Best Accounting & Auditing Lawyers in Greensboro

1. About Accounting & Auditing Law in Greensboro, United States

Greensboro residents and businesses operate under both state and federal accounting and auditing laws. In North Carolina, the practice of public accounting is licensed and regulated by the North Carolina State Board of Certified Public Accountant Examiners, under Chapter 89C of the North Carolina General Statutes. This framework sets the standards for licensure, ethics, and discipline for CPAs within the state.

For many Greensboro entities, financial reporting must comply with Generally Accepted Accounting Principles (GAAP) and be subject to independent audits when required. Public companies follow federal rules and standards overseen by the Securities and Exchange Commission (SEC) and the Public Company Accounting Oversight Board (PCAOB). Private firms rely on GAAP and state board guidance, with audits often handled by local CPA firms familiar with North Carolina requirements.

A key practical implication is that local disputes or enforcement typically begin with the North Carolina Board of Certified Public Accountant Examiners or state agencies such as the North Carolina Department of Revenue. Federal enforcement may apply if a company is publicly traded or involved in cross-border activities. Understanding both state and federal layers helps Greensboro residents plan compliance and resolve disputes efficiently.

2. Why You May Need a Lawyer

• Disciplinary action or complaint against a local CPA - A Greensboro CPA may face an inquiry by the North Carolina Board of Certified Public Accountant Examiners for alleged professional conduct violations. An attorney can help gather records, respond to notices, and negotiate disciplinary outcomes.
• IRS or North Carolina DOR audit notices - If your business or individual return triggers an audit, a legal counsel can interpret notices, preserve records, communicate with tax authorities, and pursue appropriate settlement or appeals.
• Internal control failures in a public company - If your company is publicly traded and faces internal control disclosure issues under SOX, an attorney can coordinate with management, auditors, and regulators to address findings and implement corrective actions.
• Audits or financial restatements in a Greensboro business sale - During due diligence or after purchase, you may need counsel to review audit reports, adjust for misstatements, and manage potential liability or reps and warranties negotiations.
• Starting or relocating a CPA practice in Greensboro - Launching a local accounting firm requires licensure checks, compliance with CE requirements, and planning for professional liability insurance and client engagement rules.
• Accounting fraud or whistleblower concerns - If you suspect fraud, an attorney can help you navigate reporting obligations, coordinate with auditors, and pursue civil or regulatory remedies while protecting whistleblower rights.

3. Local Laws Overview

The following laws and regulations govern Accounting & Auditing in Greensboro by name, with context on how they apply to residents and businesses in the area.

• North Carolina General Statutes Chapter 89C - Public Accountants - This statute governs licensure, professional practice standards, and disciplinary actions for CPAs in North Carolina. It forms the backbone of public accounting regulation in Greensboro. For the current text, see North Carolina General Assembly.
• Sarbanes-Oxley Act of 2002 (SOX) - A federal law mandating accurate financial reporting and internal controls for publicly traded companies and their auditors. SOX is implemented through SEC rules and PCAOB oversight, and it can affect Greensboro firms with public investors. For federal guidance, see SEC.
• Public Company Accounting Oversight Board Auditing Standards - PCAOB sets auditing standards, conducts inspections of audit firms, and enforces independence rules for audits of public companies. This framework governs audits performed by Greensboro-based CPA firms serving public clients. For official standards, visit PCAOB.

"The Sarbanes-Oxley Act requires management to establish and maintain an adequate internal control structure and procedures for financial reporting." Source: SEC - sec.gov

"Auditors must maintain independence from the companies they audit and comply with PCAOB auditing standards and inspections." Source: PCAOB - pcaobus.org

4. Frequently Asked Questions

What is the difference between a CPA and an accounting attorney?

A CPA is licensed to perform accounting and auditing services. An accounting attorney specializes in legal matters tied to accounting issues, such as regulatory compliance or disputes. Some professionals hold both credentials.

What is the role of the NC Board of CPA Examiners in Greensboro?

The board licenses CPAs, registers firms, sets professional conduct standards, and disciplines violators within North Carolina. It enforces compliance with Chapter 89C and related rules.

What should I do if I receive a tax audit notice in Greensboro?

Respond promptly, gather your financial records, and consult an attorney or CPA with tax controversy experience. A professional can help prepare a defense and coordinate with the IRS or NC DOR.

How long does a typical CPA disciplinary process take in North Carolina?

Timelines vary by case complexity, but most formal actions span several months from notice to resolution. An attorney can help request extensions or settlements to avoid prolonged proceedings.

Do I need an attorney for a business audit of my Greensboro company?

Yes, especially if the audit involves potential penalties, restatements, or regulatory exposure. An attorney can communicate with auditors and protect your legal rights.

How much does it cost to hire an accounting attorney in Greensboro?

Costs depend on case complexity, attorney experience, and hours billed. Typical engagements include an initial consultation, followed by hourly or flat-fee arrangements.

What is GAAP and who enforces it in Greensboro?

GAAP stands for Generally Accepted Accounting Principles. It is adopted nationally and enforced through audits by CPA firms and regulatory bodies when applicable.

When should I consider a due diligence review for a local acquisition?

Before finalizing a Greensboro or Guilford County business purchase, commission a due diligence audit to identify financial risks, contingent liabilities, and noncompliance issues.

Where can I find state guidance on CPA licensing in North Carolina?

Refer to the North Carolina General Assembly and the state board's official resources for current licensing requirements and rules.

Why is independence important in audits for Greensboro-based public companies?

Independence prevents conflicts of interest and is required by federal standards and PCAOB rules to ensure audit credibility and investor trust.

Can I challenge a CPA's disciplinary decision in North Carolina?

Yes, most disciplinary actions include a right to appeal or request a hearing under state rules. Legal counsel can advise on the process and timelines.

Should I hire a local Greensboro attorney or a national firm?

If your matter is state specific, a Greensboro or North Carolina-licensed attorney with CPA regulation experience offers practical advantages. For cross-border or securities issues, a national firm may add value.

5. Additional Resources

Useful official resources for Accounting & Auditing in Greensboro include:

• - Federal regulator overseeing securities markets and corporate disclosures. sec.gov
• - Sets auditing standards and conducts inspections for public company audits. pcaobus.org
• - State agency administering tax laws and audits for businesses operating in North Carolina. ncdor.gov