Accountancy: Requirements and Continuing Education

Certified Public Accountant Licensure

Requirements for Certified Public Accountant Licensure as an Examination Candidate in New Mexico:

• A completed application form
• Application fee as set forth by Subsection D of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Passport photograph
• Two completed fingerprint cards
• Fingerprint Certificate Form completed by the individual taking the fingerprints
• Authorization for Release of Information Form (notarized)
• Background check fee as set forth by Subsection M of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Passing scores for all four sections of the Uniform CPA Examination sent directly to the Board office from CPA Examination Services
• Official transcripts from all colleges and universities attended documenting 150 semester hours of credit to include a bachelor’s degree and 30 hours in accounting 
• Work Experience Verification Form documenting at least one year of experience under the supervision of a CPA licensed in some state
• Certificate of Completion for the AICPA Ethics Examination sent directly to the Board office from the AICPA

Requirements for Certified Public Accountant Licensure by Grade Transfer as an Examination Candidate from Another State:

• A completed application form
• Application fee as set forth by Subsection D of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Passport photograph
• Two completed fingerprint cards
• Fingerprint Certificate Form completed by the individual taking the fingerprints
• Authorization for Release of Information Form (notarized)
• Background check fee as set forth by Subsection M of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Official transcripts from all colleges and universities attended documenting 150 semester hours of credit to include a bachelor’s degree and 30 hours in accounting 
• Documentation of New Mexico residency
• Interstate Exchange of Examination Scores Form sent directly to the Board office by the state board of accountancy that completes it
• Work Experience Verification Form verifying at least one year of experience under the supervision of a CPA licensed in some state
• Certificate of Completion for the AICPA Ethics Examination sent directly to the Board office from the AICPA

Requirements for Certified Public Accountant Licensure by Reciprocity from Another State:

• A completed application form
• Application fee as set forth by Subsection D of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Passport photograph
• Two completed fingerprint cards
• Fingerprint Certificate Form completed by the individual taking the fingerprints
• Authorization for Release of Information Form (notarized)
• Background check fee as set forth by Subsection M of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• Photocopy of out-of-state license
• Interstate Exchange of Information Form sent directly to the Board office from the state board of accountancy that completes it verifying that the license is in good standing in that state
• Work Experience Verification Form (only required if licensed in the home state less than two years)
• Official transcripts from all colleges and universities attended documenting 150 semester hours of college credit to include a bachelor’s degree and 30 hours in accounting (only required if licensed in the home state less than two years)

Requirements for License Renewal:

• A license expires on the last day of the license holder’s birth month each year.  The Board shall mail a renewal notice to the license holder at his last known address of record six weeks prior to the expiration date of the license.
• The Board shall renew the license upon receipt from the licensee of the completed renewal application, a listing of sufficient continuing professional education courses completed, and the license renewal fee.
• The deadline for license renewal is the last day of the license holder’s birth month. The renewal application, the renewal fee, and the accompanying continuing professional education information must be postmarked by this date.  
• A late fee will be imposed pursuant to Subsection C of 16.60.1.10 NMAC if the license renewal is not postmarked by the deadline or the license is not renewed online by this date.
• If a license is not renewed within 90 days after the expiration date, it shall be subject to cancellation.
• Pursuant to Paragraph (4) of Subsection E of 16.60.3.15 NMAC, the Board shall audit compliance with continuing professional education rules of no less than 10 percent of active CPA licensees annually.
   

Firm Permits To Practice

Requirements for a CPA Firm Permit:

• A completed application form
• Application fee as set forth by Subsection F of 16.60.1.10 NMAC (payable by personal check, cashier’s check, or money order)
• A copy of the firm’s letterhead
• A copy of the managing partner’s CPA license from another state (for out-of-state-based firms)
• A copy of the Articles of Incorporation from the New Mexico Public Regulation Commission (for in-state based corporations or LLCs)

Requirements for CPA Firm Permit Renewal:

• All firm permits expire on June 30 each year.  The Board shall mail a renewal notice to the firm at its last known address of record 10 weeks prior to the expiration date.
• The Board shall renew the permit upon receipt from the firm of the completed renewal application, documentation of a completed peer review, and the license renewal fee.
• The deadline for license renewal is May 31 of each year.  The renewal application, the renewal fee, and the accompanying peer review documentation must be postmarked by this date.  
• A late fee will be imposed pursuant to Subsection G of 16.60.1.10 NMAC if the license renewal is not postmarked by the deadline.
• If a permit is not renewed by September 30, it shall be subject to cancellation.