§12201. Definitions
As used in this chapter, unless the context indicates otherwise, the following terms have the following meanings. [1997, c. 265, §1 (AMD).]
1. Board.
"Board" means the Board of Accountancy established under Title 5, section 12004-A,
subsection 1, or its predecessor under prior law.
[
1989, c. 503, Pt. B, §153 (AMD)
.]
2. Certificate.
"Certificate" means a certificate as "certified public accountant" issued under prior law, and a certificate as "public accountant" issued under prior law, or a corresponding certificate as a certified public accountant issued
after examination under the law of any other state.
[
2009, c. 242, §1 (AMD)
.]
3. Commissioner.
"Commissioner" means the Commissioner of Professional and Financial Regulation.
[
1987, c. 489, §2 (NEW)
.]
3-A. Attest service.
"Attest service" means providing the following services:
A. Any audit or other engagement to be performed in accordance with the Statements on
Auditing Standards, SAS; [1999, c. 245, §1 (NEW).]
B. Any review of a financial statement or compilation of a financial statement to be
performed in accordance with the Statement on Standards for Accounting and Review
Services, SSARS; [2007, c. 384, §1 (AMD).]
C. Any examination of prospective financial information to be performed in accordance
with the Statement on Standards for Attestation Engagements, SSAE; [2007, c. 384, §1 (AMD).]
D. Any engagement to be performed in accordance with the auditing standards of the Public
Company Accounting Oversight Board, established in 15 United States Code, Section
7211 (2007); or [2007, c. 384, §1 (NEW).]
E. [2015, c. 110, §1 (RP).]
F. Any examination, review or agreed upon procedures engagement to be performed in accordance
with the Statements on Standards for Attestation Engagements, SSAE, other than an
engagement described in paragraph C. [2015, c. 110, §1 (NEW).]
The statements on standards specified in this definition are those developed for general
application by recognized national accountancy organizations.
[
2015, c. 110, §1 (AMD)
.]
4. Department.
"Department" means the Department of Professional and Financial Regulation.
[
1987, c. 489, §2 (NEW)
.]
5. Firm.
"Firm" means a sole proprietorship, a corporation, a partnership or any other form
of organization.
[
1995, c. 34, §1 (AMD)
.]
6. Licensee.
"Licensee" means a person who holds a license issued by the board under section 12230 or 12231 or a corresponding provision of prior law, or a firm that holds a license issued by the board under section 12252.
[
2009, c. 242, §2 (AMD)
.]
6-A. Peer review.
"Peer review" means a study, appraisal or review of one or more aspects of the professional
work of a certified public accountancy firm that provides an attest service by a person or persons who are licensed as certified public accountants and
who are not affiliated with the certified public accountancy firm being reviewed.
[
2015, c. 110, §2 (AMD)
.]
7. Permit.
[
2007, c. 402, Pt. Z, §2 (RP)
.]
8. Practice of or practicing public accountancy.
"Practice of or practicing public accountancy" means the following combined activities
by a person or firm:
A. Representing to the public that the person or the firm is a licensee; and [2015, c. 110, §3 (AMD).]
B. Performing or offering to perform, for a client or potential client, services involving
the use of accounting or auditing skills. [1987, c. 489, §2 (NEW).]
Accounting or auditing skills include the issuance of reports, management advisory or consulting services, the preparation of tax returns and the
furnishing of advice on tax matters.
[
2015, c. 110, §3 (AMD)
.]
9. Quality review.
"Quality Review" means a study, appraisal or review of one or more aspects of the
professional work of a person or firm in the practice of public accountancy, by a
person or persons who hold certificates and who are not affiliated with the person
or firm being reviewed.
[
1987, c. 489, §2 (NEW)
.]
10. Report on financial statements.
[
2015, c. 110, §4 (RP)
.]
10-A. Report.
"Report," when used with reference to an attest service, means an opinion or other
form of language that states or implies assurance as to the reliability of the attest
information and that also includes or is accompanied by a statement or implication
that the person or firm issuing it has special knowledge of or competence in accounting
or auditing. A statement or implication of special knowledge or competence may arise
from use by the issuer of the report of names or titles indicating that the person
or firm is an accountant or auditor or from the language of the report itself. "Report"
includes any form of language that disclaims an opinion when such form of language
is conventionally understood to imply positive assurances as to the reliability of
the attest information or compiled financial statements referred to or special competence
on the part of the person or firm issuing such language and includes any other form
of language that is conventionally understood to imply such assurance or such special
knowledge or competence.
[
2015, c. 110, §5 (NEW)
.]
11. Rule.
"Rule" means any rule or other written directive of general application duly adopted
by the board.
[
1987, c. 489, §2 (NEW)
.]
12. Substantial equivalency.
"Substantial equivalency" means that the education, examination and experience requirements for certified public
accountants contained in the statutes and administrative rules of another jurisdiction
are comparable to or exceed the education, examination and experience requirements
of this State or that an individual certified public accountant's education, examination and experience
qualifications are comparable to or exceed the education, examination and experience
requirements of this State.
[
2007, c. 384, §2 (AMD)
.]
SECTION HISTORY
1987, c. 489, §2 (NEW).
1989, c. 503, §B153 (AMD).
1995, c. 34, §1 (AMD).
1997, c. 265, §1 (AMD).
1999, c. 245, §§1,2 (AMD).
1999, c. 619, §1 (AMD).
2007, c. 384, §§1, 2 (AMD).
2007, c. 402, Pt. Z, §§1-3 (AMD).
2009, c. 242, §§1, 2 (AMD).
2015, c. 110, §§1-5 (AMD).