Minnesota Society of Certified Public Accountants

Minnesota Society of Certified Public Accountants
Abbreviation MNCPA
Formation July 14, 1904 (1904-07-14)
Type Professional association
Headquarters 1650 W. 82nd St. Suite 600, Bloomington, Minnesota, United States
Website www.mncpa.org

The Minnesota Society of Certified Public Accountants (MNCPA) is a professional association for certified public accountants (CPAs) in Minnesota.

A group of accountants founded the MNCPA in 1904, with the purpose of elevating the profession and supporting passage of a Certified Public Accountant law in Minnesota in 1909.[1]

Today, more than 9,100 members compose the MNCPA, which remains focused on a similar goal: To help members succeed professionally while being mindful of serving the public interest.

History

The Minnesota Society of CPAs incorporated on July 14, 1904, with seven charter members.[2] The organization originally incorporated under the title "Minnesota Society of Public Accountants." The society adopted the current name in 1928 after merging with another organization for CPAs in Minnesota, the "Minnesota State Society of Certified Public Accountants."[3]

Minnesota was the 19th state to organize a CPA society, nine years after the state of California created the first CPA society in 1895.[4]

Governance

The Minnesota Society of CPAs is governed by a 16-person board, annually elected by the membership.

A staff of 30 oversees daily operation of the organization at the MNCPA office in Bloomington, Minnesota.

Members can volunteer to join MNCPA committees or task forces, which are designed to provide member input on programs, events or services. Such committees include conference task forces, legislative groups and ethics committees.

Membership

Those interested in MNCPA membership can join as a:[5]

All MNCPA members fall into one of these categories:

More than 2,000 members are additionally categorized by chapter. The MNCPA's five chapters include members living and working in communities across the state of Minnesota who benefit from additional programs and services.

MNCPA members renew their membership annually on April 1.

Involvement

Through more than 40 volunteer programs, the MNCPA provides CPAs with opportunities that benefit the profession and their communities.

Volunteer/Outreach

MNCPA volunteers provide useful information to the public. Many members get involved by participating in school career days, discussing the CPA profession as a career option. Some volunteers share financial literacy information to the public by presenting at businesses, churches or community organizations.

Networking

Networking is important to CPAs in gaining new clients and maintaining working relationships. MNCPA members enhance their networking skills and build new connections through programs or events, such as the Young Professionals Group (YPG).

Advocacy

CPAs understand better than most how new tax laws will affect businesses or individuals. MNCPA members use their knowledge to educate and influence Minnesota legislators on tax issues through the MNCPA's Government Relations program.

Professional Standards

A strong set of professional standards guides MNCPA members as they serve the public.

Ethics

The CPA profession highly values solid ethics.

Individual CPAs holding an active certificate in Minnesota are required to earn eight credits of accounting or business ethics every three years.

The MNCPA Professional Ethics Committee reviews complaints against MNCPA members and suggests disciplinary action based on the AICPA's Code of Professional Conduct. This is separate from any action by the Minnesota Board of Accountancy, the AICPA Ethics Division or other professional organizations.

Peer Review

All firms in public accounting must be enrolled in the Peer Review program. This is a requirement for firm licensure with the Minnesota Board of Accountancy.

Peer Review should be an important factor for the public when selecting a CPA firm. Firms that undergo peer review on a regular basis show dedication to maintaining high quality in the services they provide.

Member Services

MNCPA members receive benefits as part of their annual membership. These include free or reduced-cost access to services traditionally used by CPAs in various fields. Such services include, but are not limited to:

CPA Exam & Certification

Anyone interested in using the CPA designation in Minnesota must meet a series of requirements to become certified in the state. These include passing the Uniform CPA examination, completing one year of work experience, completing 150 college credit hours and passing a self-study ethics exam. The Minnesota Board of Accountancy sets rules and policies for Minnesota CPAs.

Uniform CPA Examination for Minnesota Candidates

The Uniform Certified Public Accountant Examination consists of four parts (taken in any order):

To begin the exam process in Minnesota, a student with a completed bachelor's degree in accounting must submit the exam application on NASBA's website (National Association of State Boards of Accountancy). Once approved, the exam candidate will receive a Notice to Schedule, allowing them to set their exam dates at a testing center.

Exam candidates must pass all four exam sections within 18 months for the exam to be considered complete.

The Minnesota Board of Accountancy sets forth exam eligibility rules in Minnesota.

In Minnesota, those who complete the exam are referred to as "exam passers" while completing the remaining requirements for CPA certification.

CPA Certification in Minnesota

In Minnesota, exam passers receive a CPA certificate after completing the exam and meeting additional certification requirements, including:

Minnesota CPAs initially earn an active CPA certificate. Minnesota offers two certificate options:

MNCPA Recognition Dinner

Each year, hundreds of new Minnesota CPAs celebrate their certificate at the biannual MNCPA Recognition Dinner. Guests take the Oath of the CPA, administered by the Minnesota Board of Accountancy Chair, in addition to enjoying a presentation that includes a professional keynote speaker.

Continuing Professional Education (CPE)

Ongoing education is an important factor in maintaining the CPA credential. In Minnesota, active CPAs must earn continuing professional education (CPE) to use the credential without restriction. Inactive CPAs are not required to earn CPE, but many return to the classroom for education on issues that affect them as professionals.

The Minnesota Board of Accountancy sets and enforces continuing professional education requirements, outlined in Chapter 1105 of Minnesota Administrative Rules. CPAs must earn 120 hours of CPE every three years, including eight hours of ethics credits, with a minimum of 20 CPE hours annually.

In Minnesota, a CPE year runs from July 1 to June 30.

CPAs must be aware of the types of CPE accepted by the Minnesota Board of Accountancy. CPE limitations, including caps on self-study or courses offered by non-registered providers, exist to protect the credibility of the education required for the credential.

MNCPA Education Benefits

A main function of the Minnesota Society of CPAs is to provide high-quality continuing professional education programs for CPAs in Minnesota. The Minnesota Society of CPAs is a board-approved sponsor. MNCPA members enjoy discounts on educational courses, but anyone can attend an MNCPA class or conference.

Classes

The MNCPA offers more than 250 full- or partial-day seminars and conferences each year. Programs feature local and national speakers on a variety of tax, business or professional development topics to improve a CPA's skill set. A complete catalog of MNCPA CPE programs is available in print or online.

Conferences

The MNCPA currently hosts 12 conferences a year, including the largest tax conference in the Midwest, and the Management and Business Advisers Conference.

Other CPE Options

The MNCPA offers several alternatives to live education options, including webcasts, self-study or on-site courses.

MNCPA CPE Log

The MNCPA provides an online tool called the CPE Log to help MNCPA members easily track their credits to maintain certification. A BOA Reporting Summary is included within the CPE Log to assist with reporting CPE hours to the Minnesota Board of Accountancy. Non-members can print certificates of completion for MNCPA courses.

Volunteers field calls during the MNCPA's Taxline, hosted by KARE 11.

Public Services

The MNCPA provides services and information to inform, educate and assist the public with questions relating to hiring CPAs. Programs include:

References

  1. ↑ "Minnesota Society of Certified Public Accountants, The First Era: 1904 - 1934." (June/July 2004). Footnote, pp. 12
  2. ↑ "Minnesota Society of Certified Public Accountants, The First Era: 1904 - 1934." (June/July 2004). Footnote, pp. 11
  3. ↑ "Minnesota Society of Certified Public Accountants, The First Era: 1904 - 1934." (June/July 2004). Footnote, pp. 13
  4. ↑ "Minnesota Society of Certified Public Accountants, The First Era: 1904 - 1934." (June/July 2004). Footnote, pp. 11
  5. ↑ "Minnesota Society of Certified Public Accountants Bylaws". ( April 2008). http://www.mncpa.org/about/mncpa-info/fact-sheet/bylaws.pdf.aspx . MNCPA.

External links

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