Vapor Group Inc (VPOR)

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State regulatory agencies (Boards of Accountancy) issue practice licenses to CPAs and only those agencies may act to affect those licenses. The AICPA does not license CPAs. The individual state regulatory agencies may take disciplinary action affecting practice licenses under statutes, regulations and rulings of the licensing state. Also, the Securities and Exchange Commission (SEC) and other Federal government agencies may, under Federal law or regulation, discipline CPAs who practice before these agencies.

All CPAs are accountants but not all accountants are CPAs. In many states, anyone can call himself/herself an “accountant.” In order to become a CPA almost all states require that an individual meet educational, experience and ethical requirements and pass the Uniform CPA Examination. Only then are individuals granted licenses to practice by state boards of accountancy. Also, only CPAs can perform the mandatory audits of all publicly traded U.S. companies.

A publicly trading company need not employ a CPA that is licensed in the state they are incorporated in and/or operating in. They must however utilize a CPA and not simply an account as stated above. Preferably the company (i.e. Vapor Group) will seek an experienced and knowledgeable CPA who specializes in audits of publicly traded U.S. Companies in lieu of the voluminous laws, statues and rules that apply.

Finally, the selected CPA must not be barred and/or under suspension or revocation whereby they are disallowed from submitting audits of companies to the SEC. Most states require additional licenses as well to include but not limited to business operating licenses at county, city and state levels with corresponding levels of applicable insurance as pertains. Hopes this helped answer your question...GLTY