Maine: CPE, firm permit and peer review rules for CPAs.

This page lists what the Maine board of accountancy publishes for a CPA and a CPA firm: CPE hours and the reporting period, the ethics requirement, whether a firm permit or registration is required, whether peer review is required, the licence renewal cycle, and whether an out-of-state CPA may practise under a practice privilege.

It is built for owners of small accounting and bookkeeping firms, especially those licensed in one state and serving clients in another. Every entry is a snapshot of what the cited source published on the verification date; it is a research starting point, not licensing advice.

Maine, field by field.

Board of accountancy

Maine Board of Accountancy (Office of Professional and Occupational Regulation, Department of Professional and Financial Regulation)

CPE hours & reporting period

40 hours per year, measured over the twelve-month licensure period ending at the September 30 renewal. 02-280 CMR Chapter 5, Section 8(A): 'all licensees shall obtain 40 hours of CPE annually, due at time of renewal. The annual accumulation period for CPE is the twelve month licensure period prior to the renewal date.' A first-time licensee 'shall complete at least forty (40) credits of acceptable CPE during the first full annual period following the year in which the original license was obtained.' Carry-forward: 'no more than 20 hours of such excess may be carried forward and utilized in the immediately succeeding licensure period.' Board CPA licensing page: 'You must complete 40 hours of continuing education each year, due at time of renewal (September 30).' 32 M.R.S. §12233: the hours set by board rule 'may be no more than 40 hours and no less than 20 hours annually'. Subject limits: Chapter 5, Section 9(C)(4)(a) lists the subjects acceptable without limitation (Accounting, Auditing and Ethics; Specialized Accounting Areas of Industry; Administrative Practices; Taxation; Management Services) and Section 9(C)(4)(b) caps the other listed subjects at 50% of the hours required. Records are retained for the three annual licensure periods preceding the current one (Section 8(D)).

Ethics CPE requirement

4 hours every three years; a Maine laws-and-rules course qualifies but is not required. 02-280 CMR Chapter 5, Section 8(B): 'All licensees shall obtain at least 4 hours of CPE in professional ethics every three years, beginning with the date of first renewal. Acceptable CPE in ethics may include a program of study of the accountancy laws and rules of the State of Maine, including the Rules of Professional Conduct set forth in Chapter 8 of the board's rules, or equivalent standards of the Securities Exchange Commission, the AICPA, or similar regulatory agency or professional organization.' Board FAQ: 'All licensees must obtain at least 4 hours of CPE in ethics every 3 years.'

CPA firm permit / registration

A firm licence is required for a firm with a Maine office performing the services in 32 M.R.S. §12201(3-A)(A)–(D) or using the 'CPA' or 'CPA firm' title, and for a firm with no Maine office performing paragraph A, C or D services for a client with its home office in Maine unless it qualifies under §12252(3) and (8) and practises through an individual with §12232 practice privileges or meets §12253 (32 M.R.S. §12252(1)(A)–(C)). Board firm FAQ quotes the triggers: a firm must hold a licence if it 'Has an office in this State performing any of the services described in section 12201, subsection 3-A, paragraphs A to D;', 'Has an office in this State that uses the title "CPA" or "CPA firm"; or' 'Does not have an office in this State but performs any of the services described in section 12201, subsection 3-A, paragraphs A, C or D for a client having its home office in this State.' 02-280 CMR Chapter 6, Section 1(A): 'All accounting firms, including sole proprietorships, must apply for and maintain a firm license when required by 32 M.R.S. §12252(1)(A).' Ownership: a simple majority of the firm's ownership by financial interests and voting rights must belong to CPAs or public accountants licensed in a state (§12252(3)(A); Chapter 6, Section 2(A)). Renewal: the Board licensing overview lists 'Renew annually on September 30th' for Accountancy Firm and Accountancy Branch licences, and the Board's firm and branch page states a 'License fee of $35.00', an annual firm renewal fee of $35.00 and a $50.00 late fee; Chapter 6, Section 4(A): 'All firm licenses expire annually.' Late renewal is allowed up to 90 days after expiration with a late fee (Chapter 6, Section 4(C)); after 90 days the firm is treated as a new applicant (§12252(2)).

Peer review requirement

Required for firms providing attest services other than compilations; initial review within 18 months of licensure, then every three years. 32 M.R.S. §12252(8)(A): the first review must be completed within 18 months after the initial licence is granted, and the firm must undergo a peer review every 3 years for as long as it provides an attest service other than compilations; §12252(8)(B): a firm that does not provide such services is exempt if it confirms this to the board in writing each year, and a firm that later begins such services must complete a review within 18 months after the fiscal year end of its first such engagement. 02-280 CMR Chapter 6, Section 3(A)(1): 'Enrollment in a Board-approved peer review program is a condition for renewal of a license for firms that provide attest services other than compilations.' Section 3(A)(2): 'A firm is not required to enroll in a Board-approved peer review program if its only level of service is performing compilation or preparation of financial statements (with or without disclaimer reports) under Statements on Standards for Accounting and Review Services (SSARS).' Section 3(A)(3): 'A firm's initial peer review must be completed within 18 months after the initial granting of the license.' Section 3(A)(4): subsequent reviews 'every three years for as long as the firm provides an attest service other than compilations.' Section 3(B)(1): the acceptance letter goes to the Board 'within thirty (30) days of the administering entity's acceptance or with submission of the firm's renewal application, whichever occurs first.' Section 3(C)(2): the Board recognizes the AICPA peer review program and the New England Peer Review (NEPR) as approved. Board firm and branch page: firms providing a defined service other than compilations 'must successfully participate in an approved peer review program', first within 18 months of initial licensure and then every three years.

Licence renewal cycle

Annual, expiring September 30. Board licensing overview: 'Renew annually on September 30th' for Certified Public Accountant licences. Board CPA licensing page: 'A late fee of $50.00 is assessed for licenses renewed after the license expiration date.'; a renewal submitted more than 90 days after expiration is subject to the requirements for new applicants. 02-280 CMR Chapter 5, Section 6(A): 'All licenses issued under this chapter expire annually.'; Section 6(C): 'A license may be renewed online up to 90 days after expiration upon payment of the late fee'. 32 M.R.S. §12234(1): a licence expires on the date set by the Commissioner of Professional and Financial Regulation under Title 10, section 8003, subsection 4; §12234(2): licences may be renewed up to 90 days after expiration on payment of a late fee, and later applications are subject to the requirements for new applicants plus any continuing education the board requires. Reinstatement under §12234(2) requires 80 hours of CPE in the preceding 24 months including four hours of ethics (Chapter 5, Section 7). The Board's CPA page notes that the Public Accountant licence, no longer issued, 'is renewed annually based on first licensure date'.

Mobility / practice privilege

Yes, with no notice, fee or registration. 32 M.R.S. §12232(1): an individual whose principal place of business is outside Maine with a licence from a state the board has verified as substantially equivalent, or whose qualifications the board finds substantially equivalent, is presumed to have substantially equivalent qualifications and may practise in Maine without a Maine licence, notice, registration or fee; §12232(2): such an individual may offer or render services in person or by mail, telephone or electronic means without notice or any other submission to the board; §12232(3): the individual and the employing firm consent to the board's jurisdiction and disciplinary authority, to comply with the chapter and the board's rules, and to cease practising in Maine if the home licence is no longer valid; §12232(4): the services listed in §12201(3-A) for an entity with its home office in Maine may be performed only through a firm licensed under §12252 or exempt under §12252(1)(A)(3) or (1)(B). Board CPA licensing page: the individual may provide professional services in the State 'without the requirement to obtain a license' and no notice, registration or fee to the Board is required. Firms: 32 M.R.S. §12253 allows a firm with a principal place of business outside Maine holding a CPA firm licence from a substantially equivalent state to practise without a Maine licence, registration, notice or fee, and §12253(2) without notifying or making any submission to the board.