KAUFMAN COUNTY, Texas – The Certified Public Accountant (CPA) license of newly-elected Kaufman County Treasurer Ronnie Oldfield has been suspended by the Texas State Board of Public Accountancy. Oldfield defeated three-term incumbent Treasurer Johnny Countryman by 305 votes, 4,373 to 4,068, in the March 4 Republican Primary Election and is the presumptive new county treasurer as he is running unopposed in the general election.
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Oldfield's CPA license was suspended for a period of 24 months on March 27, 2014. In addition to the suspension, Oldfield was assessed an administrative penalty of $15,000 and administrative costs of $10,000.
The Board Order was accepted and agreed to by Oldfield on February 21, 2014, two weeks prior to the March 4 Republican Primary election. In a statement to inForney.com, Oldfield said, “Its been a two-and-a-half year process with [the board]. It doesn’t interfere with me being able to do what I need to do for the county.”
Oldfield said he disclosed the investigation to the voters during the candidate forums prior to the election and said it would not impact his duties with the county if elected. Being a county treasurer does not require a CPA license.
The Agreed Consent Order states Oldfield must remove his name from any firm licensed with the board. However, Oldfield may perform accounting services as a non-licensee employee of a licensed CPA firm.
According to Oldfield, Oldfield CPA has since been sold to an employee of the firm and, to comply with the order, Oldfield will remain an employee at the firm. Oldfield said he began planning the transition of ownership six or seven months ago when he began his campaign for treasurer.
The Agreed Consent Order found Oldfield's firm conducted an audit of the Lawrence Water Supply Corporation for the fiscal years ended December 31, 2007, and 2008, during which time the firm's license was expired and that such audits "did not comply with generally accepted auditing standards." The Board further found the firm did not participate in the mandatory peer review program and it "has never reported a completed review."
The Board also found Oldfield failed to respond to four requests in 2011 by the Board for copies of work papers and also failed to respond to a complaint filed in 2011.
Oldfield was ordered to pay the penalty and administrative costs imposed in payments of $5000 every 90 days beginning 30 days after the entry of the Board Order until paid in full. Upon completion of the payments and suspension period, Oldfield's license will be subject to a "scope limitation" until such limitation is removed.
The Board Order was accepted and agreed to by Oldfield on February 21, 2014, prior to its entry on March 27, 2014.
In separate complaint filed in 2006, the TSBPA found Oldfield used several wrong IRS forms, falsely represented two employees as CPA's, failed to participate in the board's peer review program, and practiced public accountancy in an unregistered entity from 1998 through January 2007. Oldfield was reprimanded and charged an administrative penalty of $4,000 and $1,038.28 in administrative costs.
Oldfield said an official written response is forthcoming.
The Board Order was accepted and agreed to by Oldfield on February 21, 2014, two weeks prior to the March 4 Republican Primary election. In a statement to inForney.com, Oldfield said, “Its been a two-and-a-half year process with [the board]. It doesn’t interfere with me being able to do what I need to do for the county.”
Oldfield said he disclosed the investigation to the voters during the candidate forums prior to the election and said it would not impact his duties with the county if elected. Being a county treasurer does not require a CPA license.
The Agreed Consent Order states Oldfield must remove his name from any firm licensed with the board. However, Oldfield may perform accounting services as a non-licensee employee of a licensed CPA firm.
According to Oldfield, Oldfield CPA has since been sold to an employee of the firm and, to comply with the order, Oldfield will remain an employee at the firm. Oldfield said he began planning the transition of ownership six or seven months ago when he began his campaign for treasurer.
The Agreed Consent Order found Oldfield's firm conducted an audit of the Lawrence Water Supply Corporation for the fiscal years ended December 31, 2007, and 2008, during which time the firm's license was expired and that such audits "did not comply with generally accepted auditing standards." The Board further found the firm did not participate in the mandatory peer review program and it "has never reported a completed review."
The Board also found Oldfield failed to respond to four requests in 2011 by the Board for copies of work papers and also failed to respond to a complaint filed in 2011.
Oldfield was ordered to pay the penalty and administrative costs imposed in payments of $5000 every 90 days beginning 30 days after the entry of the Board Order until paid in full. Upon completion of the payments and suspension period, Oldfield's license will be subject to a "scope limitation" until such limitation is removed.
The Board Order was accepted and agreed to by Oldfield on February 21, 2014, prior to its entry on March 27, 2014.
In separate complaint filed in 2006, the TSBPA found Oldfield used several wrong IRS forms, falsely represented two employees as CPA's, failed to participate in the board's peer review program, and practiced public accountancy in an unregistered entity from 1998 through January 2007. Oldfield was reprimanded and charged an administrative penalty of $4,000 and $1,038.28 in administrative costs.
Oldfield said an official written response is forthcoming.