CHAPTER 442
ACCOUNTING EXAMINING BOARD
442.01 Examining board; duties.
442.02 Public accountant, definition.
442.03 Licenses required.
442.04 Certified public accountants; qualifications.
442.05 Certification by endorsement.
442.06 Certificates to public accountants without licenses.
442.07 Requirements for practice as certified public accountant or public accountant.
442.10 Disclosure of interest in entity reported on.
442.12 Disciplinary action.
442.13 Ownership of accountant's working papers.
Ch. 442 Cross-reference
Cross-reference: See definitions in s.
440.01.
442.01
442.01
Examining board; duties. 442.01(1)
(1) In this chapter, "examining board" means accounting examining board.
442.01(2)
(2) No standard or rule relating to professional conduct or unethical practice may be adopted until the examining board has held a public hearing with reference thereto, subject to the rules promulgated under
s. 440.03 (1). No rule or standard shall become effective until 60 days after its adoption by the examining board. Any person who has appeared at the public hearing and filed written protest against any proposed standard or rule may, upon the adoption of such standard or rule, obtain a review thereof under
ch. 227. Thereafter every person practicing as a public accountant in the state shall be governed and controlled by the rules and standards prescribed by the examining board.
442.01(3)
(3) The board shall record its proceedings.
442.02
442.02
Public accountant, definition. A person shall be deemed to be in practice as a public accountant, within the meaning and intent of this chapter:
442.02(1)
(1) Who holds himself or herself out to the public in any manner as one skilled in the knowledge, science and practice of accounting, and as qualified and ready to render professional service therein as a public accountant for compensation; or
442.02(2)
(2) Who maintains an office for the transaction of business as a public accountant, or who, except as an employe of a public accountant, practices accounting, as distinguished from bookkeeping, for more than one employer; or
442.02(3)
(3) Who offers to prospective clients to perform for compensation, or who does perform on behalf of clients for compensation, professional services that involve or require an audit of financial transactions and accounting records; or
442.02(4)
(4) Who prepares for clients reports of audits, balance sheets, and other financial, accounting and related schedules, exhibits, statements or reports which are to be used for publication or for credit purposes, or are to be filed with a court of law or with any other governmental agency, or for any other purpose; or
442.02(5)
(5) Who, in general or as an incident to such work, renders professional assistance to clients for compensation in any or all matters relating to accounting procedure and the recording and presentation of financial facts.
442.02(5m)(a)(a) Who signs or affixes his or her name or any trade or assumed name used by the person in his or her business or profession to an opinion or certificate attesting to the reliability of any representation or estimate in regard to any person or organization embracing financial information, financial transactions or accounting records.
442.02(5m)(b)
(b) This subsection does not prohibit any officer, employe, partner or principal of any organization from affixing his or her signature to any statement or report in reference to the affairs of that organization with any wording designating the position, title or office which he or she holds in that organization. This subsection does not prohibit any act of a public official or public employe in the performance of his or her duties.
442.02(6)
(6) Every member of a partnership, and every officer and director of a corporation who, in such capacity, does any of the things enumerated in
subs. (1) to
(5m), shall be deemed to be in practice as a public accountant.
442.02(7)
(7) Nothing contained in this chapter shall prevent the employment by a certified public accountant, or by a public accountant, or by a firm or corporation, furnishing public accounting services as principal, of persons to serve as accountants in various capacities, as needed; provided, that such persons work under the control and supervision of certified public accountants or accountants with certificates of authority as hereinafter provided, that such employes shall not issue any statements or reports over their own names except such office reports to their employer as are customary and that such employes are not in any manner held out to the public as public accountants as described in this chapter.
442.02(8)
(8) Nothing contained in this chapter shall apply to a practicing attorney, who, in connection with his or her professional work renders any accounting service.
442.02(9)
(9) Nothing contained in this chapter shall apply to any persons who may be employed by more than one person, partnership or corporation, for the purpose of keeping books, making trial balances or statements, and preparing audits or reports, provided such audits or reports are not used or issued by the employers as having been prepared by a public accountant and provided such persons do not do any of the things enumerated in
sub. (5m) (a), without complying with
sub. (5m) (b).
442.02(10)
(10) Nothing contained in this chapter shall apply to holders of state-granted certified public accountant certificates from other states who may be temporarily in this state on professional business incident to their regular practice in the states of their domicile, but with neither residence nor office in this state.
442.02 History
History: 1979 c. 162 ss.
7,
38 (7), (9).
442.03
442.03
Licenses required. 442.03(1)(1) No person may lawfully practice in this state as a certified public accountant either in the person's own name, or as an employe, or under an assumed name, or as an officer, member or employe of a firm, or as an officer or employe of a corporation, unless the person has been granted by the examining board a certificate as a certified public accountant, and unless the person, firm or corporation, jointly and severally, has complied with all of the provisions of this chapter, including licensure.
442.03(2)
(2) No person may lawfully practice in this state as a public accountant either in the person's own name, or as an employe or under an assumed name, or as an officer, employe or member of a firm, or as an officer or employe of a corporation, unless the person has been granted by the examining board a certificate of authority as a public accountant and unless the person, firm or corporation, jointly and severally, has complied with all of the provisions of this chapter, including licensure.
442.03(3)
(3) No corporation or other entity and no officer, partner, stockholder or employe thereof may lawfully practice in this state as a public accountant or a certified public accountant either in the entity's or person's name, or as an employe or under an assumed name, unless the natural person has been granted by this examining board a certificate of authority as a public accountant and unless the person or entity, jointly and severally, has complied with all the provisions of this chapter, including licensure.
442.04
442.04
Certified public accountants; qualifications. 442.04(1)(1) The examining board shall grant a certificate as a certified public accountant to all persons who become entitled thereto under this section and
s. 442.05. A certificate is permanent unless revoked and not subject to periodic renewal.
442.04(2)
(2) Examinations shall be held by the examining board at least once in each year at such times and places as are determined by the examining board. Notice of the time and place of each examination shall be published, as a class 2 notice, under
ch. 985, in at least one daily newspaper published in the city of Milwaukee, and in at least one daily newspaper published in the city of Madison, with the last insertion not less than 30 days prior to the date of such examination. Not less than 30 days prior to each examination, each applicant who has made inquiry prior to the first insertion, shall be notified by mail by the department, at the address mentioned in the application, of the time and place of the examination.
442.04(3)
(3) Applicants for a certificate as a certified public accountant prior to July 1, 1968, shall have completed at least a 4-year high school course of study or have received an equivalent education sufficient under rules established by the examining board. Such applicants must have had at least 3 years of accounting experience, equivalent to that of a senior in public practice, the sufficiency of the experience to be judged by the examining board. The examining board may accept evidence of sufficient technical education in accountancy in lieu of 1 1/2 years of public accounting experience.
442.04(4)(a)(a) In this subsection, "institution" means a bachelor's degree-granting institution of higher education accredited by the commission on institutions of higher education of the north central association of colleges and schools or its regional equivalent.
442.04(4)(b)
(b) During the period beginning on May 17, 1996, and ending on December 31, 2000, a person may not take the examination leading to the certificate to practice as a certified public accountant unless the person presents to the examining board a bachelor's or higher degree, with a resident major in accounting, from an institution, except as provided in
par. (c). The examining board shall accept without further review the identification under this paragraph by an institution of a resident major in accounting.
442.04(4)(bm)
(bm) After December 31, 2000, a person may not take the examination leading to the certificate to practice as a certified public accountant unless the person has completed at least 150 semester hours of education with an accounting concentration at an institution, and has received a bachelor's or higher degree with an accounting concentration from an institution, except as provided in
par. (c).
442.04(4)(c)
(c) If an applicant has a bachelor's or higher degree from an institution but does not have a resident major in accounting required in
par. (b) or an accounting concentration required in
par. (bm), the examining board may review such other educational experience from an institution as the applicant presents and, if the examining board determines that such other experience provides the reasonable equivalence of a resident major in accounting required in
par. (b) or an accounting concentration required in
par. (bm), the examining board shall approve the applicant for examination.
442.04(5)
(5) The examining board may not grant a certificate as a certified public accountant to any person other than a person who is 18 years of age or older, does not have an arrest or conviction record, subject to
ss. 111.321,
111.322 and
111.335, and, except as provided in
s. 442.05, has successfully passed a written examination in such subjects affecting accountancy as the examining board considers necessary. If the person applying for the certificate passes the examination during the period beginning on May 17, 1996, and ending on December 31, 2000, the examining board may not grant the certificate unless the applicant has at least 3 years of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. If the person applying for the certificate passes the examination after December 31, 2000, the examining board may not grant the certificate unless the applicant has at least 2 years of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. The examining board shall ensure that evaluation procedures and examinations are nondiscriminatory, relate directly to accountancy and are designed to measure only the ability to perform competently as an accountant. The examining board may use the examination service provided by the American Institute of Certified Public Accountants.
442.05
442.05
Certification by endorsement. The examining board may grant a certificate to any applicant who is the holder of a certificate or license to practice as a certified public accountant issued under the laws of any other state or foreign country. The applicant must also establish his or her substantial equivalence of the qualifications required under
s. 442.04. The sufficiency of the substantial equivalence shall be judged by the examining board. Upon denial of a certificate under this subsection the examining board shall notify the applicant in writing of the decision, stating the reason for denial and that the applicant has the right to a hearing if a written request is filed with the examining board within 30 days after the notice of denial. Service of the notice of denial may be made by mail addressed to the applicant at the latest address filed by the applicant in writing with the examining board. Service by mail is complete on the date of mailing.
442.05 History
History: 1975 c. 318;
1981 c. 356.
442.06
442.06
Certificates to public accountants without licenses. 442.06(1)(1) The examining board may grant a certificate of authority to practice as a public accountant to each individual who applied before December 1, 1935:
442.06(1)(a)
(a) Who furnishes satisfactory evidence he or she was maintaining an office in the state for the practice of public accounting on his or her own account on September 21, 1935; or
