Practicing Certified Accountants (CPAs)
Definition of the practicing CPA’s
Such term shall include every natural person registered on the general list of LACPA, practicing the profession of auditing and assessing all types of accounts, and entitled to state opinions on the financial statements, on his/her behalf or for the account and responsibility of another person, whether natural or legal, who has a duly registered office for auditing accounts.
The term “Auditing office”, wherever featuring in the present bylaws, shall refer to a CPA or a civil professional company.
Right of the CPA
The CPA shall have the following rights:
- Use the title of Certified Public Accountant
- Be registered in the general LACPA list
- Be registered in the list of CPA’s
- Vote in the general elections of LACPA to select all members of the Council and be nominated to the presidency or membership of the LACPA Council, and to the positions stipulated by the article 40 of the law organizing the profession.
- Take part to the general assemblies and vote on all its resolutions.
- Solicit the Quality Control Supervisory Commission – QCSC to review the working files and internal organization relevant to his/her office.
- Conclude consultation and arbitration contracts and perform academic, administrative and financial studies in the professional field before any public or private body.
- Benefit from any social services provided by LACPA to its members.
Obligations of the CPA
The CPA must:
- Elect a permanent residence in his/her own office, or at the office of another CPA, working for his/her account, and shall be entitled to have more than one office, provided that he/she would inform LACPA of such, according to article 12 of the law 364/94.
- Work as a full timer in the profession solely, and practice such in office(s) allocated for such purpose and with full independence.
- Abide by professional secrecy.
- Practice the profession personally without the right to mandate, yet he/she shall be entitled to engage assistants on his/her responsibility.
- Sign, on his/her responsibility, the works prepared by the individuals and trainees relevant to his/her office.
- Abide by the enforced bylaws and regulations of LACPA, and all decisions of LACPA council and the general assembly.
- Pay fees and subscriptions to the LACPA fund and other relevant funds.
- Be member of the retirement fund.
- Inform LACPA Council of any change or modification on his/her situation as a practicing CPA within two months of such.
- Abide by the professional ethics when succeeding to another CPA whose task has ended, especially as per obtaining explanations concerning the reasons for such end.
- Refrain from any media appearance which is susceptible of defaming LACPA and its council and members, under penalty of disciplinary pursuit.
- Refrain from providing any direct or indirect professional services to the clients of the auditing office for which he/she worked, for a three-year period following his departure from such office.
Warning of payment
In the event the practicing CPA failed to pay the due subscriptions for two consecutive years, the president of LACPA shall address a warning letter to him/her for settlement within fifteen days from the date of the notification letter. In the event the amount is still not paid, within the said deadline, the president shall address a final personal warning calling for paying the due amounts within fifteen days from the date of the last notification. In the event the CPA does not pay the due amounts after the expiry of the last deadline, the president shall submit the issue to the LACPA council in order to take the decision to write off the CPA from the general list, and the name of the latter shall be registered in a special register.
The CPA who lost his/her right to practice for the abovementioned right may solicit to recover his/her right under the condition of payment of the due amounts with the legal interest charges, upon a decision from the council as well.
Forfeiture of the right to practice the profession
The right of the practicing CPA shall be forfeited in the event he/she lost one the memberships conditions provided for in the article 8 or in the event he/she holds prejudice to the provisions of article 15 of the law no. 364/94, provided that the LACPA council would take the appropriate decision in his/her regard in the light of the alleged prejudice and shall not be considered as violating the above mentioned article 15, any practicing CPA working for the office of a CPA or for a auditing and accounting civil company, in the event he/she was registered at the National Fund for Social Security (NSSF), and is entitled to state an opinion on financial statements in the event of approval of the CPA or the auditing and accounting civil company for which he/she works.
Education: The duly registered CPA’s, whether practicing or non-practicing, except for those who attained the age of sixty, shall pursue their education and follow the technical development in the professional field, by attending the training sessions, seminars, conferences, and lectures organized by LACPA through its administrative and technical bodies, or in participation with international or local, private or public academic, financial or economic bodies or institutes, or those organized by competent academic institutions, upon the approval of the LACPA council, provided that his/her participation would not be less than forty hours per year according to the registers of LACPA.
The teaching or training hours undertaken by the CPA in universities or at the LACPA’s Institute of Educational and Academic Training shall be considered as participation hours, according to the concept of the present article.
In the event the CPA failed to pursue his/her education, according to the present article for two consecutive years, a warning letter shall be addressed stating the necessity of compensating any lack within the following year, under the penalty of referring him/her to the article 43 of the law organizing the profession.
Provisions of the present article shall be enforced starting the date of approving the present bylaws and shall not include the precedent period.