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.
442.115 Enforcement actions for violations of this chapter.
442.12 Disciplinary action.
442.13 Ownership of accountant's working papers.
Ch. 442 Cross-reference
Cross-reference: See definitions in s.
440.01.
442.001
442.001
Definition. In this chapter, "examining board" means the accounting examining board.
442.001 History
History: 1999 a. 85 s.
86.
442.01
442.01
Examining board; duties. 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. 442.02(1m)
(1m) A person shall be considered to be in practice as a public accountant, within the meaning and intent of this chapter if any of the following conditions is met:
442.02(1m)(a)
(a) The person 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.
442.02(1m)(b)
(b) The person maintains an office for the transaction of business as a public accountant or, except as an employee of a public accountant, practices accounting, as distinguished from bookkeeping, for more than one employer.
442.02(1m)(c)
(c) The person offers to prospective clients to perform for compensation, or performs on behalf of clients for compensation, professional services that involve or require an audit of financial transactions and accounting records.
442.02(1m)(d)
(d) The person prepares for clients reports of audits, balance sheets, and other financial, accounting and related schedules, exhibits, statements or reports that 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.
442.02(1m)(e)
(e) The person, 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(1m)(f)
(f) The person 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)
(5m) Subsection (1m) (f) does not prohibit any officer, employee, 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 that he or she holds in that organization and does not prohibit any act of a public official or public employee 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 the capacity of partner, officer or director, does any of the things enumerated in
sub. (1m) (a) to
(f), shall be considered 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, if all of the following conditions are met:
442.02(7)(a)
(a) The employees serving as accountants work under the control and supervision of certified public accountants, or accountants with certificates of authority granted under
s. 442.06.
442.02(7)(b)
(b) Those employees serving as accountants shall not issue any statements or reports over their own names except office reports to their employer that are customary.
442.02(7)(c)
(c) The employees serving as accountants 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, if all of the following requirements are met:
442.02(9)(a)
(a) The audits or reports described in this subsection are not used or issued by the employers as having been prepared by a public accountant.
442.02(9)(b)
(b) The persons employed as described in this subsection do not do any of the things enumerated in
sub. (1m) (f) without complying with
sub. (5m).
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);
1999 a. 85.
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 employee, or under an assumed name, or as an officer, member or employee of a firm, or as an officer or employee 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 employee or under an assumed name, or as an officer, employee or member of a firm, or as an officer or employee 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 employee 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 employee 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).
