Guam CPA CPE Requirements

How to reach the regulator directly.

Guam Board of Accountancy
335 South Marine Corps Drive, Suite 101
Tamuning, GU 96913

Tel: (671) 647-0813
Fax: (671) 647-0816

Email: admin@guamboa.org

The regulator's own published rules and related resources.

Guam Board of Accountancy

The total continuing education hours required.

120 hours

The detailed rules behind that total -- category minimums, ethics, and other conditions.

A minimum of 20 hours of CPE every calendar year

A minimum 30 hours of CPE in Accounting and/or Auditing (A/A) fields of study per triennial period

A minimum 6 hours of CPE in Ethics fields of study per triennial period

A maximum 30 hours in Personal Development fields of study per triennial period

How the reporting cycle is structured.

Triennial

December 31st

When a reporting cycle begins.

January 1st

How completed credits are reported to the regulator.

CPE CREDIT AND RECORDS DOCUMENTATION AND RETENTION

(1) Applicants for renewal of active status licenses pursuant to the Act shall file a signed CPE Report form provided by the Board, including a statement indicating they have met the requirements for participation in a program of continuous learning as set forth by the Board or contained in the Statement on Standards for Continuing Professional Education (CPE) Programs jointly approved by the NASBA and the AICPA. Applicants’ CPE Reports are due annually no later than January 15, covering the three (3) year period ending the preceding December 31. Any CPE reporting form received after January 15, but on or before June 30, will be assessed the delinquency fee for late filing. Applicants who do not meet the CPE requirements for renewal of an active status license by December 31 will be granted an automatic extension until June 1 provided the applicant completes an additional sixteen (16) hours of CPE in accounting and auditing subjects (one hundred thirty-six (136) hours total CPE). Applicants utilizing this automatic extension must ensure the Board receives all required information, forms and fees by June 1. Responsibility for documenting the acceptability of the program and the validity of the credits rests with the applicant who should retain such documentation for a period of five (5) years following completion of each learning activity.

(2) The Board will verify, on a test basis, information submitted by applicants for renewal of licenses. In cases where the Board determines that the requirement is not met, the Board may grant an additional period of time in which the deficiencies can be cured. Fraudulent reporting is a basis for disciplinary action.

• An applicant seeking renewal of an active status license shall demonstrate participation in a program of learning meeting the standards set forth in the Statement on Standards for Continuing Professional Education (CPE) Programs jointly approved by NASBA and AICPA.

The renewal or reporting deadline.

June 30th

→ Get monthly reminders before this deadline

What happens if the requirement is not met.

1. Grounds for Enforcement Actions Against Licensees.

The grounds for revocation and suspension of licenses, and other disciplinary action against licensees and individuals with privileges under § 35122 of the Act, are set out in § 35109 of the Act in both specific and general terms. The general terms of that provision of the Act include the following particular grounds for such disciplinary action:

1. Any deferred prosecution agreement involving an admission of wrongdoing, or any criminal conviction, including conviction following a guilty plea or plea of nolo contendre, for any felony or any crime, an essential element of which is fraud, dishonesty, or deceit, or any other crime which evidences an unfitness of the applicant to practice public accountancy in a competent manner and consistent with public protection.
2. Active or stayed revocation or suspension of any occupational license or other privilege to practice any licensed occupation by or before any state, federal, foreign or other licensing or regulatory authority, provided the grounds for the revocation or suspension include wrongful conduct such as fraud, dishonesty, or deceit, or any other conduct which evidences any unfitness of the applicant to practice public accountancy.
3. Dishonesty, fraud or deceit in obtaining a license within the meaning of § 35109 of the Act, including the submission to the Board of any knowingly false or forged evidence in, or in support of, an application for a license, and cheating on an examination, as defined in these Rules.
4. Dishonesty, fraud, deceit, or gross negligence, within the meaning of § 35109(a)(5) of the Act, include knowingly, or through gross negligence, making misleading, deceptive or untrue representations in the performance of services.
5. Violations of the Act or of Rules promulgated under the Act, within the meaning of § 35109(a)(6) of the Act, including:
1. using the CPA title or providing attest or compilation services in Guam without a license issued under §§ 35106 and 35107 of the Act or without properly qualifying to practice across State lines under the substantial equivalency provision of the Act;
2. using or attempting to use a license which has been suspended or revoked;
3. making any false or misleading statement in support of an application for a license filed by another;
4. failure of a licensee to provide any explanation requested by the Board regarding evidence submitted by the licensee in support of an application filed by another, or regarding a failure or refusal to submit such evidence; and failure by a licensee to furnish for inspection upon request by the Board, or its representative, documentation relating to any evidence submitted by the licensee in support of such an application;
5. failure to satisfy the continuing professional education requirements set out in § 35106(d) of the Act and/or failure to comply with the continuing education requirements of these Rules;
6. ) failure to comply with professional standards as to the attest and/or compilation competency requirement for those who supervise attest and/or compilation engagements and sign reports on financial statements or other compilation communications with respect to financial statements; or
7. failure to comply with the applicable peer review requirements set out in §§ 35106(e) and 35107(i) of the Act and these Rules.
6. Conduct reflecting adversely upon the licensee’s fitness to perform services, within the meaning of § 35109(a)(10) of the Act, including:
1. adjudication as mentally incompetent;
2. incompetence, including but not limited to:
1. gross negligence, recklessness, or repeated acts of negligence in the licensee’s record of professional practice; or
2. any condition, whether physical or mental, that endangers the public by impairing skill and care in providing professional services;
3. presenting as one’s own a license issued to another;
4. concealment of information regarding violations by other licensees of these Act or the Rules when questioned or requested by the Board; and
5. willfully failing to file a report or record required by State or federal law; willfully impeding or obstructing the filing of such a report or record, or inducing another person to impede or obstruct such filing by another; and the making or filing of such a report or record which one knows to be false. A finding, adjudication, consent order or conviction by a federal or State court, agency or regulatory authority or the PCAOB that a licensee has willfully failed to file a required report or record shall be prima facie evidence of a violation of this rule.
2. Return of License. Any licensee whose license issued by the Board is subsequently suspended or revoked shall promptly return such license to the Board.
3. Applicable Standards. A licensee shall follow the standards, as applicable under the circumstances and at the time of the services, set forth in this Section in providing professional services. In addition to the applicable standards set forth in this Subsection, a licensee shall follow standards issued by other professional or governmental bodies, including international standards setting bodies with which a licensee is required by law, regulation, or the terms of engagement to comply.

A licensee shall comply with all applicable standards, including, but not limited to, the following:

1. A licensee shall not render services subject to the authority of the Securities and Exchange Commission (SEC) or PCAOB unless the licensee has complied with the applicable standards and rules adopted and approved by the PCAOB and SEC.
2. A licensee shall not render auditing services unless the licensee has complied with the applicable generally accepted auditing standards.
3. A licensee shall not render accounting and review services unless the licensee has complied with the standards for accounting and review services issued by the AICPA, including subsequent amendments and editions.
4. A licensee shall not permit the licensee’s name to be associated with governmental financial statements for a client unless the licensee has complied with the standards for governmental accounting issued by the Governmental Accounting Standards Board (GASB), including subsequent amendments and editions.
5. A licensee shall not render attestation services unless the licensee has complied with the Statements on Standards for Attestation Engagements issued by the AICPA, including subsequent amendments and editions.
6. A licensee shall not render management consulting services unless the licensee has complied with the standards for management consulting services (including the definition of such services) issued by the AICPA, including subsequent amendments and editions.
7. A licensee shall not render services in the area of taxation unless the licensee has complied with the standards for tax services issued by the AICPA, including subsequent amendments and editions.
8. A licensee shall not permit the licensee’s name to be used in conjunction with any forecast of future transactions in a manner which may lead to the belief that the licensee vouches for the achievability of the forecast, and shall not render services associated with prospective financial statements unless the licensee has complied with the standards for accountants’ services on prospective financial information issued by the AICPA, including subsequent amendments and editions.
9. A licensee shall not express an opinion on financial statements unless the licensee complies with the Statements of Financial Accounting Standards, together with those Accounting Research Bulletins and Accounting Principles Board Opinions which are not superseded by action of the Financial Accounting Standards Board (FASB), including subsequent amendments and editions.

Reduced or prorated requirements for a first renewal.

1. Applications for initial certificates and licenses and for renewal of licenses pursuant to the Act shall be made on a form provided by the Board.
1. Applications for renewal of licenses are due annually no later than June 30.
2. Applications will not be considered filed until the applicable fee prescribed in these Rules is received.
3. If an application for renewal is filed late, it shall also be accompanied by the delinquency fee prescribed in these Rules.
2. Applications for renewal of licenses shall be accompanied by evidence satisfactory to the Board that the applicant has complied with the continuing professional education requirements under § 35106(d) of the Act and of these Rules.
1. Failure to meet the license renewal requirements by the deadlines set forth in these Rules will result in the license reverting to a delinquent status license.
2. Any delinquent status license that is not renewed to an active, inactive or retired status within three (3) years of reverting to a delinquent status will be cancelled.
3. Submission of an application for an initial certificate and license, or for renewal of a license, shall constitute assurance of applicant's personal compliance with all applicable Guam business and tax laws and filing requirements, and assurance, to the best of applicant’s knowledge, that applicant owes no unpaid or delinquent tax obligations.
1. A list of all applicants for initial certificates and licenses, and for renewal of licenses pursuant to the Act shall be submitted to the Director of the Department of Revenue and Taxation for verification of applicants’ assurances regarding unpaid or delinquent taxes.
2. Any new or renewing licensee having been issued a valid license and subsequently alleged to have a tax deficiency or delinquency with the Department of Revenue and Taxation shall be subject to disciplinary action by the Board in accordance with a violation of § 35109(a) of the Act if such alleged tax deficiency or delinquency is determined by the Board to exist and to have been known to licensee at the time of licensee’s application for issuance or renewal of such license.

Experience Required for Initial Certificate and Active License.

The experience required to be demonstrated for issuance of an initial certificate and active status license pursuant to § 35105 of the Act shall have been obtained within the five (5) years prior to the date of application and shall meet the requirements of this Rule.

1. Experience may consist of providing any type of services or advice using accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills.
2. The applicant shall have their experience verified to the Board by an active status licensee as defined in the Act or from another state.
1. Acceptable experience shall include employment in industry, government, academia or public practice.
2. The Board shall look at such factors as the complexity and diversity of the work.
3. The applicant’s experience shall have been performed in accordance with applicable professional standards.
1. Experience in public accounting shall be completed under the supervision or in the employ of a person licensed or otherwise having comparable authority under the laws of any State or country to engage in the practice of public accountancy.
2. Experience in academia, private or governmental accounting or auditing, shall be completed under the supervision of an individual actively licensed by a State to engage in the practice of public accountancy.
3. Experience in attest services shall be comprised of at least one thousand (1,000) hours of direct experience in providing attest services under the direct supervision of an individual licensed or otherwise having comparable authority under the laws of any State or country to engage in the practice of public accountancy and provide attest services.
3. One (1) year of experience shall consist of full or parttime employment that extends over a period of no less than a year and no more than three (3) years, and includes no fewer than two thousand (2,000) hours of performance of services described in 25 GAR § 2105(b)(1) of this Chapter.

Evidence of Applicant’s Experience.

1. Any licensee who has been requested by an applicant to submit to the Board evidence of the applicant’s experience and has refused to do so shall, upon request by the Board, explain in writing or in person the basis for such refusal.
2. The Board may require any licensee who has furnished evidence of an applicant’s experience to substantiate the information.
3. Any applicant may be required to appear before the Board, or its representative, to supplement or verify evidence of experience.
4. The Board may inspect documentation relating to an applicant’s claimed experience.

Rules for professionals licensed elsewhere.

A non-resident licensee seeking renewal of a license in Guam shall be determined to have met the CPE requirement (including the requirements of 25 GAR § 2105(d)(1)) of this rule by meeting the CPE requirements for renewal of a certificate, or license, in the State in which the licensee’s principal place of business is located.

1. Non-resident applicants for renewal shall demonstrate compliance with the CPE renewal requirements of the State in which the licensee’s principal place of business is located by signing a statement to that effect on the renewal application of Guam.
2. If a non-resident licensee’s principal place of business State has no CPE requirements for renewal of a certificate, or license, the non-resident licensee must comply with all CPE requirements for renewal of a license in Guam.

Who may be excused from all or part of this requirement.

1. The Board may make an exception to the requirement set out in § 2105(d)(1) for a licensee who is retired or who does not perform, or offer to perform, for the public one (1) or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports on financial statements or other compilation communication, or of one (1) or more kinds of management advisory, financial advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.
2. The Board may in particular cases make exceptions to the requirements set out in § 2105(d)(1) for reasons of individual hardship including health, military service, foreign residence, or other good cause.
3. Licensees granted such an exception by the Board must place the word ‘inactive’ adjacent to their CPA title on any business card, letterhead, or any other document or device, with the exception of their CPA certificate, on which their CPA title appears, unless such exception was granted as a result of licensee’s request for retired status, in which event the licensee must substitute the word ‘retired’ for the word ‘inactive.’
4. Licensees granted an exception by the Board must comply with a reactivation competency requirement defined by the Board as set out in § 2105(d)(3) before they may discontinue use of the word ‘inactive’ or ‘retired’ in association with their CPA title.

Whether unused credits can apply to the next period.

Not permitted.

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