442.08
442.08
Licensure. Upon application by a holder of an unrevoked Wisconsin certificate as a certified public accountant or an unrevoked Wisconsin certificate of authority as provided for in this chapter, the department shall issue a license to the holder. A license shall also be issued to any partnership or corporation, upon application, which has complied with this chapter. The renewal date and renewal fee for licenses issued under this chapter are specified under
s. 440.08 (2) (a).
442.09
442.09
Fees. The fees for examination and licenses granted or renewed under this chapter are specified in
ss. 440.05 and
440.08.
442.10
442.10
Disclosure of interest in entity reported on. 442.10(1)(1) Whenever any person, as a certified public accountant or public accountant, signs or certifies any report, schedule or statement relative to the affairs of any corporation, association or partnership in which the person is financially interested or by which the person is regularly engaged as an officer or employe, the signature or certification shall be accompanied by a specific statement setting forth the fact that the person is financially interested in or is an officer or regular employe of the corporation, association or partnership. If the person is both financially interested and an officer or regular employe, the statement shall cover both financial interest and employment. In the case of a corporation holding a certificate of authority signing or certifying as above, the interest of any of its stockholders shall be disclosed.
442.10(2)
(2) Notwithstanding
sub. (1), no person licensed under this chapter, and no firm of which the person is a partner or shareholder, may express an opinion as an independent certified public accountant on financial statements of any enterprise unless the person and the firm are independent of the enterprise. The requirement for independence under this subsection also extends to the spouse of such a person and to other relatives having a financial or business relationship with the enterprise which, in the opinion of the examining board, may impair independence.
442.10(3)
(3) The examining board may make and enforce all necessary rules relative to this section and may determine the particular phraseology necessary to carry
sub. (1) into effect.
442.10 History
History: 1977 c. 264;
1993 a. 490.
442.11
442.11
Penalties. Any person shall be deemed guilty of a misdemeanor, and shall be fined not more than $500 for each offense, or imprisoned in the county jail for not more than one year, or both:
442.11(1)
(1) Who shall use any other term than certified public accountant or the abbreviation C. P. A. to indicate that he or she is a public accountant with a specially granted title; or
442.11(2)
(2) Who, when practicing under an assumed name, or as a member of a partnership, other than one which is registered under
s. 442.07 as composed of certified public accountants, or as an officer of a corporation, announces, either in writing or by printing, that the assumed name, partnership or corporation is practicing as a certified public accountant; or
442.11(3)
(3) Who, as a member of a partnership, announces, either in writing or by printing, that the partnership is practicing as "public accountants" unless the partnership is registered as such under
s. 442.07; or
442.11(4)
(4) Who, as an officer of a corporation, permits it to practice as a public accountant unless it is registered with the examining board, and holds an unrevoked certificate of authority from the examining board; or
442.11(5)
(5) Who holds himself or herself out to the public as a certified public accountant or who assumes to practice as a certified public accountant unless he or she has been granted a certificate as such from the examining board; or
442.11(6)
(6) Who holds himself or herself out to the public as a public accountant or who assumes to practice as a public accountant unless he or she has been granted a certificate of authority from the examining board; or
442.11(7)
(7) Who shall practice as a certified public accountant or as a public accountant after his or her certificate has been revoked; or
442.11(8)
(8) Who shall as an individual, or, as a member of a partnership or as an officer or director of a corporation, practice or permit the partnership or corporation to practice as a certified public accountant or as a public accountant unless a license has been secured for the current licensure period; or
442.11(9)
(9) Who shall sell, buy, give or obtain an alleged certificate as a certified public accountant, or a certificate of authority, or a license in any other manner than is provided for by this chapter; or
442.11(10)
(10) Who attempts to practice as a certified public accountant or as a public accountant under guise of a certificate not granted by the examining board, or under cover of a certificate obtained illegally or fraudulently; or
442.11(11)
(11) Who shall certify to any false or fraudulent report, certificate, exhibit, schedule or statement; or
442.11(12)
(12) Who shall attempt by any subterfuge to evade the provisions of this chapter while practicing as a public accountant; or
442.11(13)
(13) Who shall, as an individual, or as a member of a partnership or as an officer of a corporation, permit to be announced by printed or written statement that any report, certificate, exhibit, schedule or statement has been prepared by or under supervision of a certified public accountant or by or under supervision of a public accountant when the person who prepared the same was not such certified public accountant or public accountant.
442.11(14)
(14) If it appears upon complaint to the examining board by any person, or it is known to the examining board, that any person has violated this chapter, the examining board may investigate, subject to the rules promulgated under
s. 440.03 (1). The district attorney of the county in which violations of this chapter are known or alleged to have occurred shall promptly investigate complaints, from any source, of such violations and prosecute if the facts so warrant. Upon request from the examining board, and where the facts warrant, the appropriate district attorney shall promptly seek an injunction against any person who is violating this chapter.
442.11(15)
(15) Following the refusal or failure of the district attorney to act within a time which it deems reasonable, the examining board may request the attorney general to institute a prosecution or to seek an injunction for violation of this chapter.
442.11(16)
(16) If a person has engaged, or is about to engage, in an act or practice which constitutes, or will constitute, a violation of this chapter, the examining board in its own right or on behalf of an individual complainant may apply to the appropriate court for an order enjoining the act or practice. Upon a showing by the examining board or the complainant that the person has engaged, or is about to engage, in any such act or practice, the court may grant an injunction, restraining order or other appropriate order without bond.
442.11 History
History: 1977 c. 29,
418;
1979 c. 162 s.
38 (4), (7), (9);
1981 c. 356.
442.11 Annotation
See note to 895.045, citing Citizens State Bank v. Timm, Schmidt & Co. 113 W (2d) 376, 335 NW (2d) 361 (1983).
442.12
442.12
Disciplinary action. Subject to the rules promulgated under
s. 440.03 (1), the examining board may:
442.12(1)
(1) Make investigations and conduct hearings.
442.12(2)
(2) Revoke, limit or suspend for a definite period any certificate or license or officially reprimand the holder, if it finds that the holder has violated this chapter or any duly promulgated standard or rule of practice or for any other sufficient cause.
442.12(3)
(3) In the case of a corporation or a partnership, revoke, limit or suspend the license of the partnership or corporation, or reprimand it, if it is found that any officer, director or member has been guilty of such act or omission as would be cause for revoking, limiting or suspending a certificate or license to the person as an individual or for reprimanding the person.
442.12(4)
(4) Impose a period of probation under specified conditions, whether or not in conjunction with other sanctions.
442.12(5)
(5) Require additional professional education or training, or reexamination, or any combination, as a condition precedent to the reinstatement of a license or of any privilege, or as a condition precedent to the termination of any suspension.
442.12(6)
(6) Suspend a license until further order of the examining board or for a specified period for failure to comply with an order of the examining board imposing disciplinary sanctions.
442.12(7)
(7) Upon application in writing and after hearing pursuant to notice, issue a new license to a licensee whose license has been revoked, reinstate a revoked certificate or modify the suspension of any license or certificate which has been suspended. This subsection does not apply to a license or certificate that is suspended under
s. 440.13 (2) (c) or that is revoked under
s. 440.12.
442.13
442.13
Ownership of accountant's working papers. All statements, records, schedules, working papers and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such accountant, except reports submitted by a certified public accountant or public accountant to a client, shall be and remain the property of such accountant, in the absence of an express agreement between such accountant and the client to the contrary. No such statement, record, schedule, working paper or memorandum shall be sold, transferred or bequeathed, without the consent of the client or the client's personal representative or assignee, to anyone other than one or more surviving partners or new or successor partners of such accountant.
442.13 History
History: 1991 a. 316.
442.14
442.14
Saving clauses. Nothing contained in this chapter shall in any way invalidate or set aside certificates of certified public accountants as legally granted before September 21, 1935.
