AB345, s. 9 22Section 9. 100.06 (1g) (c) of the statutes is amended to read:
AB345,7,923 100.06 (1g) (c) The department shall require the applicant to file a financial
24statement of his or her business operations and financial condition that meets the
25requirements of par. (d). The licensee, during the term of his or her license, may be

1required to file such statements periodically. All such statements shall be
2confidential and shall not be open for public inspection, except that the department
3shall provide the name and address of an individual, the name and address of the
4individual's employer and financial information related to the individual contained
5in such statements if requested under s. 49.22 (2m) by the department of workforce
6development or a county child support agency under s. 59.53 (5). The department
7may require such statements to be certified by a certified public accountant licensed
8or certified under ch. 442
. Such statements and audits, when made by the
9department, shall be paid for at cost.
AB345, s. 10 10Section 10. 115.817 (5) (b) 1. of the statutes is amended to read:
AB345,7,1311 115.817 (5) (b) 1. At the close of each fiscal year, the board shall employ a
12licensed certified public accountant licensed or certified under ch. 442 to audit its
13accounts and certify the audit. The cost of the audit shall be paid from board funds.
AB345, s. 11 14Section 11. 120.14 (3) of the statutes is amended to read:
AB345,7,1715 120.14 (3) The annual meeting may authorize and direct an audit of the school
16district accounts by a licensed certified public accountant licensed or certified under
17ch. 442
.
AB345, s. 12 18Section 12. 120.18 (1) (gm) of the statutes is amended to read:
AB345,8,719 120.18 (1) (gm) Payroll and related benefit costs for all school district
20employees in the previous school year. Costs for represented employees shall be
21based upon the costs of any collective bargaining agreements covering such
22employees for the previous school year. If, as of the time specified by the department
23for filing the report, the school district has not entered into a collective bargaining
24agreement for any portion of the previous school year with the recognized or certified
25representative of any of its employees and the school district and the representative

1have been required to submit final offers under s. 111.70 (4) (cm) 6., increased costs
2limited to the lower of the school district's offer or the representative's offer shall be
3reflected in the report. The school district shall amend the annual report to reflect
4any change in such costs as a result of any award or settlement under s. 111.70 (4)
5(cm) 6. between the date of filing the report and October 1. Any such amendment
6shall be concurred in by the licensed certified public accountant licensed or certified
7under ch. 442
certifying the school district audit.
AB345, s. 13 8Section 13. 127.01 (1r) of the statutes is amended to read:
AB345,8,139 127.01 (1r) "Audited financial statement" means a financial statement on
10which an independent certified public accountant, or an independent public
11accountant holding a certificate of authority
licensed or certified under ch. 442, has
12expressed an opinion according to generally accepted accounting principles and has
13conducted an audit according to generally accepted auditing standards.
AB345, s. 14 14Section 14. 127.01 (25m) (b) of the statutes is amended to read:
AB345,8,1815 127.01 (25m) (b) The financial statement is reviewed according to generally
16accepted accounting principles by an independent certified public accountant or an
17independent public accountant who holds a certificate of authority
licensed or
18certified
under ch. 442.
AB345, s. 15 19Section 15. 127.06 (1) (e) of the statutes is amended to read:
AB345,9,220 127.06 (1) (e) The department may extend the filing deadline under par. (a) 2.
21by up to 30 days in response to a written request from a warehouse keeper or an
22independent certified public accountant, or an independent public accountant
23holding a certificate of authority
licensed or certified under ch. 442, that is auditing
24or reviewing the financial statement for a warehouse keeper if the department
25receives the request on or before the 5th day of the 4th month beginning after the

1close of the warehouse keeper's fiscal year and if the request states the reason for the
2extension.
AB345, s. 16 3Section 16. 127.06 (1m) (e) of the statutes is amended to read:
AB345,9,104 127.06 (1m) (e) The department may extend the filing deadline under par. (b)
52. by up to 30 days in response to a written request from a grain dealer or an
6independent certified public accountant, or an independent public accountant who
7holds a certificate of authority
licensed or certified under ch. 442, that is auditing or
8reviewing the financial statement for a grain dealer, if the department receives the
9written request on or before the 5th day of the 4th month beginning after the close
10of the grain dealer's fiscal year and if the request states the reason for the extension.
AB345, s. 17 11Section 17. 148.19 (2) of the statutes is amended to read:
AB345,9,1412 148.19 (2) Legal counsel, certified public accountants licensed or certified
13under ch. 442,
or other persons as to matters the director or officer believes in good
14faith are within the person's professional or expert competence.
AB345, s. 18 15Section 18. 180.0701 (4) (c) of the statutes is amended to read:
AB345,9,1716 180.0701 (4) (c) Ratification of the selection of independent certified public
17accountants licensed or certified under ch. 442.
AB345, s. 19 18Section 19. 180.0826 (2) of the statutes is amended to read:
AB345,9,2119 180.0826 (2) Legal counsel, certified public accountants licensed or certified
20under ch. 442,
or other persons as to matters that the director or officer believes in
21good faith are within the person's professional or expert competence.
AB345, s. 20 22Section 20. 180.1903 (1) of the statutes is amended to read:
AB345,9,2523 180.1903 (1) One Except as provided in sub. (1m), one or more natural persons
24licensed, certified, or registered pursuant to any provisions of the statutes, if all have
25the same license, certificate, or registration or if all are health care professionals,

1may organize and own shares in a service corporation. A service corporation may
2own, operate, and maintain an establishment and otherwise serve the convenience
3of its shareholders in carrying on the particular profession, calling , or trade for which
4the licensure, certification, or registration of its organizers is required.
AB345, s. 21 5Section 21. 180.1903 (1m) of the statutes is created to read:
AB345,10,86 180.1903 (1m) A service corporation for carrying on the profession of certified
7public accounting may be organized under sub. (1) if more than 50% of the
8shareholders are certified public accountants.
AB345, s. 22 9Section 22. 181.0850 (2) of the statutes is amended to read:
AB345,10,1310 181.0850 (2) Professionals and experts. Legal counsel, certified public
11accountants licensed or certified under ch. 442, or other persons as to matters the
12director or officer believes in good faith are within the person's professional or expert
13competence.
AB345, s. 23 14Section 23. 181.1620 (2) (intro.) of the statutes is amended to read:
AB345,10,2015 181.1620 (2) (intro.) Accountant's Certified public accountant's report or
16officer's statement.
If annual financial statements are reported upon by a certified
17public accountant licensed or certified under ch. 442, the certified public
18accountant's report must accompany them. If not, the statements must be
19accompanied by a statement of the president or the person responsible for the
20corporation's financial accounting records that includes all of the following:
AB345, s. 24 21Section 24. 185.363 (2) of the statutes is amended to read:
AB345,10,2422 185.363 (2) Legal counsel, certified public accountants licensed or certified
23under ch. 442,
or other persons as to matters the director or officer believes in good
24faith are within the person's professional or expert competence.
AB345, s. 25 25Section 25. 186.094 (2) of the statutes is amended to read:
AB345,11,3
1186.094 (2) Legal counsel, certified public accountants licensed or certified
2under ch. 442,
or other persons as to matters the director or officer believes in good
3faith are within the person's professional or expert competence.
AB345, s. 26 4Section 26. 186.15 (1) of the statutes is amended to read:
AB345,11,85 186.15 (1) Annual audit. Except as provided in sub. (2), the board of directors
6shall hire a licensed certified public accountant licensed or certified under ch. 442 or
7other qualified person to conduct a comprehensive annual audit of the records,
8accounts and affairs of the credit union.
AB345, s. 27 9Section 27. 187.31 (2) of the statutes is amended to read:
AB345,11,1310 187.31 (2) Legal counsel, certified public accountants licensed or certified
11under ch. 442,
or other professional persons or experts employed by the incorporated
12Roman Catholic church, as to matters the director or officer believes in good faith are
13within the person's professional or expert competence.
AB345, s. 28 14Section 28. 187.41 (2) of the statutes is amended to read:
AB345,11,1815 187.41 (2) Legal counsel, certified public accountants licensed or certified
16under ch. 442,
or other professional persons or experts employed by the religious
17organization, as to matters the director or officer believes in good faith are within the
18person's professional or expert competence.
AB345, s. 29 19Section 29. 198.167 of the statutes is amended to read:
AB345,12,14 20198.167 Certified public accountant; annual report. The directors of the
21district shall employ annually the commission or a certified public accountant
22licensed or certified under ch. 442 approved by said commission who shall be
23qualified to, and who shall with all due diligence, examine and report upon the
24system of accounts kept by the district, all the contracts of whatsoever kind made and
25entered into by the board of directors within the year immediately preceding, and the

1properties and investments of the district. Said The certified public accountant shall
2in the report make such recommendations and suggestions as to the certified public
3accountant shall seem proper and required for the good of the district, and the
4efficient and economical or advantageous management and operation of the public
5utility or utilities of the district; and the certified public accountant shall in the
6report make such recommendations and suggestions as to the system of accounts
7kept, or in the certified public accountant's judgment to be kept, by the district, in
8connection with each public utility, the classification of the public utilities of the
9district and the establishment of a system of accounts for each class, the manner in
10which such accounts shall be kept, the form of accounts, records, and memoranda
11kept or to be kept, including accounts, records, and memoranda of receipts and
12expenditures of money, and depreciation and sinking fund accounts, as in the
13certified public accountant's judgment may be proper and necessary, and shall not
14conflict with the requirements of the commission.
AB345, s. 30 15Section 30. 214.76 (2) and (4) of the statutes are amended to read:
AB345,12,2416 214.76 (2) The certified public accountant shall deliver the audit report to a
17committee composed of 3 or more members of the board of directors, none of whom
18may be an officer, employee or agent of the savings bank. The committee shall
19present the nature, extent and conclusions of the report at the next meeting of the
20board of directors. A written summary of the committee's presentation, together
21with a copy of the audit report and a list of all criticisms made by the certified public
22accountant conducting the audit and any response of any member of the board of
23directors or any officer of the savings bank, shall be personally served or sent by
24certified mail to all members of the board of directors.
AB345,13,7
1(4) The audit report filed with the division shall be certified by the certified
2public
accountant conducting the audit. If a savings bank fails to cause an audit to
3be made, the division shall order an audit to be made by an independent certified
4public accountant at the savings bank's expense. Instead of the audit required under
5sub. (1), the division may accept an audit or portion of an audit made exclusively for
6a deposit insurance corporation or for a financial regulator of another state if the
7home office of the savings bank is located in that state.
AB345, s. 31 8Section 31. 215.523 (2) of the statutes is amended to read:
AB345,13,119 215.523 (2) Legal counsel, certified public accountants licensed or certified
10under ch. 442,
or other persons as to matters the director or officer believes in good
11faith are within the person's professional or expert competence.
AB345, s. 32 12Section 32. 217.08 (2) of the statutes is amended to read:
AB345,14,713 217.08 (2) Annual license fee; additions and deletions of locations. Each
14licensee shall file with the division on or before December 1 of each year a statement
15listing the locations of the offices of the licensee and the names and locations of the
16agents authorized by the licensee. Every licensee shall also on or before December
171 of each year file a financial statement of its assets and liabilities as of a date not
18earlier than the preceding August 31 or, if the licensee is audited annually by an
19independent certified public accountant licensed or certified under ch. 442 at the end
20of each fiscal year, the licensee may submit financial statements certified by said the
21certified public
accountant for the licensee's latest fiscal year. Such statement shall
22be accompanied by the annual licensee fee for the calendar year beginning the
23following January 1 in an amount determined under s. 217.05. The amount of the
24surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect
25the number of such locations. Licensees which do not pay the maximum license fee

1under s. 217.05 and which do not maintain a bond or deposit of securities in the
2maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental
3statement setting forth any changes in the list of offices and agents with the division
4on or before April 1, July 1 and October 1 of each year, and the principal sum of the
5corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted
6to reflect any increase or decrease in the number of such locations. Any additional
7license fees which may become due under s. 217.05 shall be paid to the division.
AB345, s. 33 8Section 33. 221.0616 (2) of the statutes is amended to read:
AB345,14,119 221.0616 (2) Experts. Legal counsel, certified public accountants licensed or
10certified under ch. 442,
or other persons as to matters that the director or officer
11believes in good faith are within the person's professional or expert competence.
AB345, s. 34 12Section 34. 440.05 (intro.) of the statutes is amended to read:
AB345,14,15 13440.05 Standard fees. (intro.) The following standard fees apply to all initial
14credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51, 442.06, 444.03,
15444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:
AB345, s. 35 16Section 35. 440.08 (2) (a) (intro.) of the statutes is amended to read:
AB345,14,1917 440.08 (2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04,
18442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46,
19the renewal dates and renewal fees for credentials are as follows:
AB345, s. 36 20Section 36. 440.08 (2) (a) 2. of the statutes is repealed.
AB345, s. 37 21Section 37. 442.001 of the statutes is renumbered 442.001 (intro.) and
22amended to read:
AB345,14,23 23442.001 Definition Definitions. (intro.) In this chapter, "examining:
AB345,14,24 24(3) "Examining board" means the accounting examining board.
AB345, s. 38 25Section 38. 442.001 (1) of the statutes is created to read:
AB345,15,1
1442.001 (1) "Attest service" means any of the following:
AB345,15,42 (a) An audit or any other engagement that is performed or intended to be
3performed in accordance with the statements on auditing standards issued by the
4American Institute of Certified Public Accountants.
AB345,15,75 (b) A review of a financial statement that is performed or intended to be
6performed in accordance with the statements on standards for accounting and
7review services issued by the American Institute of Certified Public Accountants.
AB345,15,118 (c) An examination of prospective financial information that is performed or
9intended to be performed in accordance with the statements on standards for
10attestation engagements issued by the American Institute of Certified Public
11Accountants.
AB345, s. 39 12Section 39. 442.001 (2) of the statutes is created to read:
AB345,15,1413 442.001 (2) "Compilation service" means a service that satisfies each of the
14following:
AB345,15,1715 (a) The service is performed or intended to be performed in accordance with the
16statements on standards for accounting and review services issued by the American
17Institute of Certified Public Accountants.
AB345,15,2018 (b) The service consists of presenting, in the form of financial statements,
19information that is the representation of the management of the business that has
20requested the service.
AB345,15,2221 (c) The service is provided without expressing any assurance on the financial
22statements specified in par. (b).
AB345, s. 40 23Section 40. 442.001 (4) of the statutes is created to read:
AB345,15,2524 442.001 (4) "Firm" means a proprietorship, partnership, limited liability
25partnership, corporation, service corporation, or limited liability company.
AB345, s. 41
1Section 41. 442.001 (5) of the statutes is created to read:
AB345,16,32 442.001 (5) "Member of a firm" means a director, manager, employee, officer,
3owner, shareholder, principal, or partner of a firm.
AB345, s. 42 4Section 42. 442.01 (2) of the statutes is amended to read:
AB345,16,135 442.01 (2) No standard or rule relating to professional conduct or unethical
6practice may be adopted until the examining board has held a public hearing with
7reference thereto, subject to the rules promulgated under s. 440.03 (1). No rule or
8standard shall become effective until 60 days after its adoption by the examining
9board. Any person who has appeared at the public hearing and filed written protest
10against any proposed standard or rule may, upon the adoption of such standard or
11rule, obtain a review thereof under ch. 227. Thereafter every person practicing as
12a certified public accountant in the state shall be governed and controlled by the rules
13and standards prescribed by the examining board.
AB345, s. 43 14Section 43. 442.01 (3) of the statutes is amended to read:
AB345,16,1515 442.01 (3) The examining board shall record its proceedings.
AB345, s. 44 16Section 44. 442.02 (title) of the statutes is amended to read:
AB345,16,17 17442.02 (title) Public Certified public accountant, definition.
AB345, s. 45 18Section 45. 442.02 (1m) (intro.) of the statutes is amended to read:
AB345,16,2119 442.02 (1m) (intro.) A person shall be considered to be in practice as a certified
20public accountant, within the meaning and intent of this chapter, if any of the
21following conditions is met:
AB345, s. 46 22Section 46. 442.02 (1m) (a) of the statutes is amended to read:
AB345,17,223 442.02 (1m) (a) The person holds himself or herself out to the public in any
24manner as one skilled in the knowledge, science, and practice of accounting, and as

1qualified and ready to render professional service therein as a certified public
2accountant for compensation.
AB345, s. 47 3Section 47. 442.02 (1m) (b) of the statutes is amended to read:
AB345,17,74 442.02 (1m) (b) The person maintains an office for the transaction of business
5as a certified public accountant or, except as an employee of a certified public
6accountant, practices accounting, as distinguished from bookkeeping, for more than
7one employer.
AB345, s. 48 8Section 48. 442.02 (1m) (dm) of the statutes is created to read:
AB345,17,109 442.02 (1m) (dm) The person provides or offers to provide an attest or
10compilation service.
AB345, s. 49 11Section 49. 442.02 (5m) of the statutes is amended to read:
AB345,17,1712 442.02 (5m) Subsection (1m) (f) does not prohibit any officer, employee,
13partner, or principal of any organization from affixing his or her signature to any
14statement or report in reference to the affairs of that organization with any wording
15designating the position, title, or office that he or she holds in that organization and
16does not prohibit any act of a public official or public employee in the performance
17of his or her duties
.
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