you wish to personally use the CPA title in any way in Guam, as doing so constitutes "holding yourself out" as a CPA to the general public. You are not required to obtain a license in Guam in order to use the title CPA in any other jurisdiction provided you do NOT represent that you hold a Guam CPA license, or use the CPA title in any manner that would be deceptive or misleading (i.e., indicate that you hold a CPA license in Guam).

Q8: How do I apply for or renew my license to avoid becoming "delinquent" or having my license cancelled?

Answer: License application forms and requirements are available for download from this website. The Board office mails renewal applications to the last known address of record of all licensees prior to the license expiration date of June 30th. An active licensee must submit a completed license renewal application along with a completed, signed CPE reporting form showing at least 120 hours of qualifying CPE courses completed within the previous three year period. An inactive licensee must submit a completed license renewal application, but is not required to obtain and report CPE annually. Any active or inactive licensee that does not timely renew their license will be considered "delinquent" in status. Any licensee that remains "delinquent" for more than three years will have their license automatically cancelled with no possibility of reinstatement.

Q9: How do I apply for a CPA Firm Permit to Practice?

Answer: Submit a completed Firm Permit to Practice application form and the appropriate fee. If you use a "fictitious" firm name, i.e., a "doing business as" or "dba:" name, you must register your fictitious name with the Guam Department of Revenue and Taxation, then submit a copy of the approved registration form with a request for the Board to approve the use of such name prior to using the fictitious name as your firm name. Application forms are available on this web site.

Q10: How do I advise the Board of a name or address change for me or my CPA firm?

Answer: Within 30 days of such a change, submit a completed Name/Address Change form available on this website. License renewals and other important Board correspondence will be mailed to your last known address of record. If you have not advised the Board of your latest name/address change, you will be liable for any applicable late renewal fees and/or penalties.

Q11: I hold a Guam CPA license and I am applying for a CPA license in another state. That state board requires that the Guam Board completes an "Exchange of Information" form. Does the Guam Board charge a fee for this service?

Answer: Typically, NO, the Board does not charge a fee for this service.

Q12: I failed to timely renew my license and have become “delinquent” in status. How do I apply for renewal before my license is cancelled without any possibility of reinstatement?

Answer: As a licensee deemed “delinquent” due to failure to timely renew, you must submit a completed renewal application along with any applicable accompanying CPE documentation, and full payment of any fee, plus any applicable penalty for non-renewal. If you do NOT renew within three years of becoming "delinquent" your license will be automatically cancelled with no possibility of reinstatement.

Q13: I am a Guam licensed CPA and I am changing my employment from public accounting to private industry. If I drop my CPA license, how can I get it back?

Answer: Provided you discontinue the use of the CPA title, you may submit notification to the Board that you wish to become "inactive" or “retire” your certificate and license. Once you have “retired” your certificate and license you are NOT eligible for reinstatement. Once you have become "inactive" you cannot use the CPA title and you are not required to meet CPE requirements, but you MUST renew your "inactive" license annually to avoid becoming "delinquent". You may return to "active" status by renewing and meeting the then current "active" license renewal requirements, including CPE requirements. If you elect to allow your license to lapse into "delinquent" status and do not renew within three years, your license will be automatically cancelled with no possibility of reinstatement.

Q14: Must I have a Guam license if I offer or provide CPA services via my website in Guam? If so, what information must be posted on my website?

Answer: If you use the CPA title in connection with offering or providing CPA services in Guam via a website, you must hold a valid Guam license to practice public accounting (through substantial equivalency or otherwise). You MUST also disclose via such website's Home Page your name, your principal state of licensure, your license number and an address as a means for regulators and the public to contact you regarding complaints, questions or regulatory compliance.

Q15: If a CPA prepares a tax return for a client (the CPA's work) and refuses to release the tax return to the client until a past due bill is paid, is this in violation of Board rules?

Answer: No, the tax return is the CPA's work product and therefore it is not a violation of any law or rule. However, upon the client's request, the CPA must return any client records.

Q16: If I have a complaint against a Guam CPA who should I contact?

Answer: Contact the Board at 671-647-0813 or licensing@guamboa.org or download and complete the Complaint Form available on this website.

Q17: How do I request a certificate or license verification?

Answer: Look up the licensee information on this website under Licensee Database, or email to our Licensing Manager at licensing@guamboa.org . You may also call our office directly at 671-647-0813, mail written requests to our office or fax us at 671-647-0816. Please be sure to provide an address where the verification should be sent.

Q18: How does a continuing education provider submit continuing education courses for approval?

Answer: Continuing professional education course sponsors or providers may download the CPE Sponsor application from this website and submit it with appropriate course information and documentation.

 
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