Not quite...as a CPA you need to be:
a.) Actively working as a CPA
-and-
b.) accumulate about 20 hrs or so (state dependent)
each year in order to keep your CPA license (which requires a masters degree now).
So, I would say they are trying to keep their license active until they feel they can drop the kid in daycare and go back to work. I have a friend doing this same thing until her kid is older and she won't feel guilty about dropping him into daycare. It's a good deal for a smaller company that needs a CPA to audit (often required for loans) or tax prep.

HTH
Spongebob