ware CPA Requirements

Delaware’s economy is dominated by the business and financial sector. First State is home to one of the most concentrated financial service industries in the nation. This sector accounts for 9% of all jobs in the state, which is nearly double the national average.

In Delaware, the outlook for professionals who support businesses like certified accountants is bright. CPAs have more education and experience than general accountants. CPAs are also experts in complex financial issues and have a fiduciary duty to their clients.

Delaware refers CPA licensing as a “permit for practice.” Candidates must meet education, experience and exam requirements to earn this permit. This guide will help you learn about Delaware’s CPA regulations, as well as the accounting courses available in the state.

Delaware CPA Education Requirements

According to the National Association of State Boards of Accountancy, a CPA in Delaware must have a bachelor’s with at least 120 credits before they can sit for the Uniform CPA Examination. The program should include sufficient auditing and financial accounting as well as taxation courses.

According to Delaware Board of Accountancy each candidate must have 150 credits and a bachelor’s in order to obtain a CPA license. Learners can complete the additional 30 credits separately or pursue a bachelor’s-to-master’s program to accelerate the process.

Credits, Concentrations and Course Acceptance

Delaware’s CPA requirement includes a bachelor’s and 120 credits, which include at least 24 credits in accounting across taxation and auditing courses, as well as financial accounting. The CPA credential requires 150 credits, and a completed accounting concentration. The concentration must include a minimum of 24 credits in the following areas:

Accounting Information Systems


Accounting principles

Advanced Accounting

Auditor

Cost accounting

Accounting for intermediates

Law

Delaware does not have a minimum requirement for upper-level credits. Therefore, CPA candidates may complete their accounting concentrations and requirements as part of a bachelor’s degree. The additional 30 credits can be completed before or after the CPA examination.

Accounting courses cannot be used to fulfill the 24 credits required. Business courses may count towards the general credit requirements. The 120-credit and 150-credit requirements do not include credits from courses in correspondence, CPA Review, or College-Level Examination Program.

Transfer credits are not accepted. All courses and degrees must be from U.S. accredited schools recognized by the Council for Higher Education Accreditation.

Delaware Experience Requirements

Delaware Board of Accountancy states that CPA candidates must have at least a year of experience in accounting to be eligible for a permit. Part-time and full-time employment that includes at least 2,000 hours of experience over 1-3 year can qualify.

The experience must have been supervised by a CPA in good standing and be verified using an Affidavit for Supervised Work Experince. Delaware is a state with a single level of certification, so aspiring CPAs can complete their work experience either before or after taking the exam. Work experience is only allowed after the completion of a bachelor’s degree.

Professionals can qualify for experience if they provide services in the following fields:

Accounting

Attest

Compilation

You can also consult

Financial advisory

Management advisory

Tax

CPA Exam Requirements

The Uniform CPA Examination is administered by the American Institute of Certified Public Accountants. The test consists of four sections.

Auditing and Attestation

Business Environment and Concepts

Accounting and financial reporting

The Regulations of the United States

The steps for qualifying and applying to the CPA program vary from state to state, even though all candidates must pass the same exam. Delaware’s CPA requirements are highlighted in the following sections.

Exam Eligibility

To be eligible for the Delaware exam, candidates must have completed their bachelor’s degree. This includes 24 credits in accounting, totaling 120 credits. Delaware does not have a time limit for applying.

Delaware does not have any age, citizenship or residency requirements. However, each candidate must have a Social Security Number. In addition to the CPA examination, an applicant is required to complete the AICPA’s program on Professional Ethics 10 years prior the CPA permit application.

Exam Schedule and Application

Delaware CPA applicants must create an account through CPA Center. The first-time applicant pays $170, and re-applicants $85.

CPA Examination Services must receive official transcripts of all schools attended. Transcripts are required to be sent directly by the schools. After submitting transcripts, candidates have one year to submit an application.

As part of their application, applicants choose a test section to take and pay $238.15 for each section. Test-takers may apply for multiple sections at once, but they must complete all of them within a three-month period.

Candidates can schedule their test after receiving approval. The sections of the test can be taken in any order. However, they must pass each section within 18 months. Failures in tests are not allowed to be repeated within the three-month testing window.

After passing the Exam

Delaware does not allow CPA exam results to expire, so candidates can apply for permits at any time.

Release dates may vary, but AICPA usually provides results within a two-week period of the test. After receiving their test scores, CPA hopefuls can apply for a license to practice by using the Delaware Professional Regulation Online Service.

Additional application materials include:

• Transcripts of a Bachelor’s Degree with a Concentration in Accounting and 150 Credits
• Social Security Number
• Verification of a clear criminal record
• CPA exam scores
• Ethics exam scores
• Work experience under supervision
• $175 application fee

Employers can check Delaware’s CPA licenses in the database.

Maintaining your Licence

Delaware CPA licenses expire every June 30th of an odd-numbered years. CPAs receive an expiry notice within three months. CPAs must pay the renewal fee of $175 and complete the hours required for continuing professional education (CPE) to qualify for renewal. Late renewals are charged a 50% late fee of the renewal fee.

The CPE requirement is at least 20 hours per year, and 40 total hours over a period of two years. The 40 hours must include eight hours of accounting or auditing; eight hours of taxation; and four hours of approved ethics courses.

CPAs are required to post their CPEs on the DELPROS CE Tracker. Professionals do not have to verify CPEs, but the courses can be audited. Audited professionals are required to provide additional details about their training, as well as proof of completion.

CPAs must have a permit in order to practice as CPAs or to own a business in Delaware. CPAs from out-of-state can apply for Delaware permits if the substantial equivalency requirements are met.

Delaware CPA requirements: Questions and Answers

What are the CPA requirements in Delaware?

Delaware’s CPA requirement is a bachelor’s with a concentration in accounting and at least 150 credits. At least 24 of the 150 credits must be accounting-related. The CPA candidate must pass the exam and have at least one accounting year experience.

Who is eligible to take the CPA exam in Delaware?

A candidate who wants to take the CPA examination must hold a bachelor’s and have at least 120 credit hours. The 120 credits must include 24 accounting-related classes, including auditing, taxation, and financial accounting.

How can you obtain a CPA licence in Delaware?

Candidates must submit all required materials online through the DELPROS system to apply for the CPA permit. Officials will already have the transcripts and scores of tests, but applicants must submit proof of their experience in the field and a clean criminal record. The application fee must also be paid.

How long does it usually take to become a CPA in Delaware?

Individuals have different time requirements to meet Delware’s CPA requirement. It takes about four years to complete the bachelor’s, plus one more year to earn the additional 30 credits and a year of experience. The CPA exam may be passed in as little as 18 months, or 7.5 years.

The article Delaware CPA requirements first appeared on Accounting.com.

Author: aforbes