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CPE Credits for New Jersey CPAs
CPE credits for university and college
courses are set forth in NJ regulations under sections 13:29-6.5(a)(2) and
13:29-6.8(a). These are set forth below. As far as
we understand these regulations, if a student is attending a three-credit
course for credit (i.e., matriculated in the program), the student is entitled
to claim forty-five (45) CPE credits for the course (Fifteen (15) CPE credits
per each semester credit hour). On the
other hand, if a student is auditing a course (no credit earned), the
regulations allow one (1) CPE credit for every 50 minutes of in-class
participation. As a rule of thumb, since roughly 10 minutes is allotted for a
break per each hour of class time, every one hour of class works out to be
one (1) CPE credit. Our
three-credit courses consist of roughly 37 class hours. Students who audit a
class (these are not taken for credit) must subtract out, and not count as
CPE credits, time for which they are absent from class, and class time that
is devoted to in-class exams that the auditing student is not taking. For
example, if five (5) hours are devoted to in-class exams, a student auditing
a class is entitled to claim a maximum of thirty-two (32) CPE credits. As far as
documentation is concerned, if classes were taken for credit, the
student should obtain and keep an official transcript (the regulations call
for a “certified” transcript or a notarized statement of appropriate school
authority) that lists all the classes taken. There is no definition in the
regulations what “certified” means. We believe that an official transcript
that has the university seal and a signature on it should qualify. For classes taken as an auditor
(non-credit), the regulations call for a statement of the hours of
attendance signed by the instructor. Please inform the instructor at the very
beginning of the semester that you are auditing the class and that you will
need a signed statement of attendance when the course is completed. You
should also inform the instructor to contact the program director to obtain template
of a CPE certificate, which the instructor will complete at the end of the semester. Ron West
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++ The entire set of regulations
pertaining to accountancy, including Continuing Professional Education (CPE),
can be found on the New Jersey State
Board of Accountancy web site under the tab “Accountancy Regulations” at http://www.state.nj.us/lps/ca/nonmedical/accountant.htm.
More directly, the regulations are posted in pdf format at: http://www.state.nj.us/lps/ca/laws/accountancyregs.pdf
******** CHAPTER 29. NEW JERSEY STATE
BOARD OF ACCOUNTANCY SUBCHAPTER 6. CONTINUING PROFESSIONAL
EDUCATION NEW
JERSEY ADMINISTRATIVE CODE
§ 13:29-6.5 Continuing
professional education programs and other sources of continuing professional
education credit
1. … 2. Accredited university or college courses in qualifying
technical subjects set forth in N.J.A.C. 13:29-6.3 only: Continuing
professional education credit shall be granted for university or college
courses in accordance with the following: i. Applicants shall receive: 15 credit hours of continuing
professional education credit for each semester or trimester credit hour
earned; 10 credit hours of continuing professional education credit for each
credit hour earned in a quarter; and ii. Applicants attending noncredit courses shall be granted
continuing professional education credit at the rate of one credit hour for
every 50 minutes of in-class participation. 3. … § 13:29-6.8 Retention of
continuing professional education records (a) A licensee shall be primarily
responsible for documenting satisfaction of continuing professional education
requirements. Evidence to support fulfillment of continuing professional
education requirements shall be maintained for a period of five years after
the completion of educational courses. Such evidence shall be subject to
periodic audit by the Board. Satisfactory documentation of the necessary
information, including the retention of attendance records and written
outlines, shall be accomplished as follows: 1.
For courses taken for scholastic credit in accredited universities or
colleges, a certified transcript or notarized statement of
appropriate school authority shall constitute evidence of satisfactory
completion of the course. For noncredit courses taken, a statement
of the hours of attendance signed by the instructor, shall be obtained by
the licensee. 2.
… Copyright © West 2010 |