Gov't. takes another route to boost coffers
The Northern Marianas is preparing the groundwork for the establishment of the Board of Accountancy on the island in order to tap potential revenues that may be generated from holding examinations for Certified Public Accountants.
Gov. Pedro P. Tenorio’s special consultant for education, Dan Nielsen, said the CNMI is awaiting certification from the American Institute of Certified Public Accountants to allow the government begin board exams hopefully by November.
The plan is expected to bring in much needed cash for the financially-troubled Commonwealth, as it explores other avenues to boost revenues.
The Northern Marianas and American Samoa are the only two US insular areas that have yet to hold such examinations, which have attracted a lot of accountants from neighboring countries in Asia.
According to Nielsen, Guam, for example, has benefited from such program over the years for holding CPA board examinations two times a year. For the May schedule alone, about 1,000 examinees have signed up to take up the test.
One examinee spends at least five days on Guam during the exam period, helping not only the government in terms of fees but also the hotel industry and retailers, Nielsen explained. Application fee costs about $250.
Usually examinees arrive two days before the examinations and stay for another two days to relax, bringing in additional revenues for the government.
