Best Accounting & Auditing Lawyers in New Hampshire

About Accounting & Auditing Law in New Hampshire, United States

Accounting and auditing law in New Hampshire governs the financial reporting standards, professional conduct, licensure requirements, and regulatory compliance for accounting professionals and businesses. These rules ensure accuracy, transparency, and accountability in financial statements and protect stakeholders, including investors, regulators, and the public. The field encompasses not only the practice of accountants and auditors but also how businesses and individuals must maintain records and meet state and federal standards. In New Hampshire, oversight is carried out by the New Hampshire Board of Accountancy, along with adherence to federal laws and generally accepted accounting principles.

Why You May Need a Lawyer

Legal issues related to accounting and auditing can arise for individuals, small businesses, corporations, and accounting professionals. Here are some common situations where you may need legal help:

• Facing allegations of financial misrepresentation or fraud
• Subject to an audit by state or federal authorities
• Disputes over financial statements or audit findings
• Disciplinary actions from the New Hampshire Board of Accountancy
• Compliance with new or complex accounting regulations
• Addressing disputes between partners or shareholders about financial reporting
• Setting up proper internal controls to avoid future liability
• Undergoing mergers, acquisitions, or business dissolutions
• Defending against accusations of professional misconduct
• Needing advice on ethical issues involving client confidentiality or conflicts of interest

Local Laws Overview

Accounting and auditing in New Hampshire are governed by state statutes and regulations specific to the profession. The New Hampshire Board of Accountancy issues and renews licenses, enforces the state’s laws for certified public accountants (CPAs), and investigates complaints of misconduct. Key local laws and regulations include:

• Licensure Requirements: All CPAs must be licensed by the New Hampshire Board of Accountancy and comply with continuing education requirements.
• Professional Conduct: Accountants must adhere to the New Hampshire Code of Administrative Rules and ethics standards set by the American Institute of Certified Public Accountants (AICPA).
• Audit Standards: Auditing in the state must follow both state and federally recognized standards, including generally accepted auditing standards (GAAS).
• Recordkeeping: Businesses and accountants are required to maintain adequate financial records for specific periods, subject to state and federal audits.
• Confidentiality: State law requires the safeguarding of client information except as required by law, regulation, or with client consent.
• Reporting Obligations: Any suspicion of fraud or financial irregularities during an audit must be reported to appropriate authorities.
• Disciplinary Actions: The Board can impose fines, revoke licenses, or restrict the practice of accountants found in violation of state laws or ethical guidelines.

Frequently Asked Questions

What is the New Hampshire Board of Accountancy?

The New Hampshire Board of Accountancy is the state authority responsible for licensing Certified Public Accountants, enforcing professional standards, and handling disciplinary actions in New Hampshire.

Do I need a CPA license to offer accounting services in New Hampshire?

If you wish to perform audits, attest engagements, or hold yourself out as a CPA, you must be licensed by the New Hampshire Board of Accountancy. Some bookkeeping and basic accounting services may be offered without a CPA license, but certain services require proper licensure.

What records must my business keep for audits in New Hampshire?

Businesses should retain financial statements, tax returns, invoices, receipts, payroll records, and supporting documentation for at least seven years, or longer if required by federal law or industry standards.

What happens if my business is selected for a state audit?

You will receive an audit notification from the relevant authority. An auditor will review your financial records for compliance with New Hampshire tax and accounting regulations. Legal counsel or a qualified accountant can help guide you through the process.

Can I be held personally liable for mistakes in financial statements?

Yes, business owners, officers, and accountants may be held personally or professionally liable for fraudulent or materially false statements, especially in cases of willful misconduct or negligence.

How can I report unprofessional conduct by an accountant or auditor?

You can file a formal complaint with the New Hampshire Board of Accountancy, which will investigate the matter and take appropriate disciplinary action if necessary.

Are there continuing education requirements for CPAs in New Hampshire?

Yes, licensed CPAs must complete a specified number of continuing professional education (CPE) hours each year to maintain their license and stay up-to-date with evolving standards.

Do New Hampshire laws match federal accounting regulations?

While New Hampshire accounting laws align closely with federal regulations, state-specific requirements and standards also apply. It is important to comply with both sets of rules.

What is the consequence of failing an audit?

Consequences can range from fines and penalties to increased oversight, mandatory corrective action, or even suspension of licenses, depending on the seriousness of the discrepancies found.

Can an attorney help resolve an audit dispute?

Yes, attorneys experienced in accounting and auditing law can help you respond to audit findings, negotiate with authorities, appeal decisions, and protect your interests throughout the process.

Additional Resources

Several organizations and governmental bodies provide valuable information and support related to accounting and auditing in New Hampshire:

• New Hampshire Board of Accountancy - For licensing, disciplinary actions, and regulatory information
• New Hampshire Department of Revenue Administration - For state tax audits and compliance assistance
• American Institute of Certified Public Accountants (AICPA) - For professional standards and continuing education opportunities
• New Hampshire Society of Certified Public Accountants - For networking, advocacy, and local guidance
• Internal Revenue Service (IRS) - For federal tax and audit information
• Small Business Administration (SBA) - For small business accounting and audit resources

Next Steps

If you require legal assistance in accounting and auditing in New Hampshire, begin by gathering your relevant documents such as financial statements, audit notices, correspondence, and any pertinent records. Identify the specific issue or question needing resolution. Seek a lawyer with experience in accounting and auditing matters, preferably one familiar with New Hampshire’s state laws and local practices. Schedule an initial consultation to discuss your situation and receive tailored guidance. Acting promptly can help you avoid penalties, mitigate risks, and ensure compliance with all legal obligations.