Best Accounting & Auditing Lawyers in Charleston

About Accounting & Auditing Law in Charleston, United States

Accounting and auditing law in Charleston is largely shaped by state level rules administered by the South Carolina Board of Accountancy and the South Carolina Code of Laws. Local professionals in Charleston must comply with licensure, ongoing education, and disciplinary standards set by the state board. At the same time, audits of public companies in Charleston follow federal and national standards issued by bodies such as the PCAOB and AICPA.

The distinction between accounting law and auditing law matters. “Accounting law” covers licensure, professional conduct, and the practice of accounting in the state. “Auditing law” covers the standards and oversight for audits, including independence, internal controls, and reporting requirements for different types of entities. In Charleston, both streams often intersect when a CPA or audit firm faces licensure questions or discipline, or when a public company is subject to federal auditing standards.

Key players in Charleston include the South Carolina Board of Accountancy, the state licensing body, and national or federal regulators that oversee public company audits. Practicing in Charleston means complying with both state statutes and, where applicable, federal statutes and standards. For residents and businesses, understanding these rules helps ensure lawful practice and reliable financial reporting.

“The South Carolina Accountancy Act governs licensure, practice, and discipline of professional accountants in the state.”

Source: South Carolina Code and Board communications. See official references for the latest rules and updates at government and professional organization sites.

Why You May Need a Lawyer

If you are involved in accounting or auditing matters in Charleston, a lawyer with accounting and auditing experience can help you navigate complex regulatory requirements. Below are concrete scenarios that commonly arise in the Charleston area.

• A Charleston based CPA firm faces a disciplinary investigation by the South Carolina Board of Accountancy due to alleged improper audits of local small businesses. An attorney can guide the firm through the investigation, prepare responses, and negotiate any consent orders or sanctions.
• A local nonprofit in Charleston discovers errors in its financial statements and must consider a restatement. A lawyer can coordinate with auditors, manage communication with the Board, and address any compliance implications under state law.
• A Charleston company is undergoing an internal control deficiency assessment tied to a Sarbanes-Oxley compliance effort for a public filing. A counsel can help interpret the requirements, oversee remediation plans, and communicate with the external auditors.
• A charter school or municipality in the Charleston area faces a request for information during an audit by a state agency. An attorney can oversee document production, privilege issues, and the audit timeline to minimize disruption.
• A local business is accused of misleading financial reporting during a licensing review. Legal counsel can help with internal investigations, evidence preservation, and interactions with regulatory bodies.
• An individual or firm seeks to obtain, renew, or reinstate a CPA license in Charleston after a disciplinary or licensing lapse. A lawyer can manage the application, CPE evidence, and potential appeals.

Local Laws Overview

Charleston professionals operate under several layers of law and regulation. The main statutes and regulatory frameworks include the state Accountancy Act, board regulations, and federal auditing standards for public companies. Here are two to three key references you should know as a baseline.

• Accountancy Act - Governs licensure, practice, and discipline of CPAs in South Carolina. It creates the framework for the South Carolina Board of Accountancy to administer licensure and oversee professional conduct. Reference: South Carolina Code Title 40, Chapter 3.
• Board of Accountancy Regulations - Implement and detail how the Accountancy Act is applied in practice, including licensing requirements, renewals, and disciplinary procedures. These rules are published by the state board and referenced in the Administrative Code.
• Federal Sarbanes-Oxley Act and PCAOB Standards for Public Companies - In Charleston, public company audits must comply with federal regulation and PCAOB auditing standards, including requirements for auditor independence and internal controls over financial reporting. See federal guidance for SOX and PCAOB standards.

For state law references, consult the official South Carolina Code and the Board’s guidance. The latest statutory text is available at official lines of the South Carolina Legislature and Board communications.

Key sources you can consult for official guidance:

• South Carolina Code Title 40 - Professions and Occupations
• Public Company Accounting Oversight Board (PCAOB)
• Sarbanes-Oxley Act (SOX) overview

Frequently Asked Questions

What is the scope of the South Carolina Accountancy Act?

The Accountancy Act governs licensure, practice, and discipline of CPAs in South Carolina and sets professional conduct standards. It is administered by the South Carolina Board of Accountancy.

How do I know if a Charleston CPA is properly licensed?

You can verify license status with the South Carolina Board of Accountancy on their official site. Licenses must be current and renewed on schedule set by the Board.

What is the difference between GAAP and GAAS in practice?

GAAP provides accounting standards for financial reporting, while GAAS governs how an audit is performed. Both affect how financial statements are prepared and audited.

How long does a typical Charleston CPA licensing process take?

Licensing typically takes several weeks to a few months, depending on background checks and the completeness of the applicant’s records. Renewal is periodic and requires ongoing education.

Do I need a local Charleston attorney for an accounting dispute?

Local counsel familiar with South Carolina accounting law can help with regulatory investigations, Board hearings, and disciplinary actions. Local presence can aid in communications with state agencies.

What is the process if a Charleston firm wants to appeal a Board decision?

Most appeals start with a formal notice of appeal and submission of records to the state appellate body. An attorney can assist with briefs, hearings, and preserving rights.

Can I represent myself in a Board hearing for accounting matters?

It is possible but not advisable. An attorney with accounting regulation experience can present technical arguments and manage procedural steps more effectively.

What costs should I expect when hiring a Charleston accounting lawyer?

Costs vary by matter complexity, but expect hourly rates for specialized accounting and regulatory matters. Some lawyers offer fixed or contingent arrangements for certain disputes.

How do federal auditing standards apply to Charleston based public companies?

Public companies in Charleston must follow PCAOB auditing standards and relevant federal laws such as the Sarbanes-Oxley Act. These rules govern auditor independence and internal controls.

What is the role of the PCAOB in Charleston audits?

The PCAOB oversees audits of public companies and sets auditing standards used nationwide, including for firms auditing Charleston based public entities.

What if a local business needs help with an IRS related audit or dispute?

While the IRS is federal, a Charleston attorney with accounting expertise can coordinate with tax professionals, prepare documentation, and negotiate with the IRS on your behalf.

What should I prepare before meeting a Charleston accounting lawyer?

Gather financial statements, audit notices or correspondence, licensing documents, and questions about the desired outcome. Clear goals help tailor the engagement plan.

Additional Resources

These organizations provide official guidance and regulatory information related to Accounting and Auditing in Charleston and South Carolina.

• South Carolina Board of Accountancy - regulatory authority for CPA licensure, discipline, and practice in the state. See their official site for licensing requirements and status checks. https://llr.sc.gov/boards/accountancy
• Public Company Accounting Oversight Board (PCAOB) - oversees audits of public companies and issues auditing standards. https://pcaobus.org
• American Institute of Certified Public Accountants (AICPA) - sets professional standards for CPAs, including non public entity audits. https://www.aicpa.org

Next Steps

1. Identify the exact type of matter you face: licensure, disciplinary inquiry, internal controls or an audit dispute in Charleston.
2. Research and shortlist Charleston based attorneys or firms with accounting and auditing experience. Check their track record with the South Carolina Board of Accountancy.
3. Schedule initial consultations to discuss your matter, timelines, and expected outcomes. Bring all relevant documents and questions.
4. Check licensing status and any disciplinary history for the counsel you are considering. Verify credentials on the SC Board of Accountancy site.
5. Ask about engagement scope, fees, and communication practices. Request a written engagement letter outlining duties and costs.
6. Develop a clear plan with your attorney for the next 4 to 8 weeks, including deadlines, required documents, and expected milestones.
7. Proceed with the engagement, maintain organized records, and adhere to agreed timelines while maintaining open communication with your counsel.